January 6, 2017

http://citizensreportgy.com/?p=39378

An amendment, advanced by the political Opposition, to the Income Tax (In Aid of Industry) (Amendment) Bill 2016, which was passed tonight in the National Assembly, was voted down by a government majority.

The amendment to the Bill was moved by People’s Progressive Party/ Civic (PPP/C) Parliamentarian, Anil Nandlall, and seconded by Irfaan Ali.

The Income Tax (In Aid Of Industry) (Amendment) Bill 2016 was the subject of heated debates in the National Assembly tonight, given that it seeks to empower the Minister of Finance to grant corporation tax exemptions for entities pursuing wind and solar energy, as well as water treatment and waste disposal facilities.

Nandlall’s amendment called for companies to only be eligible for tax holidays if that company participated in an open tendering process in accordance with and in the manner contemplated by the Procurement Act, Chapter 73:05, to provide the particular service or services which generate(s) the income from which corporation tax is exempted under this section.

The PPP/C MP noted that tax holidays should not be geared towards special interest entities, but should be across the board, rather than restricted to wind and solar energy.

Government Members of Parliament (MPs) were vociferous in shouting no when a vote on the amendment was called.

The Income Tax (In Aid Of Industry) (Amendment) Bill 2016 – Bill No. 30/2016 – was published on 2016-12-20 and read for the first time on the same day.