More Incentives, More Reasons to Become Filer

INU Corporate > Blog > More Incentives, More Reasons to Become Filer

The second mini budget was finally unveiled by Finance Minister on January 23, 2019. The Govt. has proposed has offered various incentives to capital markets and industries including agriculture, small and medium enterprises (SMEs), banks and automobile industry, in particular as part of the proposal. Some of the key incentives that should boost business and investors’ confidence are as follows:

·       Removal of tax on undistributed reserves by listed companies

·       Reduction in filing requirement of monthly advance tax return by withholding agents to bi-annual

·       No super tax on banking sector

·       Reduction of tax on inter-company dividends for group companies

·   Reduction in tax rates on banks’ interest income from advances given to Micro, SME, Low Cost Housing Finance and Farm Credit.

The government has also proposed some additional incentives to filers and / or additional taxes for non-filers as outlined below:

·       50% increase in rates of Advance Tax on registration of motor vehicles for NON-FILERS:

S. NoEngine CapacityTax for Non-Filers
CurrentProposed
1850   cc or below10,00015,000
2851   cc – 1000 cc25,00037,500
31001 cc – 1300 cc40,00060,000
41301 cc – 1600 cc100,000150,000
51601 cc – 1800 cc150,000225,000
61801 cc – 2000 cc200,000300,000
72001 cc – 2500 cc300,000450,000
82501 cc – 3000 cc400,000600,000
9Above 3000cc450,000675,000

·       No Advance Tax on Cash Withdrawals and Banking Transactions for FILERS.

·    Option to carry forward capital losses on sale of securities for up to three years from tax year 2019 onwards.

It is only a matter of time, and one expects that the government will continue to offer more incentives to filers and tighten the noose for non-filers.

Have any questions or comments? Shoot us an email at info@inucorporate.com or call us at (092) 300 0757533 during office hours. 

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3 Comments

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    • February 1, 2022 @ 11:25 am

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      • February 1, 2022 @ 11:25 am

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