Regulatory Alerts2022-01-01
Circular No. 9 of 2022 - Exemptions of emoluments - Overtime Payments for International Trade Zone (ITZ) Sector
The Financial Services Authority issued Circular No. 9 of 2022 to clarify tax exemptions on overtime emoluments for International Trade Zone licensees. Under the amended Income and Non-Monetary Benefit Tax Act, overtime payments for workers exceeding 60 hours per week or 12 hours per day are fully exempt from income tax. This exemption applies to employees who either voluntarily agree to or are exceptionally required by their employers to work beyond these prescribed limits.
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