Ministry of Finance: Income Tax Law Sent to Parliament for Adjustment
At the Economic Committee Meeting of Council of Ministers chaired by CEO Dr. Abdullah, the Ministry of Finance announced that the income tax law has been sent to parliament with specific suggestions for adjustment.
It has been reported that in this law, investors of production newly established companies will be exempted from tax at start-up of their work for three years and two percent of the contract’s tax from the private sector will be eliminated.
The report states that, in Tax Administration Law tax the penalties dropped by 50% and the process has also been simplified and shortened. In the event of a taxpayer’s objection, the complaints department and the tax court are activated. The tax dispute board is also supposed to be established.
Transparency and simplification of the tax process will increase investment and domestic revenues, Mr. Abdullah stated at the meeting. He further added that more facilities should be provided for paying and refining tax.
Meanwhile, Chief Executive Officer has directed State Ministry for Parliamentary Affairs to accelerate the process of examining and approving the law on income taxes in parliament.
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