Wednesday, 15 July 2009

Addendum to Public Ruling on Trade Association (PR No. 6/2005)

The Inland Revenue (IRB) has issued the above Addendum to Public Ruling No. 6/2005 on 1 July 2009. This Addendum is issued in accordance to the amendment to Section 53 of the Income Tax Act 1967, as introduced by the Finance Act 2009 (Act 693), to include professional bodies as trade association. The addendum also provides illustration on tax treatment of adjusted loss and unabsorbed capital allowance from the members’ subscription. The Addendum is effective from year of assessment 2009.

You may view the Addendum from the attachment or downloaded it from the Institute’s websites or from the IRB’s website at the following link:

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