Several bills, in keeping with the measures provided for in the $250B, 2017 National Budget, read on November 28, were this morning presented to the National Assembly by Finance Minister, Winston Jordan, GINA said.
The bills read for the first time include:
The Intoxicating Liquor Licencing (Amendment) Bill 2016
Income Tax (Amendment) Bill 2016
Income Tax (in aid of industry) (Amendment) Bill 2016
Corporation Tax (Amendment) Bill 2016
Capital Gains Tax (Amendment) Bill 2016
Value Added Tax (Amendment) Customs (Amendment) Bill 2016
Motor Vehicle and Road Traffic (Amendment) Bill 2016
Miscellanous Licences (Amendment) Bill 2016
Tax (Amendment) Bill 2016 and Travel Voucher Tax (Amendment) Bill 2016
The bills which provide for the Budget 2017 proposals include the reduction of VAT from 16 percent to 14 percent, and the addition of the new Value-added Tax (VAT) rate to water consumption exceeding $1,500 per month, and electricity consumption exceeding $10,000 per month.
The budget also proposes an increase in the VAT threshold from $10M to $15M, and expansion of the list of VAT exempted items while eliminating zero-rated items.
According to GINA, Minister Jordan also laid over a number of reports including the Travel Tax Regulation 2016, the VAT (Amendment) Regulation 2016, the Custom (Amendment) Regulation 2016, the Excise Tax (Amendment of Schedules) Regulation 2016, and the Custom (Amendment of Schedules) Order 2016.