The Tax Laws (Amendment) Bill, 2020 was published on 31st March 2020. Despite the Bill not having been read a First Time as required under the National Assembly Standing Order 126, the Speaker of the National Assembly has permitted the Submission of the Bill to public order 127(3) through the Departmental Committee on Finance and National Planning which has invited comments from the Public.
SPECIFIC CONCERNS ON AMENDMENTS TO THE SECOND SCHEDULE OF THE INCOME TAX CAP 470
The Institute reviewed amendments in the Bill that affect the Income Tax Act CAP 470 and developed proposals as highlighted in the table below. In regard, to Amendments to the Second Schedule of the Income Tax Act, the Institute notes the following:
More information on the attachment below.