THE FINANCE (MISCELLANEOUS PROVISIONS) ACT 2020: IMPACT ON THE GLOBAL BUSINESS SECTOR

THE FINANCE (MISCELLANEOUS PROVISIONS) ACT 2020: IMPACT ON THE GLOBAL BUSINESS SECTOR

 

Click here to view our full brief on The Finance (Miscellaneous Provisions) Bill 2020

Following the presentation of the National Budget Speech by Dr the Honorable Renganaden Padayachy, Minister of Finance, Economic Planning and Development on the 4th of June 2020, key budgetary measures have been put forward to cater for the impacts of the COVID-19 on the country, which includes a “Plan de Relance de L’investissement et de l’Economie”, “Major Structural Reforms” and “Securing Sustainable and Inclusive Development”.

Numerous legislative amendments touching key areas such as taxation have been introduced by the Finance (Miscellaneous Provisions) Act (the “Finance Act”), that came into force as on 7 August 2020, to give legal force and effect to the announced budgetary measures aiming to revive the Financial Services Sector whilst keeping abreast with international norms and best practices.

In light of the above, we, at Tri-Pro Administrators Ltd, have prepared this brief to highlight the salient features of the legislative amendments and developments which are relevant to our clients and stakeholders within the Global Business Sector.

 

 

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