Key taxation bill put before parliament for vote
28 Aug 2011, 10:34 PM
Parliament will vote on Monday whether to introduce one of the government’s four key pieces of tax legislation that it has promised the International Monetary Fund (IMF) will help the country claw its way out of a crippling budget deficit.
The combined goods and services tax (GST) bill contains a general GST of 5 percent, and an increase to the existing tourism GST (TGST) from 3.5 percent to 6 percent.
Parliament voted on July 18 to send to committee four bills of the government’s economic reform package: the GST bill, an income tax, a corporate profit tax and a bill governing excise and reduction of import duties.
At the time all four bills received more than 50 votes apiece from the 72 MPs present and voting, hinting at broad cross-party acceptance of the need for taxation. Of the 72 MPs acting as a committee, 51 voted approval of the bill with the proposed amendments.
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