The Government has passed Finance Act 2023 with over 64 amendments including contentious changes to the taxation of debt instruments and increase in the rate of taxation on Fee for Technical Services / Royalty to 20% from existing 10%.
This year Budget fails to bring cheer for the public at large even though this is the full budget before the General Elections to be held in 2024.
Majority of the changes brought by the Government are administrative measures to strengthen the existing tax laws and limited SOPs are provided.
Announcement of the Goods & Services Tax Tribunal is a welcome step much awaited by the people and the tax professionals.
Read complete Finance Act 2023
