Finance Act 2019 Supports the Development of REITS

The Finance Act 2019 was assented to by the president on November 7th 2019. The Act contains the inclusion of the amendment to section 20 of the Income Tax Act to include the exemption of REIT investee companies from income tax i.e. section 20 (1) (d). This was the final and most important tax clarification required for REITS. Please refer to section 9 of the gazetted Finance Act, 2019.