BAG appeals to the Prime Minister to enact the new system of income tax from 1st of January, 2017 year
21 Mar '16
As BAG claims reform of income tax is a significant step forward for economic development and improving business environment. This is a revolutionary amendment in the Tax Code, which will help to increase the attractiveness of the business environment and will give additional motivation to the local and foreign businessmen for investment money in our country.
Also, taking into consider the importance and complexity of the reform, it will be better if the amendments in the tax legislation will come into force from January 1st, year2017. Hasty implementation of the reform, by the assessment of BAG, will lead to certain vagueness and confusion, extra costs for businesses and unpreparedness for tax risks; on the one hand authorities of Tax Administration and on the other hand business will definitely need some time for adaptation.
In the light of that relevant legislative amendments is not yet started to consider by the legislative unit, adoption of the amendment and taking it into force from 1st of July, will lead to increase of risks accompanying administration, minimize possibility of elimination potential gaps and this may lead to discredit of a major reform, which is inadmissible.