The Finance Act 2012 limits the validity period of income tax exemption certificates. A tax exemption certificate shall be renewed where an application is made to the Cabinet Secretary of Finance, through the Commissioner, at least six months before the expiry period. The Cabinet Secretary may also revoke an exemption on the basis of any just cause (Finance Act 2012 First Schedule, Para. 10). This affects trusts, NGOs, churches and other charitable organizations involved in relief,education, and religious activities. [16]
Posted on: Tue, 27 Jan 2015 11:40:35 +0000
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