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 ... Summary
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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