Analysts warn tax proposal could affect environment

Analysts fear gains made in protecting the environment from plastic waste could be eroded if tax law amendment bill 2020 sails through.

The Bill is proposing to delete schedule that introduced a reduced corporation tax rate on companies operating a plastics recycling plant. The reduced rate was 15 per cent for the first five years from the time they started operating. As a result, they shall be subject to the corporation tax rate of 25 per cent applicable to resident companies.