The Finance Bill, 2020 came in a week after the passing of The Tax Laws (Amendment) Act, 2020 on 25th April 2020. The Bill contains a few proposals similar to those introduced to the Tax Amendment Bill, 2020 and were rejected - which contravenes standing order 141(1) of the National assembly.
This alert contains a summary of key provisions made in the Finance Bill, 2020 and their potential effect on taxpayers.
The Bill seeks to introduce various amendments to the Income Tax Act. Some of the key proposals introduced under the Act include imposition of a minimum tax and tax on digital services.
Read more in the attached Tax Alert.