Breaking News

Second reading of the Inland Revenue Bill passed in Parliament

 

The second reading of the drafted Inland Revenue Bill was passed in Parliament a short while ago.

Hundred members voted in favour and forty-one members voted against the drafted bill.

The Government presented the Bill in Parliament for the first reading on July 5.

The Bill is to provide for the imposition of Income Tax for any year of assessment commencing on or after April 1, 2017.

The Bill, among other things, introduces a new income tax structure and is aimed at closing existing loopholes in revenue collection.