Introduction.
The Finance Minister presented the Finance (No. 2) Bill, 2024 (the Bill) to Parliament on 23 July 2024. The Bill proposes a reduction in the corporate income tax (CIT) rate for foreign companies to 35% (from 40%), the abolition of angel tax, changes to capital gains tax rates and the removal of indexation benefits, as well as other CIT measures. The Bill will be effective once it is enacted into law.
Details of the key tax law changes are set out below.
Personal income tax rat…