Budget gives Covid rebates

Businesses with turnovers of up to Rs2 million or incomes of Rs200,000 are eligible for tax rebates of 90%, turnovers between Rs 2-5 million guarantee 75%, and Rs10 million or more sees 50% struck off according to the new government budget. Gas and liquid oxygen, oxygen cylinders, Covid medication and equipment are now exempt from VAT, excise duties and customs fees until mid-January 2022. Hotels, trekking, travel and transportation services, cinemas, airlines and media are all to be taxed only 1% of their total taxable income and given a ten-year period to reverse losses. 

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