Auditor General calls for swift approval of income-related legislations
14 ނޮވެމްބަރު 2019 | ބުރާސްފަތި 11:54Ziyath made the statement while speaking at Wednesday's meeting of the 19th Parliament Budget Committee
Auditor General Mr. Hassan Ziyath at Wednesday\'s meeting of the 19th Parliament Budget Committee | People's Majlis
Auditor General Hassan Ziyath has stated that legislations related to the government's anticipated revenue detailed in the 2020 state budget needs to be swiftly approved.
Ziyath made the statement while speaking at Wednesday's meeting of the Parliament's Budget Committee where he thanked the current administration for introducing the income tax bill to the parliament and noted his past recommendation to launch income tax in the country to fortify the state budget.
He went on to highlight the importance of swiftly approving legislation related to the state's expected income.
According to Ziyath, many difficulties were posed to the state budget when legislation related to the state's anticipated annual revenue was approved in the middle of the year.
He stated that revisions to import duty legislation should be concurrent with work on the proposed budget for next year as it would ensure that the state's anticipated revenue would flow in accordingly from the very start of the year.
The 2020 state budget estimates an annual revenue of 705.9 million will be generated from the administration's new taxation policies such as the income tax, withholding tax, and capital gains tax.
This also includes an income of 558.2 million generated from revisions to import/export duty and customs related fees.
The income tax bill is currently undergoing the debate stage in the parliament.
