Object of the Bill
The object of the Bill is to amend the Income Tax, Cap. 340 to –
a) Provide for the rate income tax for companies;
b) Provide for the rate of income tax for trustees and retirement funds;
c) Provide for withholding tax on winnings of sports and pool betting;
d) Provide for capital gains tax on sale of commercial property;
e) Repeal exemption from tax on interest income on agriculture loans
f) Repeal the provisions on initial allowance;
g) Make provision for the definition of start up costs;
h) Provide for precedence of international agreement over others laws dealing with matters covered by the agreement;
i) Provide for thin capitalization ratio from 2:1 to 1:1;
j) Provide for tax on-winnings of sports and pool betting;
k) Amend the Second Schedule;
l) Amend the Third Schedule and
m) Provide for related matters.
Bill Document
Other Attachments
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Income tax (amendment ) act 2014.pdf
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| 2 |
FPED3-14-Income Tax (Amendment) Bill, 2014.pdf
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The Income Tax (Amendment) Bill, 2014
Sponsored By Hon. Dr. Ajedra Gabreil Aridru (Minister of Finance, Planning and Economic Development)
Committee: The Committee on Finance, Planning and Economic Development
Start
First Reading/Committee
Bill is still at First Reading, the first reading being the first stage of a Bill passage through the Floor of Parliament and is usually a formality, it takes place without debate, and the first reading of a Bill can occur anytime in a parliamentary session.
Second Reading
Bill is in the second stage. The second reading is the first opportunity for MPs to debate the main principles of the Bill. It usually takes place up to 45 days after the first reading. Once second reading is complete the Bill proceeds to committee stage where each clause (part) and any amendments (proposals for change) to the Bill may be debated.
Third Reading
Parliament is passing the Bill. The third reading is the final chance for the Members of Parliament to debate the contents of a Bill. Here debate on the Bill is usually short and limited to what is actually in the Bill rather than, as at the second reading, what might have been included.
Presentation/Waiting Assent
Waiting for Assent. Bill is waiting for the President to assent to it. When the Floor of Parliament has passed a Bill, it shall be presented to the President, and the President shall declare either that he assents to the Bill or that he withholds assent.
Assented by President
The Bill is now an Act of Parliament. When a Bill has completed all its parliamentary stages on the floor of Parliament, it must have President Assent before becoming an Act of Parliament (law). President Assent is the State agreement to make the Bill into an Act and it is a formality.
End
Bill passed on 19/10/2014
The Bill is now an Act of Parliament. When a Bill has completed all its parliamentary stages on the floor of Parliament, it must have President Assent before becoming an Act of Parliament (law). President Assent is the State agreement to make the Bill into an Act and it is a formality.
Bill Withdrawn on 01/01/1970