New KATA Act passed by Parliament
The bill for the new KATA (itemised tax of small businesses) Act was submitted to Parliament on 11 July 2022 and passed into law the following day with much more stringent rules. Many small businesses will be now excluded from the scope of this favourable taxation scheme, which cannot be compensated by the increase in the income threshold either.
Sole traders and partnerships that also supply goods or services to anyone other than private individuals should start weighing their options already at this time about what other taxation to choose, since the new rules will enter into effect fully on 1 September 2022.
To read the whole newsletter below.
Want to know more?
