A Bill for an Act to Amend the Companies Income Tax Act to Provide Adequate Security and Guarantee for Businesses and Companies in Relation to Payment of Minimum Tax Upon Losses in Each Assessment Year and for Related Matters

Abstract

This Bill seeks to amend the provision in relation to the assessment of companies for the payment of tax in each assessment year. The emphasis is to protect the companies which are in operation but with losses from paying minimum tax, and the amendment primarily proposes exemption for such categories of companies under the Companies Income Tax Act in each assessment year.