Parliament yesterday passed legislation on the administration of taxation, the first of two bills proposed by the government to introduce corporate profit taxes.
Of the 70 MPs present and voting, 67 voted in favour, two voted against and one abstained. The bill was passed with 15 amendments proposed by MPs.
The legislation specifies taxpayers, exemptions and penalties for tax evasion. Presenting the bill in July last year, Finance Minister Ali Hashim said taxes will be levied on all profit-making businesses, including income from rent and government enterprises will not be excluded.
The legislation was formulated after extensive discussions with the Asian Development Bank, local businesses and other stakeholders, Hashim said.