The Council also approved amendments to the insurance companies and foreign capital investment laws.

The three laws are important to improve the tax collection system and transparency.

The initial proposed amendments to the tax law aimed to address the auditing and financial aspects of the law and sought to impose more taxes which would have been impractical in terms of implementation.

The Commission therefore produced a set of recommendations to improve the general performance of the Tax Directorate without burdening businesses with more requests.

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