22 January 1980
National Assembly votes to eliminate capital gains tax
National Assembly Senate building in Kushab
Since the inception Department of National Development, Secretary Amar Sonar has been vocal about his support for doing away with the Federal capital gains tax. In mid-December, Secretary Sonar co-sponsored a bill in the House of Representatives which would formally do away with the tax, which today has now finally reached the desk of President Bhandari, who stated he would sign the bill into law.
Secretary Sonar sat down with Sikkim Express reporter Singar Dayal earlier today. "The investor class will be an integral part of a well functioning Panjali economy, and investors' decisions are highly influenced by the tax system in which they operate," Sonar said. "And with an elimination of the capital gains tax, the value of stocks will see a near immediate boost."