Introduction.

The Finance Minister presented the Finance (No. 2) Bill, 2024 (the Bill) to Parliament on 23 July 2024. The Bill proposes a reduction in the corporate income tax (CIT) rate for foreign companies to 35% (from 40%), the abolition of angel tax, changes to capital gains tax rates and the removal of indexation benefits, as well as other CIT measures. The Bill will be effective once it…