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<h1>Surcharge on firms applies beyond income threshold, with an upper cap limiting excess tax liability.</h1> The Finance Bill 2023 maintains the existing rate of income-tax for firms and imposes a surcharge on firms whose total income exceeds the statutory threshold; the surcharge is added to income-tax but is capped so that the total tax plus surcharge on income above the threshold does not exceed, by more than the excess income, the income-tax payable on income at the threshold level.
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