The primary purpose of the is to simplify tax administration and broaden the tax base through digital-friendly provisions. Key components likely covered in the "Part 1" or early chapters of the act include:
: Lists specific income types and industrial undertakings (such as tourist industries or newly established physical infrastructure) that qualify for tax-free status or reduced rates. ITA2023.part1.rar
: Outlines the scope of the act and provides legal definitions for essential terms like "assessee," "income year," and "assessment year". The primary purpose of the is to simplify
: Profits earned from professional activities or non-speculative businesses. Capital Gains : Profits from the sale of assets. " "income year