Startups need to file tax returns

The tax authority apparently seeks to cut turnover tax for startups to 0.1 per cent from the next fiscal year from the existing 0.6 per cent to facilitate the growth of budding entrepreneurs.

Startups are expected to be exempted from all types of reporting requirements related to tax, except for filing submissions of income tax returns.

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The National Board of Revenue may also relax rules regarding allowable expenditures of startups.