The Government expects that those who are brought into the process of engagement and discussion will handle the process with sensitivity and with honesty. Government will vigorously respond to those who insist on spreading untruths, half-truths and distortions. Today, I wish to highlight some of the principal features of the Bill. It is estimated that some 5,000 persons will benefit from this proposal. It must be emphasized that the Government has on other occasions stated its intention to promote savings, and thus it is intended that the instruments that will encourage and maintain savings in the country will be incorporated in the new Income Tax Act.
Government has no intention to tax income from savings.
This does not, however, mean that the issue should not be discussed. Additionally, contrary to certain comments that have been circulating, the Government has not indicated its intention to remove the mortgage interest deduction. Curiously, the Draft Bill plainly states that mortgage interest deduction will continue. Yet the mischief makers are busy telling the middle class that the Government intends to abolish mortgage interest deduction. Companies Companies will also benefit by the proposals.