Public consultations on the Income Tax Bill have wrapped up with more than 40 submissions received by the parliament secretariat.
Reforms under the bill will include mining taxes, capital gain taxes and fringe benefit taxes for the first time.
Committee chair, Ashneel Sudhakar, says the Bill is half the size of the current legislation and is aimed at tax reforms being progressive and responsive to the country’s needs.
“Now being incorporated in this current Bill which will be part of the law is Capital Gains tax, which is if you sell a property, if you have a business or you actually buy and sell properties occasionally, you pay a 10% tax on the profit you have made, there are some exemptions that apply.”
Public submissions on the Income Tax Bill concluded this week with the committee now working on their Parliament report to be tabled in November’s sitting.
