Introduction

this program explores the practical approch in preparing tax computation for business income.  Participants will learn the fundamentals principles and relevant application of the Income Tax Act 1967, identifying different kinds of deductible and no-deductible expenses, otehr tax deductions and tax rates as well as perform common business tax computation.

Learning Outcome

1) Describe the nature of Business Tax Computation

2) Defferentiate tax deductible and non-deductible expenditures

3) Identify other tax deduction and applicable tax rates

4) Perform business tax computation

Who Shoud Attend

Account Assistants; Account Executives; Non-finance Managers; Business Owners; Anyone interested in the subject of taxation.

COURSE OUTLINE

Module 1: The nature of Business Tax Computation

• What (Process of Tax Computation)
• Why (Benefits of learning tax computation)
• How (The correct ways to master the skills)

   Module 2: Expenditures

• Deductible (General Rule for Tax Deductible expenses, Sec.33(1)(a), ITA 1967)
• Special Deduction (Tax Deductible expenses not within Sec.33(1)(a), ITA 1967)
• Further Deduction (Expenses that eligible for double tax deduction)
• Non-Deductible (Expenses that disallowed for tax deductions)

Module 3: Other Deductions and Tax Rates

• Business Loss (Current year loss and brought forward loss’s tax deductibility)
• Approved Donation (How to check if donation tax deductible and restrictions)
• Tax rates for Individual and Corporate (What & When 15/17/24/30% apply)

   Module 4: Business Tax Computation

• Computation (From A/C Profit all the way to determine final tax liability amount)
• Rebates and Installment Paid (Rebates & installment type to reduce tax liability)