Cabinet approval has been granted for the amendments to the Value Added Tax and Inland Revenue Acts to be published in the government gazette notification and thereafter be submitted to Parliament for approval.Â
According to the government, directives were given to the Legal Draftsman, based on the decisions of the Cabinet meetings held in December 2024 and February 2025 to draft bills, to amend the Value Added Tax Act No. 14 of 2002 and the Inland Revenue Act No. 24 of 2017, respectively.Â
The Value Added Tax Act No. 14 of 2002 and Inland Revenue Act No. 24 of 2017 were drafted with relevant amendments, to which the Attorney General’s clearance had also been received.
Therefore, the Cabinet of Ministers approved the proposal by the President, in his capacity as the Minister of Finance, to publish those draft bills in the government gazette notification and submit it to the Parliament for approval. (Islandnews)
