Bill Passes Second Reading to Exempt Loss-Making Companies from Minimum Tax

A bill seeking to exempt companies recording losses from paying the minimum income tax has passed the second reading in theThe bill aims to amend the Companies Income Tax Act to “provide adequate security and guarantee” for businesses and companies that record losses in each “assessment year”.

The proposed legislation seeks to introduce a new subsection to the aformentioned section to exempt companies that record losses in the “assessment year” from paying the minimum tax.

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