Taxation Laws (Amendment) Act, 2019 receives President's assent

Corporate Tax Rates slashed to be slashed to 22% for domestic companies and 15% for new domestic manufacturing companies, according to the said Act.

List of amendments:

  • Section 92 BA
  • Section 115 BA
  • Insertion of Sections 115 BAA [Tax on income of certain domestic companies] & Sections 115 BAB [Tax on income of certain new domestic manufacturing companies]
  • Section 115 JB
  • Section 115 QA
  • Amendment of Act No. 23 of 2019
  • Amendment of Part II of First Schedule

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