The objects of this Bill are to amend the Income Tax Act so as
to—
(a) increase the Pay-As-You-Earn tax free threshold for
individuals to sixty-one thousand two hundred Kwacha
per annum from fifty-seven thousand six hundred
Kwacha per annum, reduce the top-marginal tax rate to
thirty-seven percent, and adjust the income bands
accordingly;
(b) introduce an electronic invoicing system to ensure income
tax compliance;
(c) increase the tax concession for businesses in a rural area
to one-fifth from one-seventh of the applicable
corporate income tax rate for the first five years in
operation;
(d) introduce accelerated depreciation of up to 100 percent
on any new implement, plant or machinery for developers
in a special economic zone;
(e) introduce withholding tax at fifteen percent on discount
income earned from Government Securities which are
issued at a discount from face value;
(f) introduce a five-year tax holiday on profits from local
producers of cotton seed or ginning of cotton;
(g) introduce a ten-year tax holiday on profit made from
spinning of cotton and weaving of thread; and
(h) provide for matters connected with, or incidental to, the
forgoing.