News
Tax coming to cover crop damage
View(s):A new tax called the Crop Insurance Levy will be charged from banks, finance companies and insurance companies, amounting to one per cent on their after tax profit, with a view to covering the damages suffered by farmers in the country due to a series of natural disasters in the past year.
The levy will be remitted to a separate account maintained and administered by the National Insurance Trust Fund Board.�The date for the imposition will be gazetted by the Finance Minister after the necessary amendments to the Finance Act are passed by Parliament.
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