The Inland Revenue Department (IRD) has reminded taxpayers to submit their Statement of Estimated Tax Payable (SET) for the ...

The non-bank entities are explicitly exempt from this mandate, which replaces the 2023 guidelines (SEC/2023/E/05) and signals the IRD’s push for real-time tax oversight amid broader fiscal reforms.

The example (Example 8, page 12) in IRD’s Commentary on the Taxation (Budget Measures) Bill (No 2) explicitly states that the cost of draining a wetland for agricultural purposes is tax deductible.