A new personal income tax structure, including wider taxable income bands for 30% and 35% tax rates and increases in expenses and personal allowances as well as a land and buildings tax, may go before the cabinet today or its next meeting at the latest, says an informed source at the Finance Ministry.
The income band for the 30% bracket will be raised to 2-5 million from 2-4 million, and the new range for the top rate will start from 5 million, said the source.
Income bands for 5%, 10%, 15%, 20% and 25% will remain unchanged.