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Government Rethinks Trust Tax Amid Controversy
Description
The governments proposed tax on trusts, aiming for a 30% minimum rate to prevent wealthy individuals from evading taxes, has hit a snag. The legislation, initially part of the budget, is now facing delays due to concerns about its impact on families setting up trusts in their wills. The opposition has labeled it a death tax, but the government insists its about fairness and closing tax loopholes. The plan involves applying the minimum rate before income distribution, a shift from the current system. The situation is complex, and the government is working to refine the legislation.
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