SODELPA MP, Aseri Radrodro says how can the Prime Minister, Voreqe Bainimarama continue to not take any action after another blunder by the Minister for Economy, Aiyaz Sayed-Khaiyum.
Radrodro said this after Sayed-Khaiyum tabled the Income Tax Amendment Bill No. 2 in parliament this morning.
While tabling the bill for debate, Sayed-Khaiyum highlighted the two amendments to the Income Tax Act were inadvertently left out as part of the budget statement.
While contributing to the debate, Radrodro says Sayed-Khaiyum has tried to downplay the blunder by introducing this bill now.
He further went on to say the nominal gross domestic value captured in the 2021/2022 National Budget book shows a figure of $9.9 billion and this is different from what is reflected in 2021/2022 in the Economic and Fiscal Update.
Radrodro says these blunders are unacceptable.
Sayed-Khaiyum says Radrodro needs to learn to read statistics.
He says Radrodro is confused with the calendar and fiscal year GDP.
The Income Tax Amendment Bill No. 2 has been passed. The passing of the bill means capital gains tax will be removed on shares held by a person before 1st May 2011.
If a person is required to pay capital gains tax on the disposal of shares held by the person before 1st May 2011, and has not paid it, he or she is no longer required to pay this tax and any action or suit for the recovery of the unpaid capital gains tax immediately ceases.
If a person paid capital gains tax before the commencement of this amendment, the payment of the capital gains tax is not refundable to the person.
This will see 90% export income deduction extended to the forestry industry for the 2023 and 2024 tax years.
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