What are the key principles included in the new income tax bill approved by the Cabinet
Explore the main components of the recently approved income tax bill by the Cabinet.
The new income tax bill approved by the Cabinet encompasses several key principles aimed at simplifying the tax system and promoting economic growth. The main components of the bill include:
- Reduction of tax rates for individuals and corporations
- Expansion of tax deductions and credits to incentivize investment and innovation
- Streamlining of tax compliance procedures to reduce burden on taxpayers
- Introduction of anti-tax evasion measures to enhance revenue collection
- Alignment of tax laws with international standards to attract foreign investment
- Focus on promoting transparency and accountability in tax administration
- Provisions for tax incentives for specific industries or regions to spur development
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3 months ago