Section 15, The Supplementaryappropiation Act, 2022

Section 85 of the Income Tax Act 2000 is amended byrepealing and replacing paragraph (c) with the following new paragraph - of Section 57 2000. of Section 84 2000. of Section 85 2000. No. 1 Finance Act 2021 No. 1 Finance Act 202112 "(c) retained earnings in excess of 50 percent post tax profit in a current year of assessment for all corporate entities including parastatals shall be taxed at the rate of 10 percent."