The Budget for 2017/18 was presented to the National Assembly by the cabinet secretary for the National Treasury on 30 March 2017. Some of the proposed measures on direct taxation are summarized below.
- The fishing sector will be granted a 150% deduction incentive
- Corporate tax for new motor vehicle assemblers will be reduced from 30% to 15% for the first five years of operation
- Special economic zone enterprises will be granted a 100% investment deduction for buildings and machinery
- Donations for alleviation of distress during national disasters will be deductible
- Incentives for development of low-cost housing will be introduced
- The tax bands for personal income tax bands will be expanded by 10%
- Personal relief will be increased by 10%
- Dividends paid by special economic zone enterprises to nonresidents will be exempt from withholding tax
- Withholding tax on interest payable by special economic zone enterprises to nonresidents will be reduced to 5%
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