Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, who piloted the Bill in the Upper House, noted that the tax credit will be particularly beneficial for MSMEs that have been hard-hit by the COVID-19 pandemic.
Operators of tax-compliant micro, small and medium-sized enterprises (MSMEs) will, in short order, begin to benefit from a special income tax credit of $375,000.
This follows the passage of the Income Tax (Amendment) Act, 2020, by the Senate on Friday (Dec. 17), to facilitate the move. The Bill was approved by the House of Representatives on December 15, the same day it was tabled by Finance Minister Dr Nigel Clarke.
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