The PM presents the tax reform to the signatories to the Partnership for Development (Photo: Office of the PM)

 

The PM stressed that the reform of tax legislation was primarily aimed at simplifying the tax system, and alleviating tax burdens in order to facilitate a more competitive economy, abolishing unnecessary red tape, and providing greater security for taxpayers. The reform will entail the passage of the following laws: the Personal Income Tax Act, the Corporate Income Tax Act, the Value Added Tax Act, the Real Estate Sales Tax Act, the Tax Procedure Act, the Vessel Tax Act, and the Gifts and Inheritance Tax Act.

 

The Ministry of Finance claims that after these acts have been passed, "no-one will pay more than they have so far". The tax reform focuses specifically on development and competitiveness; it will simplify procedures and free up the economy.

 

 

Representatives of trade unions have been informed about the prospective tax reform. (Photo: Office of the PM)

 

The coming fortnight will see the coordination of legislation within the coalition, the Partnership for Development, and social partners. The government is expected to discuss the proposed changes in mid-September, while the National Assembly is to pass the new legislation in November.