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Section 4 of the Finance Act 2020, introduces a minimum tax regime of 1%. There will be a minimum tax of 1% tax applicable on the gross revenue made by a business whose installment taxes for the year of income is less than that of minimum tax. The Minimum Tax shall also be applicable on gross incomes not specifically exempt under the First Schedule of the ITA.

The Tax Laws (Amendment) Act, 2020 ( herein referred to as “Tax (Amendment) Act”) was assented into law by the president on 25th April 2020.

Implementation of the Unified Payroll Return and Payment of Stamp Duty and Capital Gains Tax

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