House bill seeking reform on capital income taxation OK’d

Councilor George S. Goking, chair of the City Council committee on ways and means, that the House Bill 4339, also known as the Passive Income and Financial Intermediary Taxation Act (PITIFITA) has been approved on third reading by the House of Representatives.

It was learned that PITIFITA bill seeks to reform the taxation of capital income and financial services in the country by redesigning the financial sector taxation into a simpler, fairer and more efficient tax system.

Councilor Goking said that the remaining tax reform package of the previous administration is expected to provide additional revenues. It seeks to simplify the fiscal structure for passive income, financial services and transactions in the government.