The Budget for the fiscal year 2008/09 was presented on 11 June 2008. The Budget proposals will largely take effect from 1 July 2008 upon their enactment (unless indicated otherwise). The following are some of the more significant proposals:
Direct taxes
- The minimum tax payable of 0.5% on declared turnover by companies will be withdrawn.
- First-year accelerated depreciation of 90% is proposed for new industrial undertakings established in specified rural and undev…