ECC approves proposal for simplification of tax regime for non-resident firms

ECC of the Cabinet has approved the proposal for simplification of tax regime for non-resident companies investing in the local debt market with a view of increasing foreign exchange inflows and reserves. The current tax structure for non-residents investing in debt securities is complex with different tax regimes with multiple rates, penal transaction charges for non-filers and complex tax filing processes being key regulatory and structural impediments to foreign investment in the local debt market.