Madam Deputy Speaker, we cannot support this Bill because it is inherently unfair. Firstly, the Bill purports to correct the fiscal drag but does so on the basis of doctored inflation figures which are much lower than the actual cost of living. You all know very well that the cost of living is now at 6%.
All the rebates and adjustments provided for in the Bill should be increased by at least twice as much to ensure that people pay today the same amount in real-terms taxes as they paid before. By failing to do so, this Bill imposes an unfair hidden tax on real-terms inflation, especially for those who are in the lower income bracket.
Secondly, the Bill increases capital gains taxes. These taxes are on after- tax saved money. These are taxes made on investments made with whatever is left in the hands of the citizens after all the other taxes have been paid. Effectively, this becomes an unfair tax on saving. These taxes are also made unfair by a great portion of what is really being taxed being inflation, even being future inflation figures which are below the cost of living.
Thirdly, the Bill brings about a package of regressive indirect taxes by increasing levies such as the fuel levies and the taxes on alcohol and all the consumables. These taxes are not tied to income and they are proportionally paid for more by the poorer than the richer. In addition, this Bill is probably unconstitutional because of the manner in which it was processed at the committee stage. The committee refused to entertain and vote on any amendment, acting on the erroneous legal opinion stating that the Budget Office has not yet been established when, in fact, as a matter of law, it had been established albeit not yet resourced.
The acting chairman refused to rule on whether the proposed amendments were out of order or in order. Transcripts of the recordings of the deliberations of the meetings will reveal that what took place there cannot be described as the process of deliberation. Thank you. [Time expired.]