Trading company definition revised and income tax terminology updated, altering threshold application for non-trading companies. The amendment replaces references to super tax with income tax and adds a definition of trading company-a company primarily dealing in goods produced by ... Summary
Trading company definition revised and income tax terminology updated, altering threshold application for non-trading companies.
The amendment replaces references to super tax with income tax and adds a definition of trading company-a company primarily dealing in goods produced by others with not less than fifty one per cent of total income from that business-and modifies the provision for non-trading companies so that the term "exceed" is read as "exceed twice the amount of," changing the applicable threshold for those companies.
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