Amendment to Section 4 of the ITA 1967 – Gains from the Disposal of Capital Asset
Overview: The proposed amendment to Section 4 of Act 53 introduces a significant change by inserting a new paragraph (aa), expanding the scope of income subject to taxation. Specifically, it includes “gains or profits from the disposal of capital assets” as taxable income under the Income Tax Act. Key Points: 1) Broader Taxable Income: Inserting […]
Unlocking the Impact of Finance (No 2) Bill 2023: A Crucial Amendment in Foreign Tax Definition
The Finance (No 2) Bill 2023 has been officially unveiled, comprising a comprehensive 231 pages that delve into pivotal amendments in various aspects of taxation. Among the notable changes lies a modification to Section 2 of the Income Tax Act 1967, specifically altering the definition of “Foreign Tax.” Key Amendment: Redefining “Foreign Tax” The proposed […]
