Gov’t submits bill to tax companies' extra stock of cash

Banking

A cabinet meeting on Tuesday approved a proposal that would tax businesses' stock of cash minus payouts in order to prevent companies from hiding their profits in assets.

The proposed legislation, to come into force on January 1, 2007, would levy a 20% tax on double the amount of companies' average end-of-day stock of cash minus net cash payouts, the bill published on the website of Parliament shows. Companies would have to pay the tax 45 days after the end of the tax year.
The proposal was one of 14 approved by the cabinet meeting.

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