Finance Act 2021 introduces various tax changes
18 Dec 2020
The President signed into law the Finance Act 2021, which introduces a number of tax amendments, including: a new digital services tax of 1.5% on the turnover of all digital and electronic transactions; the reduction of the corporate income tax rate for manufacturing companies outside the western area (capital city) from 25% to 15%; the reduction of the capital gains tax rate from 30% to 25%; and an additional 25% corporate social responsibility credit for businesses that invest in free and quality school education, children's welfare, natural disasters and disease outbreaks, and maternal child health.
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Promotion and facilitation (Investment incentives)
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