On 22 March 2013, the Income Tax Division issued an updated version of Practice Note No. 181/13, providing for further clarifications on the introduction of a 10% corporate income tax rate on retail business.
According to the revised Practice Note, a retail business is defined as the sale of goods for consumption or use, whether or not by the buyer, for purposes unconnected with a trade or business, and any ancillary activity. Therefore, provisions of services, sales of licences or right…