Oil firms, insurers win big in tax laws

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Business Daily | by Edwin Mutai


Oil marketing companies and insurance firms are the biggest winners of the Tax Laws (Amendment) Bill, 2020 after MPs voted to exempt them from payment of minimum tax.

The MPs backed amendments to the Tax Laws (Amendment) (No 2) Bill, 2020 that sought to impose the Minimum Tax at the rate of 1 percent of the gross turnover which was introduced through the Finance Act of 2020.

The Bill amends the provisions relating to Minimum Tax to provide that it will be payable when…

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