Post by Xie Jia Ju on May 29, 2020 5:41:20 GMT
First Amendment to the Revenue Act
Author: Xie Jia Ju, RPP
Sponsors:
Sponsors:
An amendment to the Revenue Act (2020)
BE IT THEREFORE ENACTED, as follows:
§1 - Deletion
- Section 4, Line 3 of the Revenue Act which reads "Value Added Tax shall be assessed on unprepared food items at a flat rate of 5%" shall be struck null and void.
§2 - Addendum
- The following shall be appended to the current text of the Revenue Act: "Section 7: Estate Tax, Line 1: Estate tax shall be assessed on all liquid and property inheritances that supersede an estimated value of F1.000.000 or more at a flat rate of 50%
