Cecil Kilpin | March 2013 Newsletter

By |2022-01-21T12:34:56+02:00February 28th, 2016|Newsletter|

2013 Budget Speech - A Quick Review: Contrary to expectations, there was not a great deal impacting directly on VAT, corporate tax or personal tax in the 2013 Budget speech. Pre-budget speech predictions anticipated a possible increase in VAT, corporate tax, and that the maximum personal income tax rate could nudge up to 42%. None of these predictions came about - VAT is still levied at the standard rate of 14%, and the rate of tax for companies remains at 28%, and the maximum personal income tax rate remained unchanged at 40%. Some of the highlights from this year’s speech are as follows: The introduction of an employment tax incentive targeted to support young workers and those employed in special economic zones Individuals whose taxable [...]