Designated small business lending companies could soon benefit from an income tax wavier derived from loans provided to a small business.
Minister of Finance, Dr Ashni Singh yesterday tabled the Fiscal Enactments (Amendment) Bill 2010 in the National Assembly. The Bill “seeks to give effect to a wavier of tax on income of a designated small business lending company derived from loans provided to a small business in a manner specified by agreement,” the explanatory memorandum states.
The minister may, by order, designate as an approved small business lending company, any company which has entered into an agreement with the government in which the company agrees to finance small business loans in accordance with the terms of the agreement, the amendment states.
