Small Business Relief for Corporate Tax

Small Business Relief for Corporate Tax

What is The purpose of Small Business Relief?

* Support small businesses
* Ease their implementation of the Corporate Tax regime
* Eligible persons can elect to be treated as not having any Taxable Income during the relief period

What are the key benefits of Small Business Relief?

* Not obligated to calculate Taxable Income
* Not required to pay Corporate Tax during the Relief period
* Simplified Tax Return and record-keeping requirements
* Can use cash basis for preparing Financial Statements

Businesses will be required to make the election in their Tax Return.

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