FOR those who keep complaining non-stop about the Government’s failure to listen to their gripes, it must come as a surprise to find that a proposed change in the Income Tax Act on property sales gains has been scrapped, following public feedback.
As the ST editorial points out this morning, the odd feature about the whole exercise was asking the public feedback in the first place. No living person on earth would say “Tax me some more”.
What Finance Ministry was actually planning to with the proposed tax change was to make it clearer to individuals on the type of circumstances that they would not be taxed if they sell a property.
But it conceded that there was merit in the feedback given by respondents who pointed out that it might create ‘inadvertent uncertainty for Continue reading
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