increment

House of Representatives has passed the Finance Act (Amendment) Bill for second reading, a component of which seeks to increase the Value Added Tax from five per cent to 7.5 per cent.

The amendments seek to provide for a review of tax provisions and make them more responsive to tax reform.

The bill, which has seven components, seeks to amend the Companies Income Tax Act, Value Added Tax Act, Customs and Excise Tariff (Consolidation) Act, Personal Income Tax Act, Capital Gains Tax Act, Stamp Duties Act and Petroleum Profit …