Accountancy and Finance/Continuing Professional Development (CPD)/In-depth Analysis of Profits Tax Treatment on Interest Income and Interest Expense
In-depth Analysis of Profits Tax Treatment on Interest Income and Interest Expense
Taxation of interest income and deduction of interest expense are two important issues in the daily operations of a business. If the interest income is handled properly, profits tax on such income may be avoided. Interest expense is generally a significant outflow of cash to a company. If the treatment of interest is not handled properly, the interest may not be deductible from assessable profits. This creates a burden of cash flow on payment of profits tax to the management.
This seminar will review the laws under IRO governing the chargeability of interest income received by different types of business and the deduction of interest expenses paid by different types of business to different types of recipients. The seminar provides easy understanding diagrams and concept maps on how to handle interest income and interest expenses.
Areas to be covered in this seminar:
1. the rules governing the chargeability of interest income received by different recipients under ss.14 and 15(1);
2. the rules governing the deduction of interest expense paid by different types of businesses under ss.16(1), (2), (2A), (2B), (2C), (2CA), (2CC) and 17(1)(c)..
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