The Income Tax (Amendment) Bill, 2019

Parliamentary Period: 
Fourth Session of the Twelfth Assembly

The object of this Bill is to amend the Income Tax Act so as to—
(a) revise the definition of farming;
(b) introduce penalties on late payments of presumptive and withholding
(c) exempt interest payable to banks and financial institutions from
withholding tax;
(d) reduce withholding tax on interest payment on Government securities
to non residents from twenty percent to fifteen percent;
(e) extend the determination of actual conditions for transactions relating
to two or more associated persons on their commercial or financial
(f) broaden the scope of related or associated persons to capture other
related transactions;
(g) clarify in relation to transfer pricing that a tax credit claim may be
made on transactions involving both resident and non resident
(h) provide for the adjustment of the reference price to take into account
premium prices for the purposes of the determination of taxable
(i) reduce the capital allowances claimed by mining companies from
twenty-five percent to twenty percent; and
(j) provide for matters connected with, or incidental to, the foregoing.

Bill Stage: 
First Reading
Second Reading
Committee Stage
Third Reading