Adoption of the Financial Act with fiscal implications for investors
21 Jun 2017
The new Finance Act introduced the following measures, among others: (i) It requires that transactions between related entities, where one is based in a preferential tax regime in the Special Economic Zones and the other not, be carried out on an arm’s length basis. (ii) It aims to encourage investment in Special Economic Zones through the granting of investment incentives. (iii) It provides for an amendment of the Betting, Lotteries and Gaming Act to raise the taxes for betting, lottery, gaming and competition companies from the current rates of 7.5%, 5%, 12% and 15% to a uniform tax rate of 35%. The Act received Presidential assent on 21 June 2017.
-
Type:
-
Treatment and operation (Corporate taxation)
-
Promotion and facilitation (Special economic zones)
-
Sources:
