There is a wealth of tax deductions available to businesses in Malaysia but many businesses do not know about them or know how to take advantage of them. A business’ tax obligations also depend on the nature, conduct and circumstances of their business. All this, plus the myriad of periodic incentives given to businesses by the Government and the conditions attached to them, make the topic of business tax deductions intricate and challenging. But one that is well worth understanding.

Income Tax Deductions for Businesses aims to help businesses reduce their taxable income as much as possible by using tax deductions efficiently and legally. It explains the types of deductions available, the basic rules that apply to deductions in general and then delves into the details of the special rules and case laws that apply to some commonly encountered issues on business deductions. 

Key Features & Benefits

• Reduce your business tax legally and as efficiently as possible.
• Gain a better understanding of the deductible expenses applicable to your own businesses.
• Explains the types of expenses with clear and concise illustrations and commentaries.
• Provides references to the relevant laws, i.e. Income Tax Act 1967, Promotion of Investments Act 1986 and Indirect Taxes
• Includes examples with scenarios given to determine the deductibility of business expenses, which readers will find applicable and practical in the course of their business operations. 

Topics Covered

•    Deduction of outgoings and expenses 
•    Capital outgoings v Revenue expenses 
•    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