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More amendments to Tax Bill ahead of Thursday’s debate
View(s):A large number of amendments are to be moved to the Inland Revenue Bill which will be taken up for debate on Thursday.
The amendments are being made after the Finance Ministry called for inputs from the public and Inland Revenue trade unions in the wake of objections to the original version of the Bill.
The proposed amendments will be made available to MPs on Thursday morning before they are presented during the committee stage in the evening. The debate on the Bill will be held the whole day — from 9.30 a.m. till 7.30p.m. Among the envisaged changes would be an exemption of the stock market trading from tax, with no change to the current share transaction levy. The draft Bill had envisaged a 28 percent tax on stock market profits, but the move was met with opposition.
The Government will also refine the tax appeals process and give more leverage for taxpayers to appeal. Several changes will also be made to the Bill in keeping with the Supreme Court determination on the Bill. These will include a clause that provides for the Commissioner General of Inland Revenue to delegate his powers or duty and a clause that deals with the confidentiality of the information and documents submitted by taxpayers.