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Deductions and Tax Liability - Coggle Diagram
Deductions and Tax Liability
Deductions specifically not allowed (S39)
Private Expenses
Any amount made to any unapproved scheme
50% of Entertainment allowances to employees
General Deduction (S33)
Must be revenue in nature
Incurred during the basis period
Solely for business purpose
For the purpose of producing income
Have to fulfill these 4 criteria
Double Deductions (S39)
Export credit insurance taken with a company approved by the Minister of Finance
Halal Certification
Salary/Remuneration of Disabled employee
Revenue and development Expenditure
Payment for use of research and development services
Registration of patents, trademarks and product licensing overseas.
Business Deduction (S34)
Have to fulfill certain conditions for deduction to be given