Press briefing of Cabinet Decision taken on 2020-01-08

Inland Revenue (Amendment) Bill

- Relevant Tax Laws are required to be amended in order to give effect to the income tax policy proposals in the 'Economic Revival Initiative Programme' approved by the Cabinet previously. Accordingly, the proposal made by the Minister of Finance, Economy and Policy Development to instruct the Legal Draftsman to draft amending legislation for the Inland Revenue Act incorporating the proposed amendments pertaining to the exemption of interest income from withholding tax, amending the Pay-As-You-Earn (PAYE) tax rates, amending income tax rates applicable on the terminal benefits and exemption of income tax and income tax rate changes, was approved by the Cabinet.