With 2021 foreseen as a recovery year for most businesses following the adverse effects of Covid-19 pandemic, the Government hopes to fill revenue shortfalls created by the tax reliefs granted to businesses and individuals in 2020.

Among the few responsive measures imposed by the Government is the introduction of minimum tax. Minimum tax has also been introduced to as a measure to ensure that business pay Minimum tax is a tax charged at 1% on gross revenues earned by businesses, payable on a quarterly basis similar to the installment tax regime.

The new tax came into effect in January 2021, with the first tax remittance expected on 20th April for companies with their end-of-year reporting date falling in December.