Small Business Relief
In order to compute the Corporate Tax liabilities for a Taxable Person’s first Tax Period, it is necessary for Taxable Persons to have both an opening and a closing balan... More Details
Transitional Rules
In order to compute the Corporate Tax liabilities for a Taxable Person’s first Tax Period, it is necessary for Taxable Persons to have both an opening and a closing balance sheet. ... More Details
Determination of Taxable Income
Calculating Taxable Income is a two-step process:The Taxable Person must first determine their Accounting Income. This will be based on Financial Statements prepared according to a... More Details
Tax Losses
Where a Taxable Person’s deductible expenditure exceeds its income that is subject to Corporate Tax, it will have negative Taxable Income. This is known as a Tax Loss. Many busines... More Details
Master File and Local File
In addition to the submission of a general transfer pricing disclosure form, Taxable Persons need to maintain a ‘master file’ and a ‘local file’ if their Revenue in the relev... More Details
General Transfer Pricing Disclosure Requirements
Taxable Persons may be subject to certain transfer pricing disclosure requirements in case of entering into transactions or arrangements with Related Parties, which may allow the F... More Details
Transactions Between Related Parties and Connected Persons, and Transfer Pricing Rules
Where two parties are closely linked, their relationship may influence any transactions between them. There are rules in place to ensure that these closely linked parties (known as... More Details
Entertainment Expenditure
It is common for costs to be incurred to entertain customers, shareholders, suppliers, or other business partners. However, this type of entertainment often contains a private elem... More Details
Interest Expenditure
Businesses regularly borrow money and take out loans for a wide variety of reasons, for example to purchase business assets, to meet costs, or increase working capital. As a ... More Details
Deductions
General deductibility rulesAccounting Income is calculated by deducting a business’s expenditure from the Revenue generated in the same period. However, not all expenditure recogni... More Details
Participation Exemption for Other Income and Gains
Other income and gains may also be exempt if they are derived from a Participating Interest. This applies to holdings in both Resident and Non-Resident Participations. The requirem... More Details
Election to Use the Realisation Basis
For the purpose of calculating their Taxable Income, businesses who prepare their Financial Statements using the Accrual Basis of Accounting may elect to take into account gains an... More Details
