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MEASURES FAVOURABLE TO
Currently: Simplification measures aimed at
self employed & small enterprises that employ an average of 5 persons & with a
turnover not exceeding Lm100,000:
Costs of informatics constitutes a deduction from
the profits of small enterprises in that year.
Income tax exemption on profits realized in years
2002-2004 where such profits are reinvested in new projects, purchase of new
machinery, etc. in order to increase & develop the business:
VAT refunds due to small enterprises will be made
within 30 days from the date of the VAT returns provided that these are sent on
Measure: Above advantages are extended to
enterprises that employ an average of 5 persons and whose turnover does not
exceed Lm250, 000.
Access to information systems
Measure: Assistance Scheme to give
self-employed full access to information systems facilitating communication with
Departments & other public orgs - exemptions of fees & free training.
Incentives for Research
Aim: Encourage R&D conducted with purpose of
creating & improving products, processing methods materials & other equipment.
Measure: 150% availability to business of
R&D expenditure as a deduction for income tax purposes.
Budget 2003 Index