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Public Ruling


INCOME TAX PUBLIC RULING FOR TAX AUDIT FRAMEWORK (PR NO. 01/2017)


Main objective of a tax audit is to encourage voluntary compliance with the tax laws and regulations and ensure that the information provided in the income tax returns are accurate and in accordance with the tax laws and regulations.

You may click here for the said Public Ruling.


INCOME TAX PUBLIC RULING FOR DEDUCTIBLE AND NON-DEDUCTIBLE EXPENSES (SECTIONS 11 AND 12 OF INCOME TAX ACT) (PR NO. 02/2017)

(a) The tax treatment of business expense as a deduction against gross revenue of a business; and
(b) Steps to determine the amount of the business expense allowable as a deduction

You may click here for the said Public Ruling.


INCOME TAX PUBLIC RULING FOR CONSTRUCTION CONTRACTS AND PROPERTY DEVELOPMENT (PR NO. 03/2017)

The purpose of this ruling is to explain how income is determined to compute income under section 8 of the Income Tax Act from the business of construction contracts and property development.

You may click here for the said Public Ruling.


INCOME TAX PUBLIC RULING FOR WITHOLDING OF TAX (PR NO. 04/2017)

The objective of this ruling is to explain:-

(i) the specified nature of payment that are chargeable to tax;
(ii) the applicable tax rates; and
(iii) the method of payment of tax from this specified nature of income.

 You may click here for the said Public Ruling.


INCOME TAX PUBLIC RULING FOR KEEPING OF BOOKS OF ACCOUNT (PR NO. 05/2017)

The objectives of this ruling are to:-

(i) provide guidelines on the records and source documents that substantiate all business transactions, that are to be retained for the purpose of income tax;
(ii) explain the types of records that a company need to keep;

(iii) explain ways on how to keep the records; and

(iv) explain the consequences of failing to keep sufficient records.

You may click here for the said Public Ruling. Click here for the samples of the Schedule and Appendices for your perusal.


INCOME TAX PUBLIC RULING FOR PAYMENT AND REFUND OF INCOME TAX (PR NO. 06/2017)

The objective of this ruling is to explain:-

(i) the mode of income tax payment and refund process; and
(ii) the documentation requirement for the refund process.

 You may click here for the said Public Ruling.