The Deputy Minister for Finance submitted the Income Tax Bill 2015 to the Parliament on 30 July 2015. Government is seeking to broaden the tax base and reorganise the various income tax law provisions to simplify them and make them more user-friendly.
This is the rationale behind the new Income Tax Bill, 2015 when it goes for parliamentary approval in the coming weeks. In order to ensure harmonisation of all tax laws, the common administrative processes have been pooled together into a single legislation, the proposed Revenue Administration Bill.
The bill’s objectives are to eliminate provisions that erode the taxable base, to improve provisions related to income tax administration, to facilitate compliance, to establish a presumptive taxation with payment in instalments, to establish a special income tax treatment including petroleum industry, the mining industry, financial institutions, retirement savings and nonprofit organizations.
