The tax authorities (SENIAT) have prepared a draft containing substantial amendments to the income tax law. The amendments have been submitted to the International Monetary Fund for its consideration. The amendments would, among other things:
- change the current system based on the territoriality principle to the principle of world-wide taxation;
- simplify the system for adjusting to inflation;
- eliminate the tax credit on new investments; and
- levy tax on dividends (currently not taxed).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Deirdre Silberstein, Washington, on +1 202 955 4000 or enter a text search "Deloitte & Touche" and "Business Monitor".
