Income and Expenditure after Cessation of Business.
(1)
Where a sum is received by a person after the cessation of his
business which, if it had been received prior to the cessation, would have been
included in the gains or profits from that business, then, to the extent to which
that sum has not already been included in those gains or profits, that sum shall be
income of that person for the year of income in which it is received.(2)
Where a sum is paid by a person after the cessation of his
business which, if it had been paid prior to the cessation, would have been
deductible in computing his gains or profits from that business, then, to the
extent to which that sum has not already been deducted in computing those gains
or profits, it shall be deducted in ascertaining his total income for the year of
income in which it is paid and to the extent that the sum or remainder thereof, as
the case may be, cannot be so deducted, it shall be deducted in ascertaining his
total income for the year of income in which the business ceased.28A*: Special Operating Framework Arrangement
A company which –
- (a) is engaged in business under a special operating framework arrangement with the Government;
- (b) incorporated for purposes of undertaking the manufacturer of human vaccines or other manufacturing activities including refining and**;(Finance Act 2023 wef 1st-July-2023 s18 **)
- (c) whose capital investment is at least ten billion shillings,
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