On 17th June 2021, the State Administration Council (“SAC”) enacted the SAC Law No. 20/2021 to amend the Union Tax Law 2020 (“UTL”) in relation to the personal income tax (“PIT”) rates. From 1st July 2021 to 30th September 2021, the PIT rates payable on the income from any undisclosed source are temporarily reduced to the new rates as follows:-
The PIT rates under the UTL before the reductions are 6% to 30%.
If a taxpayer can show the source of the income used for buying, constructing of property, acquiring or establishing a new business, or expanding the business, the income tax on such income shall be assessed and paid according to the tax rates specified under the UTL. If, however, the source of the income cannot be shown or disclosed, the subject income shall be assessed and paid according to the tax rates specified above separately from the income of which the source can be shown.
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