Turnover tax for start-ups to be slashed

The government today proposed cutting the turnover tax for start-ups to 0.1 percent from the current 0.6 percent in the next fiscal year.

The finance minister also proposed withdrawing the restrictions on expenditure of the start-ups.

He said during his budget speech that the government is giving these facilities to boost the competitive advantage of local entrepreneurs to expand their business in the global arena.

The finance minister also proposed exempting the start-up businesses from the submission of all types of reporting, except for income tax return.

The government will also allow start-up companies to set off and carry forward losses over a period of nine years.

Read more

Cars, motorcycles to cost more