Majlis debates bill on corporate profit tax
| DATE: 2009-07-02 | PRINT | Share
Following the submission of the bill on an administrative framework for taxation to the People’s Majlis’ economic affairs committee, the Majlis on Wednesday began the debate on introducing corporate profits taxes.
The bill on the administrative framework for taxation was approved by the Majlis with 62 votes, with two members refrained from voting. No one opposed the bill.
Introducing the bill to the Majlis, Finance Minister Ali Hashim said that the bill was formulated to increase the Government’s income and establish a solid tax system in the country. He said that the bill had been formulated with the aid of the Asian Development Bank (ADB) and after many discussions with a wide range of businessmen. He also said that the bill details those who would have to pay taxes, those who were exempt, tax percentages, and the penalty for evading taxes.
The Finance Minister said that they would put the bill into effect next year and that only those businesses that turned a profit would be required to pay taxes. Income from rent would also be included in that, the Finance Minister said.
| DATE: 2009-07-02 | PRINT | Share
Following the submission of the bill on an administrative framework for taxation to the People’s Majlis’ economic affairs committee, the Majlis on Wednesday began the debate on introducing corporate profits taxes.
The bill on the administrative framework for taxation was approved by the Majlis with 62 votes, with two members refrained from voting. No one opposed the bill.
Introducing the bill to the Majlis, Finance Minister Ali Hashim said that the bill was formulated to increase the Government’s income and establish a solid tax system in the country. He said that the bill had been formulated with the aid of the Asian Development Bank (ADB) and after many discussions with a wide range of businessmen. He also said that the bill details those who would have to pay taxes, those who were exempt, tax percentages, and the penalty for evading taxes.
The Finance Minister said that they would put the bill into effect next year and that only those businesses that turned a profit would be required to pay taxes. Income from rent would also be included in that, the Finance Minister said.
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