On September 28, 2020, while addressing the Nation in the Covid-19 Conference, the President directed the National Treasury to relook at the tax reliefs enacted earlier this year in a bid to cushion the public from the adverse effects of COVID-19.
The National Treasury and Planning issued a Press Statement on Wednesday, 18th November 2020, indicating that effective 1 January 2021:
- the Value Added Tax rate will revert to 16% from 14%;
- the top band rate Pay-As-You-Earn will revert to 30% from 25%; and
- the corporation tax for resident companies will revert to 30% from 25%.
Read more in our tax alert.
Should you require further assistance on the above matters as well as general business advisory please get in touch with us.