Tax Times Issue 10/2020
COVID-19 Response Budget highlights
April 8, 2020
This issue highlights the following measures stated in the Budget to assist businesses affected by COVID -19.
Certificate Of Exemption
- All persons engaged in contract for services are advised that the Certificate of Exemption (COE) for 5% Provisional Tax under Income Tax (Collection of Provisional Tax) 2016, will now be issued from 1st April, 2020.
- All taxpayers issued with a Certificate of Exemption are eligible to receive any money due under any contract of service without any deduction for provisional tax. Certificate of Exemption will be issued upon application with FRCS.
- FRCS will require taxpayers to be compliant with all tax and customs obligations including filing and payments obligations. For taxpayers who are impacted by COVID- 19 and are not able to meet the above requirements, can make arrangements with the Debt Management Services.
This is general information and not a substitute for full professional advice. Should you have any questions in relation to this newsletter please do not hesitate to contact, Sanjay Ram or Atnesh Prasad. Email: [email protected]; or [email protected]
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