Introduction of Minimum Tax

Minimum Tax Introduction

The recently enacted Finance Act, 2020 introduced the Minimum Tax which is a base income tax payable by all persons regardless of whether or not they make a profit, W.e.f 1st January 2021. This will be a big shock for the loss-making firms in an environment where profits have been hammered by the global novel, Coronavirus. The applicable rate will be 1% of the gross turnover and will be paid in installments i.e. by the 20th of the 4th, 6th, 9th & 12th month of the year of income.

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Disclaimer

The Amendment of the Finance Act Tax article on Minimum Tax is written in general terms for guidance only and is not substitute for professional advice or the Law. Whilst every care has been exercised in ensuring the accuracy of the information contained herein, we will not accept any responsibility for errors or omissions or for any action taken, or refraining from action without appropriate professional advice.

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