Section 10L of the Income Tax Act 1947 (ITA) takes effect from the 1st of January 2024. This section deals with the tax treatment for gains from the sale of foreign assets. In this article, I will provide a very brief explanation of the Here is a reproduction of sections 10L(1) and (2) of [...]
Dear all, We have started to use communities to disseminate messages. This will allow us to get announcements out to clients more efficiently. We need to harness the use of WhatsApp communities as our client list has grown to a size where we are unable to keep up with sending announcements to individual chats. The [...]
This question pertains to self-employed individuals and partnerships. So if you are a self-employed individual, sole proprietor or partnership, this question and its answer are relevant to you. All self-employed individuals, sole proprietors and partnerships have to prepare their statement of accounts. This is under the law. The statement of accounts reflects the business income [...]
Even though you have settled for a company name from the onset, there may be reasons to change the company name as time passes. The company may be repurposed to do other activities or a more suitable name may come to mind later. Whatever the case, companies, in general, are allowed to make changes to [...]
A company's fiscal year refers to a company's financial period. Typically, in almost all scenarios, this would be a 12-month period. The most common fiscal year would be the calendar year (i.e. 1st January to 31st December). However, companies are accorded flexibility in selecting their fiscal year. There may be a multitude of considerations. A [...]
There are 2 tax relief schemes that help companies reduce their tax bills. They are: The Tax Exemption Scheme for New Start-Up Companies The Partial Tax Exemption Scheme 1) The Tax Exemption Scheme for New Start-Up Companies The Tax Exemption Scheme for New Start-Up Companies will reduce a company's tax bill greater than the [...]
Corporate tax filing season is once again upon us. How does this work? Usually, companies will engage a tax agent to work on their tax computation and file the corporate taxes according to the computation. In many cases, companies are required to file Form C-S or Form C-S (Lite). This is because the companies are [...]
A director owes fiduciary duties to his principal, i.e., his company. What this means is that the director has a duty of loyalty and fidelity to the company. This can be summarised by two rules, namely the no conflict and no profit rule. Therefore, when a director diverts business away from his company and the [...]
Capital allowance claims are allowed only on private cars that are registered as: Private hire cars; or Cars for instructional purposes and are hired out or used for providing driving instruction in the course of the company's business. Private cars are deemed as S-plated cars, RU-plated cars and company cars (Q-plated or S-plated cars). [...]
Capital allowance pertains to the sum that a business is eligible to deduct annually from its revenue through depreciation, representing its capital investment expenses aimed at fostering long-term corporate growth. These deductions are alternatively known as depreciation allowances. The Intersection of Capital Allowances and Cost Recovery Governments establish depreciation schedules to specify the timing at [...]