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MEASURES FAVOURABLE TO BUSINESS

Small Enterprises

Currently: Simplification measures aimed at self employed & small enterprises that employ an average of 5 persons & with a turnover not exceeding Lm100,000:

• Costs of informatics constitutes a deduction from the profits of small enterprises in that year.

• Income tax exemption on profits realized in years 2002-2004 where such profits are reinvested in new projects, purchase of new machinery, etc. in order to increase & develop the business:

• VAT refunds due to small enterprises will be made within 30 days from the date of the VAT returns provided that these are sent on time.

Measure: Above advantages are extended to enterprises that employ an average of 5 persons and whose turnover does not exceed Lm250, 000.

Access to information systems

Measure: Assistance Scheme to give self-employed full access to information systems facilitating communication with Departments & other public orgs - exemptions of fees & free training.

Incentives for Research

Aim: Encourage R&D conducted with purpose of creating & improving products, processing methods materials & other equipment.

Measure: 150% availability to business of R&D expenditure as a deduction for income tax purposes.

Back to Budget 2003 Index

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