Corporate Social Responsibility Tax (CSR) is repealed
April 13, 2021
The Corporate Social Responsibility (CSR) Tax has been repealed by the National Assembly.
The bill to repeal the tax was presented this morning before the National Assembly by the Minister for Finance, Economic Planning and Trade, Naadir Hassan.
“CSR Tax is one which is punitive as businesses are taxed on their total revenue. The repealing of the tax will also bring much relief to businesses, especially in this time of economic hardship brought about by the COVIS-19 pandemic.”
Minister Hassan explained that the repealing of the tax is the first in a series of tax reforms the government is undertaking.
To note, it was announced in the Budget 2021 speech, by Minister Hassan, that the CSR Tax will be repealed in April.