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Official Gazette

Sunday, October 21, 2018

PM okayed proposed tax changes

Updated: 16:10’ - 08/10/2014

The Prime Minister has agreed with the Ministry of Finance’s proposed changes in a draft law revising the current tax laws with a view to removing difficulties for domestic businesses.

PM okays annulment of regulations on license tax collection and payment__Photo: Internet

The changes include value-added tax exemption for industrial-scale production of animal feed which currently subject to five-percent tax rate aiming to promote husbandry, annulment of regulations on license tax collection and payment, and legalization of the right to choose either of the two methods of personal income tax payment for incomes from stock and real estate transfer.

The Ministry of Finance was assigned to coordinate with relevant ministries and agencies in completing formalities for the building of this bill according to fast-track procedures and report it to the National Assembly Standing Committee.

The Prime Minister also assigned the Minister of Justice to report to the National Assembly Standing Committee on the addition of the bill to the 2014 law and ordinance-making program for debating at the coming eighth session.-


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