AFGHANISTAN

Ministry of Finance Exempts Outstanding Taxes and Tax Penalties on Small Businesses

Ministry of Finance has announced tax exemptions on small businesses aimed to boost the private sector. The announcement further declares that the exemptions include small businesses with outstanding taxes and tax penalties.

Based on the announcement published on Thursday by the respective ministry, the tax rates are revised as: The tax rate for small businesses, which was 1.5%, is reduced to 0.5 percent for the fiscal year 1401 (2022). The decision is made collaboratively by the Taliban cabinet and the finance ministry’s leadership board.

The announcement further declares that the exemption of tax and fines on small businesses for the fiscal year 1390 (2011) is 100% and for the fiscal years 1391 to 1395 (2012-2016) is 50%, and the outstanding tax exemption for these years is 100%.

Furthermore, the tax penalties for the years 1396 to 1400 (2017-2021) will be completely removed and not charged if small businesses clear their outstanding tax obligations to the Ministry of Finance by the end of this month.

The decision is made by the Taliban Cabinet to encourage the small business for future investment and boost the private sector aimed to increase the government’s income and overcome the economic crises in the country.

The post Ministry of Finance Exempts Outstanding Taxes and Tax Penalties on Small Businesses appeared first on Hasht-e Subh Daily.



Source: Hasht-e Subh Daily

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