Income Tax Deduction for Businesses Malaysia

• Other Authors: Josef, Vincent (Editor)
• Format: Book
• Language: English
• Published: Malaysia CCH Asia Pte Limited 2011
• Series: The Professional's first choice
• Subjects: Income tax deductions for expenses > Malaysia; Income tax > Law and legislation > Malaysia
• Online Access: Click Here to View Status and Holdings.

 Business expenses are the costs of carrying on a trade or business, it is important to determine which expenses are tax deductible. Tax deduction for expenses can be claimed only if money has been incurred or committed, and the expenses must be clearly related to the business. This may sound straight forward and simple, but business owners and managers must realise that their tax obligations depend on their businesses and circumstances. Added to this challenge are the myriad of periodic incentives given to businesses by the Malaysian Government, and the conditions attached to them Income Tax Deductions for Businesses, Malaysia aims to help businesses reduce their taxable income as much as possible by taking all the legitimate deductions they are entitled to as business expenditure. It explains the basic rules that apply to deductions in general and then gets into the details of the special rules and case laws that apply to some commonly encountered issues on business deductions Topics covered Deduction of outgoings and expenses - Capital outgoings v Revenue experises - Specifically prohibited deductions -Employees' expenses - Travelling expenses - Self-education and subscriptions - Business expenses - Tax expenses - Losses - Interest Rent and repairs - Bad debts - EPF and other contributory payments - Mining expenditure - Replanting expenditure - Research expenditure - Stock-in-trade - Corporate reorganisation - Asset-backed securities.