The Cabinet of Ministers has granted approval to publish the Finance Act 2021 Bill in the Government gazette.
The Bill will thereafter be presented in Parliament for approval, the Cabinet announced.
The 2021 budget proposes to impose legal provisions in order to encourage entrepreneurs to disclose and invest undisclosed income and assets.
It also looks to exempt such investors from the obligation to pay taxes, penalty or interest, and to pay only a 1% “Tax on Voluntary Disclosure”, free from investigation or prosecution.
Cabinet approval was granted on 22nd February 2021 to draft the Finance Act 2021 to make the necessary arrangements for this purpose.
Accordingly, the Cabinet of Ministers approved the proposal made by the Prime Minister in his capacity as the Minister of Finance to publish the Bill in the Government Gazette and then present it to Parliament for approval. (NewsWire)
