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of <h1>Elective 25% tax for qualifying domestic manufacturers expands exclusions, becomes subject to Part E and section 45(2)</h1> An elective flat 25% tax applies to qualifying domestic manufacturing companies incorporated on or after 1 March 2016 that carry on only manufacture/production and related research or distribution, but must compute income excluding specified deductions and cannot set off prior losses attributable to those disallowed deductions. Compared with the originally introduced bill, the enacted provision: (1) makes the regime subject also to Part E (broadening surviving interactions); (2) widens the disallowance from section 45(2)(c) to section 45(2) (expanding excluded deductions); (3) slightly rephrases the prescription power for exercising the option; and (4) corrects a typographical cross-reference.
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