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Congressional Commission on Economics The Republic has given the green light to a project that will return 70% of the selective consumption tax (ISC) to freight transport and inter-district transport.
This measure, which will apply from 1 January 2023 to 31 December 2025, was proposed executive branch.
Recall that this project is one of the initiatives that were agreed with the transport unions in order to eliminate the stops that took place in June and July.
The draft, which has yet to be evaluated in the plenary session of Congress, relaxes the requirements for accessing this tax credit. As they point out now carriers who have ballot papers and delinquencies can also benefit from this measure.
It is estimated that the initiative will cost SGD 115 million per year, which is the amount that the state will not receive due to the incentives that will be provided to carriers.
The amount that the state will stop collecting will be almost three times more than the shortfall in 2021, when the return is 53% ISK which meant a loss of S$43.9 million.
Source: RPP
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.