Tax classification change: trading companies now face a higher income tax rate than other companies under the amended provision. Amendment revises subsection (1) by substituting the term "income tax" for the prior expression, deleting a conjunctive word in one clause, and replacing ... Summary
Tax classification change: trading companies now face a higher income tax rate than other companies under the amended provision.
Amendment revises subsection (1) by substituting the term "income tax" for the prior expression, deleting a conjunctive word in one clause, and replacing a bracketed clause with two distinct rate categories: one for trading companies and one for other companies, thereby creating explicit rate differentiation and clarifying clause drafting.
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