THE INCOME TAX (AMENDMENT) ACT, 2024

Abstract

An Act to amend the Income Tax Act, Cap. 340, to expand the definition of the retirement fund; to exempt income derived from or by private equity or venture capital fund, manufacture of an electric vehicle and electric vehicle charging equipment, operation of a specialized hospital facility; to replace reference to a branch with permanent establishment for purposes of international taxation; to provide for withholding tax on commission paid to a payment service provider; to amend the First Schedule to provide for African Reinsurance Corporation (Africa Re), Independent Regulatory Board of the East African Power Pool and Islamic Cooperation for the Development of the Private Sector as listed institutions; and for related matters.