MEASURES FAVOURABLE TO BUSINESS
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 time.
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.