Finance Bill 2021
Further to the budget speech made by The Honourable Dr Renganaden Padayachy, Minister of Finance, Economic Planning and Development on 11th June 2021, the Finance (Miscellaneous Provisions) Bill 2021 (the “Finance Bill”) was released for consultation on Friday 16th July 2021. The Finance Bill will serve to implement the measures announced in the budget but first it will be debated in Parliament before being approved. It will then need to receive the President’s assent before becoming law.
The Finance Bill contains numerous measures designed to boost the economy and render our economic environment more competitive. However, we wish to draw the attention of our readers that the Finance Bill also contains certain provisions that were not mentioned when the 2021-22 budget was presented.
This year’s Finance Bill is a voluminous document made up of 300 pages. This summary highlights some of the key measures that will soon be debated in Parliament.