Implementation of proposed tax changes deferred until 1 July 2011
The Ministry of Finance and Development Planning has announced the deferral of proposed changes to the Income Tax legislation until 1 July 2011.
As you may be aware, included in these proposals is the abolishment of the current dual system of taxation of companies and the consequential removal of the process of offset of dividend withholding tax against accumulated Additional Company Tax (ACT) reserves.
We will provide a further update once in receipt of the proposed Income Tax Amendment bill.
Please contact our tax consultants should you require any additional information.