The Budget Measures Implementation Act, 2020 ('the
Act'), published on 20th March 2020, contains a
number of amendments to the Income Tax Act ('ITA'), Income
Tax Management Act ('ITMA'), Commissioner for Revenue
('CfR') Act and Duty on Documents and Transfers Act
('DDTA'). We herein highlight the salient features of the
Act.
Changes to the Income Tax Act
Changes to the definition of 'company' in relation to
cell companies
The reference to cell companies in the definition of
'company' in article 2(1) of the ITA is no longer limited
to cell companies as defined in the Companies Act (Cell Companies
Carrying on Business of Insurance) Regulations and Securitisation
Cell Company Regulations. With effect from 20th March
2020 a cell company shall be construed by reference to the
Companies Act or any regulations made thereunder, thereby extending
to inter alia, incorporated cells of SICAVs and cell
companies engaged in the maritime and aviation sectors in respect
of
