(1) In computing the income tax payable, there is a non-refundable employee retention tax credit of 30% of the total monthly gross salaries and wages paid to employees during the period April, 2020 to September, 2020 by an employer whose business or company was affected by COVID-19.
(2) A business or company is considered to be adversely affected by COVID-19 under subsection (1), if gross revenue or sales turnover from business operations were reduced by not less than 30% during the period commencing 1st day of April, 2020 to the 30th day of September, 2020 when compared to the same period of the prior year.
(3) In this section,“COVID-19” means the coronavirus disease 2019.
(Inserted by Act 8 of 2021)