Tax update: Income tax
Implementation of proposed amendments
The Department of Inland Revenue (DIR) has issued a revised notice (PN/IT/2020-03 (Revised)) on 8 April 2020 for implementation of amendments to the Inland Revenue Act No.24 of 2017 (IR Act) with effect from 1 January 2020.
These amendments have been made on the instructions of the Ministry of Finance issued on 31 January 2020 and 5 March 2020.
These proposals will be implemented from 1 January 2020, unless otherwise stated. Formal amendment to the IR Act is expected to follow in due course.
The DIR implementation notice has been summarised in this document. Click to learn more.