House Adopts Report on Tax Bills

The House of Representatives has adopted the report of its Finance Committee on the Four Tax Reform Bills.

This followed clause by clause consideration of all relevant amendments on the bills at the Committee of the Whole.

Some of the amendments include retention of the Value Added Tax Rate at the current 7.5 percent as opposed to a staggered increase, and extension of income tax exemptions to specific agricultural businesses and military officers.

With the adoption of the report on the Tax Bills, the House of representatives is working towards eventual passage of the Tax Bills next week.