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).
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