Tax Alert January 2010

On 11 June 2009, the Deputy Prime Minister & Minster for Finance delivered the national budget for the fi nancial year 2009/2010. Subsequently, parliament concluded the debate on the Finance Bill 2009 (FB 2009) on 26 November 2009 and the Finance Act 2009 (FA 2009) was enacted in December 2009.

A review of the FA 2009 indicates that there were a number of amendments made to the FB 2009. As we start the year 2010, it is worth to take note of these changes particularly those relating to tax.

In this issue, we identify and analyse the various key amendments to the FB 2009 relating to the following Acts:

  • Value Added Tax
  • Income Tax
  • Customs and Excise

which taxpayers need to take note of as they may have significant implications to them.