Withholding tax rate increases and retrospective provisos impose higher deductions where the counterparty is a domestic company. Amendments to section 2 of the Finance Act, 1990 substitute higher withholding percentages across subsections (5), (6), (7) and (8), and insert provisos treating transactions involving a domestic company-notably where the party is a contractor or a buyer-as subject to an additional increased withholding percentage; certain substitutions and provisos are declared effective retrospectively from the fifteenth day of October, nineteen ninety.
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Provisions expressly mentioned in the judgment/order text.
Withholding tax rate increases and retrospective provisos impose higher deductions where the counterparty is a domestic company.
Amendments to section 2 of the Finance Act, 1990 substitute higher withholding percentages across subsections (5), (6), (7) and (8), and insert provisos treating transactions involving a domestic company-notably where the party is a contractor or a buyer-as subject to an additional increased withholding percentage; certain substitutions and provisos are declared effective retrospectively from the fifteenth day of October, nineteen ninety.
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