Public Ruling No. 4/2012 on Deduction for Loss of Cash and Treatment of Recoveries

Please be informed that the Inland Revenue Board (IRB) has uploaded Public Ruling No.4/2012: Deduction for Loss of Cash and Treatment of Recoveries, issued on 1 June 2012. This Public Ruling supersedes the Public Ruling No.5/2005 dated 14 November 2005.

The amendments made to the Ruling include the following:-

(i) Subparagraph 6.1 (now subparagraph 7.1) has been rephrased;

(ii) Paragraph 7 (now paragraph 8) has been rephrased;

(iii) Paragraph 8 has been replaced by paragraph 9

- under subsection 22(2) of the ITA 1967recovery is taxed on a receivable or deemed received basis and not on received basis.


Members may view the Public Ruling on the CTIM website and the IRB website.

Please let us have your feedback and / or enquiry, so that we may raise it to the IRB.