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of <h1>Commodities Transaction Tax applies to non-agricultural derivatives; deduct if income reported as business profits.</h1> Commodities Transaction Tax (CTT) applies to taxable transactions involving commodity derivatives, excluding agricultural commodities, in recognized associations. Effective from July 1, 2013, CTT was introduced in the Finance Act 2013. The tax paid can be deducted if the income from these transactions is reported under business profits. Recognized associations collect CTT from sellers and must deposit it within seven days after the month ends. Non-compliance incurs a 1% monthly interest penalty. Returns of taxable transactions must be filed by June 30 following the financial year, either in paper or electronically under a digital signature.
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