Potential financial investors to know of concessions upfront

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– as Financial Administration, Audit Amendment Bill 2016 passed

The Financial Administration and Audit Amendment Bill 2016, No 4 of 2016 was passed last evening in the National Assembly. The bill seeks to inform potential investors of all the financial concessions that they will obtain upfront. It will also streamline their exemptions.

Finance Minister Winston Jordan
Finance Minister Winston Jordan

Finance Minister Winston Jordan explained that the amendment was first put forward by former PPP Minister Sasenarine Kowlessar, but was never followed through.

Opposition Member of Parliament   Anil Nandlall questioned the narrowness of the Bill which provides concessions to stamp duty, and environmental taxes. He added that the Act was already repealed by the 2003 Fiscal Accountability Act.

Reference was also made to “the wide range of matters which are not catered for in this Bill.” He called for the Bill to be properly defined before getting the support of that Parliamentary side of the House.

The Finance Minister said the Bill was an effort to make the granting of concessions transparent. The Minister explained that while the Act was repealed one part was saved, adding that every bill, before being brought to the House passes through the  Chief Parliamentary Counsel, Cecil Dhurjon.

The Bill’s clauses were then put to the vote and passed without amendments.

 

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