Weeks back, I read a tweet that went like this; “I asked some boda guy why he parked within a roundabout, and he said you can’t be orderly in an environment where everyone is out of order.” And a response under that tweet was something like this; “That’s right. It’s difficult to maintain legality as an individual when illegality is the norm. Similarly when corruption is the norm the uncorrupt get ejected from the system.” This article is not about bodas or corrupt politicians but about corporate corruption and kickbacks in corporate dealings and I am trying to answer one…
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The Income Tax(Amendment) Act 2023 has repealed Section 27A of the Principal Act which provided for initial allowances as a fiscal policy geared at enabling investors in industrialisation and manufacturing to recover costs of acquiring plant and machinery much faster than if they had to recover those costs only through capital deductions allowed through traditional depreciation. A depreciable asset is any plant or machinery, or any implement, utensil or similar article, which is wholly or partly used, or held ready for use, by a person in the production of income included in gross income and which is likely to lose…
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