Samuda and Phillips Clash Over Transfer Pricing Bill

Finance Minister, Dr. Peter Phillips and Opposition Spokesman on Industry, Karl Samuda, clashed in the House of Representatives yesterday, during the debate on the Income Tax Transfer Pricing Bill.

The Bill, along with a companion piece of legislation, were passed with support from all 21 government members present in the House.

The 14 Opposition MPs voted against it. Mr. Samuda took issue with a provision in the Bill which he says will require companies to pay taxes retroactive to January 1 this year.

Dr. Phillips was heard off mic, telling Mr. Samuda that his criticisms amounted to nonsense.

In response, Dr. Phillips said Mr. Samuda should have objected when the legislation was conceived by the previous JLP administration in 2011.

Mr. Samuda noted that he had resigned from the Cabinet.