The government has proposed to retain the current corporate and personal tax rates, extend incentives for start-ups and provide exemptions for financial services to assist taxpayers in view of the COVID-19 pandemic, among other measures in the Finance Bill 2021.
Relevant measures in the Bill include:
- clarifying the scope of the equalization levy;
- exempting certain transfers of assets and shares from capital gains tax for certain financial service companies;
- extending the incentive period for start-ups;
- clarifying the tax treatment of certain income earned by individuals;
- clarifying the definition of "liable to tax";
- increasing the safe harbour limit for transfers of residential units, subject to conditions;
- amending the provisions to rationalize the minimum alternative tax;
- enhancing the scope of "supply" for goods and services tax purposes;
- amending tax audit, assessment and appellate proceedings; and
- changing reporting requirements and statutory due dates.
The Bill can be downloaded here