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It has been reported that Parliament and the Senate passed the Income Tax Bill 2013 on 25 and 26 June 2013, respectively. The Act, which repeals the Income Tax Act of 1967, is pending presidential assent.
The new Income Tax Act will take effect from 1 January 2014. The Bill includes:
| - | changing the tax system from a territorial basis to residence basis; | |
| - | &nb… |
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