The Federal Inland Revenue Service has release a circular to Clarify the Amendment to Section 16 CIT Act In Relation To Taxation Of Insurance Companies.
This circular is issued for the information and guidance of the general public, taxpayers and tax practitioners in line with the provisions of the relevant tax laws. This instant circular amends, updates or replaces contents of any circular, notice or other publication previously issued by the Service that is inconsistent with its contents to the extent of such inconsistency.
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