The National Assembly last evening approved the 2008 budget estimates in the amount of $119 billion after three days of gruelling examinations of the provisions by the Opposition parties, and five days of debate with rich contributions from both sides.
In addition, the National Assembly passed two pieces of legislation, the Income Tax (Amendment) Bill 2008 and the Excise Tax (Amendment) Bill 2008.
But the latter bill, though passed, didn’t enjoy the support of the Opposition parties. They were apprehensive that the amendment would compromise transparency, since it sought to give the Minister of Finance the power to make changes to the list of items taxable under the Excise Tax Act of 2005 by way of negative resolution, instead of affirmative resolution.
The Income Tax (Amendment) Bill puts into place the legal framework for the announced increase to the Income Tax threshold from $28,000 to $35,000.
