Under the Act, ‘tax is imposed on a person who has chargeable income for the year of income’. And so there must be income to begin with and yet this amendment seeks to tax both gains and losses, or rather even when it’s obvious that there’s no income to tax.
Category Archives: REAL ESTATE
2021 RENTAL TAX CHANGES; COMPLIANCE GUIDE FOR LANDLORDS AND TAX PROFESSIONALS.
It is obvious from the above illustration that the tax payable after the 2021 amendment is much less; only just a little more than 10% of what was paid before the amendment. I am not sure whether this was intentional or is a result of a grave oversight error on the side of the people in Ministry of Finance and URA who principally are the originators of the income tax(amendment) bill 2021 that we now have as law.