Clause 56
New section 92I
of Income Tax (Amendment) Bill
BillNot in forceProvision 56 of 68
Clause 56
The principal Act is amended by inserting, immediately after section 92H, the following section:“Remission of tax of companies for year of assessment 202092I. Where the Comptroller is satisfied that the remission of tax would be beneficial to a company, then there is to be remitted the tax payable for the year of assessment 2020 by the company of an amount equal to the lower of the following:
(a)
25% of the tax payable for that year of assessment (excluding any tax levied and paid or payable pursuant to section 43(3), (3A) and (3B));
(b)
$15,000.”.