New income tax laws soon

By: Miak Loga

 

Income TaxBusinesses are expected to operate better with a new Income Tax law that will soon come into force.

The document is in the final stages of consultation.

The review of  the country’s taxation system has been ongoing.

Chartered Acountant Nurbano Ali says the exercise has been long over due.

“Our Tax Act has not been reviewed for almost 40 years ago. 1974 was the last Tax Act proper and from then on this revision has been in the pipeline for 10 years..so it will be useful to have an updated, more modern Tax Act,” he said.

The Draft Income Tax Act once finalised and become law, will provide some clarity on issues that have somewhat confused the business community for some years now.

According to FRCA the Tax Act is going to provide more clarity and more ease of process and that what we are looking forward to.

The draft Income Tax Act will tabled in Parliament soon.

“There’s been lots of consultation and wide consultation on the Act itself so we are at a stage where we can expect for it to be enacted very quickly coming before Parliament, should come into force very quickly I hope.”

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