After a presentation to Cabinet by the Inland Revenue Department on Wednesday, the Government disclosed that plans are coming together for the long awaited removal of Personal Income Tax.
Officials from Inland Revenue shared its timelines and data with the Cabinet Ministers, and based on the projections provided, a new date for the removal of PIT is likely to be July 1, 2016.
Lionel Hurst the Chief of Staff told ZDK News that despite several setbacks, the Government is still set on fulfilling its promise to remove the PIT. According to Hurst, there will be several amendments to the existing law and regulations, and other preparations have to be put in place before the change is brought into effect.
He disclosed that Parliament will meet this month and in May to complete the process, so that everything can be in place for the full abolition of the controversial tax.
Despite the Prime Minister’s announcement in the Budget Speech that come April 1st Personal Income Tax would become a thing of the past, The Government came forward saying that it would remain on the books a little longer as the economic climate was still unstable.