The key highlights are as follows:
* Individual Tax rates: The first bracket tax rate will be lowered; in addition, taxes on income from substantial shareholdings may be reduced from 25% to 22%.
* Tax credits: Cancellation of the phasing out of the general levy rebate for income falling under the top bracket; certain other provisions including the working bonus, a credit given to taxpayers between the ages of 60-63 who receive income from employment or business-related activities, will be removed.
* Payroll taxes: A reduction in employer contributions for unemployment insurance and to the disability fund.
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International Business Guide (IBG) (http://www.nair-
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About Nair & Co.
Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-
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