Market News Off-grid power firms set for 50pc investment tax reliefMPs during a session at Parliament chambers. PHOTO | FILEBy BRIAN NGUGIMore by this Author Summary Off-grid power firms are set to enjoy a 50 percent tax relief on their initial investment on buildings and machinery used for generation, transformation and distribution of electricity if Parliament approves proposed changes to the law. The Finance Bill 2021 proposes to amend the Income Tax Act to include generation, transformation and distribution of electricity—both on the national grid and off-grid to encourage investment. Off-grid power firms are set to enjoy a 50 percent tax relief on their initial investment on buildings and machinery used for generation, transformation and distribution of electricity if Parliament approves proposed changes to the law. The Finance Bill 2021 proposes to amend the Income Tax Act to include generation, transformation and distribution of electricity—both on the national grid and off-grid to encourage investment.

Source: The North Africa Journal May 20, 2021 21:00 UTC