Corporation tax rate cut to simplify tax administration, reduce litigation

The corporation tax rate has been reduced from the existing 30-25 per cent to 22 per cent all the domestic companies

It is not surprising that with the economy in the grip of a slowdown, the finance minister had to show action and demonstrate intent. What is surprising, though admittedly pleasantly, is that the minister chose to make significant changes to the corporation tax rate. This signifies that governments will need to be nimble and proactive to bring in changes — even through ordinances — given that the need to address the issues of the economy and businesses cannot wait for a normal Budget cycle of a year.
 
The corporation tax rate has been reduced from the existing 30-25 per