Madam Deputy Speaker, it is imperative that Parliament ensures that the proposed Bills strike a balance between the interests of the fiscus, a good system of taxation and, importantly, takes into consideration the current economic downturn challenges. However, the MF is glad that in cases where the Treasury accepted the proposal from stakeholders such recommendations were accommodated.
Tax legislation should be based on careful economic analysis and transparent legislative procedures. Our taxes on individuals, goods and services should be competitive with other nations. They should also take into consideration the current economic realities. The MF is glad that the proposed Bills further provide some relief to various taxpayers, although to different degrees. The MF will support the Bills.