Rwanda could soon join a select group of African countries that implemented a startup Act, which the government hopes will spur the development of the country's tech-based services industry.
To realize the development, the government hired the Innovation for Policy Foundation , a firm that has been central to the development of other startup Acts including in Tunisia and Senegal.
Italy was the first country to pass a startup law in 2012. Other countries followed suit to spur the development of innovation. The deliberate efforts to promote information and communication technologies and other startup initiatives put Rwanda on a positive trajectory recognized internationally.Zero-rated PAYE increased to Rwf1 million
He said:"It is advisable to focus on specific taxes that place a disproportionate burden on startups and recommend targeted reductions or exemptions. One such tax warranting attention is the monthly Pay-As-You-Earn salary tax which constitutes approximately 30 percent of an employee's monthly earnings."
By using accelerated depreciation, an asset with a tax basis may now be written off more quickly. By doing this, a business's taxable income can be reduced, and businesses can use those tax savings to invest back into their business.understands that the startup Act proposes to, among others, exempt players in the ecosystem from paying value added tax, and corporate income tax to limit administrative costs and increase working capital.
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