Income Tax (Amendment of Monetary Amounts) Regulations 2019 …

1

REPORT ON THE INCOME TAX (AMENDMENT OF MONETARY AMOUNTS) REGULATIONS, 2019
PRESENTED
BY
THE PORTFOLIO COMMITTEE ON THE ECONOMIC AND DEVELOPMENT CLUSTER
National Assembly Phone: +266 22323035 P. O. Box 190 Fax: + 266 22310438
Maseru 100
2

  1. INTRODUCTION
    On Monday 11th November, 2019, the Hon. Minister of Finance tabled Income Tax (Amendment of Monetary Amounts) Regulations, 2019 in the House. The Regulations were referred to the Portfolio Committee on the Economic and Development Cluster for consideration in terms of Standing Order No.100 (3). The Committee invited the Ministry and Lesotho Revenue Authority (LRA) to a briefing session in accordance with Standing Order No. 101 (2).
    The Committee, therefore, presents this Report to the House for consideration.
  2. MINISTERIAL BRIEF Income Tax (Amendment of Monetary Amounts) Regulations, 2019 are made pursuant to Section 212 (1) (c) of the Income Tax Act, 1993.
    The Ministry indicated that the intention of the Regulations is to protect disposable income of low income earners from being eroded by tax. The Regulations will provide for the adjusted personal tax credit and chargeable income of the lower and upper threshold, in the process of ensuring that low income earners remain outside the tax bracket. The personal credit has been adjusted from M7, 260.00 to M9, 600.00.
    The Regulations repeal the Income Tax (Amendment of Monetary Amounts) Regulations, 20192 and shall come into operation on the 1st October, 2019.
  3. RECOMMENDATIONS The Committee recommends for the approval of these Regulations and the adoption of this Report by the House.
    3
    Members of the Committee
  4. Hon. S. T. Rapapa (chairperson) 2. Hon. L. R. Mahase 3. Hon. S.D .Mangobe 4. Hon. T. J. Sophonea 5. Hon. M. J. Maime 6. Hon. T. L.Kibane 7. Hon. M. P. Maqelepo 8. Hon. L. C. Hlomelang 9. Hon. L. K. Mokoma 10. Hon. M. Malefane 11. Hon. M. C. Hlao 12. Hon. T. Tsita- Mosena 13. Hon. M. R. Khati 14. Hon. M. Hlalele 15. Hon. P. D. Mafereka 16. Hon. T. P. Mokeretla 17. Hon. N. Motsamai 18. Hon. T. L. Mokhosi 19. Hon. M. Tlali