The bill, if passed into law, proposes to provide the following additional tax incentives to companies:
- Tax holiday increase for companies engaged in the mining of solid minerals and gas utilization (downstream operations) from three years to five years
- Provision of a 10-year tax holiday for new companies located in areas without government-provided infrastructure
- Reduction of the distance requirement to qualify for rural investment allowance from 20km to 10km for businesses located in areas without government-provided infrastructure
- Increase in the rate of rural investment allowance to be claimed on tarred roads from 15% to 20%
- Repeal the investment tax relief granted for the unavailability of telephone infrastructure
- Increase in the rate of investment tax relief to be claimed on tarred roads from 15% to 20% <./ul>
© copyright IBFD. This article is part of a selection of daily news from the IBFD Tax News Service (TNS) chosen by EY professionals. All rights to the content reside with IBFD. Any use requires IBFD’s prior permission in writing. IBFD´s disclaimer applies to any and all of IBFD’s articles and publications.
DID YOU LIKE THIS ARTICLE?
Subscribe to the Tax Insights newsletter for the latest thinking in tax.