THREE Bills with a fiscal flavour were introduced in Parliament yesterday.
The Property Tax (Surcharge Abolition) Bill will annul the property tax surcharge introduced in 1974 to discourage foreigners from owning landed properties.
The Government has said the surcharge is obsolete because most of these landed properties have been sold and the Residential Property Act now regulates foreign property ownership.
The second Bill introduced was the Trade Marks (Amendment) Bill, which alters the Trade Marks Act, including allowing a person to make a single application to register a series of trade marks.
Finally, the Income Tax (Amendment) Bill will bring in the income tax changes announced in this year's Budget.
Also, second-hand goods dealers caught with stolen property can expect a tougher time. If the Bill passes into law, those found guilty will face a maximum fine of $20,000 and up to 12 months in jail. Currently, the jail term is six months and fines ranging from $100 to $1,000.
The new Bill also empowers police officers to enter a shop at any time without a warrant if they have reason to suspect it is dealing in second-hand goods without a licence. The current Act states that police may enter only during business hours.
A proposed amendment to the Education Endowment Scheme Act will allow the Government to top up the Endowment Fund from time to time. The fund benefits students through cash grants like the Edusave Pupils Fund.
Among other Bills tabled in Parliament yesterday were the Children Development Co-Savings (Amendment) Bill and the Statutes (Miscellaneous Amendments) Bill.
