Taxation of firms: firm income now taxed at maximum marginal rate under substituted sub-heading by statute. The amendment substitutes Chapter XV's sub-heading to read "Firms, association of persons and body of individuals" and inserts a provision stating that ... Summary
Taxation of firms: firm income now taxed at maximum marginal rate under substituted sub-heading by statute.
The amendment substitutes Chapter XV's sub-heading to read "Firms, association of persons and body of individuals" and inserts a provision stating that where an entity is assessable as a firm, tax shall be charged on its total income at the maximum marginal rate.
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