Section 7 of the Corporation Tax Act has been amended to allow for the income of the following institutions to be exempted from Corporation Tax:
(t) private corporate educational institutions
(u) private corporate medical healthcare institutions
This measure is effective from January 1, 2020. Hence all profits earned by these institutions from January 1, 2020 will be exempt.
Notwithstanding these exemptions, private corporate educational and private corporate medical healthcare institutions will still be required to submit Corporate Tax Returns and to submit declarations/returns of deductions of tax of persons employed by them as well as make payment of taxes at prescribed dates on a monthly, quarterly and yearly basis on other sources of taxable income.