Tax Update: Suspension of Prepayment Tax on Income of Enterprises in the Garment Sector
Subject: Tax

On 8 February 2024, the Ministry of Economy and Finance (“MEF”) issued Prakas aiming at suspending the monthly prepayment of tax on income until 2025 for qualified investment project (QIP) enterprises in garment industry that are no longer in tax holiday period.

This Prakas replaces Prakas No. 06 dated 6th January 2023 by broadening the scope of the above tax benefit to QIP that manufactures garment logo, glove, sock, towel, pillowcase, duvet sheet and table covers for export purpose.