To save on the tax bill, companies should availed themselves of the tax deductions and exemptions under the laws when they file their tax returns.
The followings are some of the deductions that companies can claim:
- Costs incurred on renovation or refurbishment works carried out between Feb 16 last year and Feb 15, 2013.
- Companies that buy commercial vehicles not exceeding 3,000kg for business use can claim capital allowance over three years, compared with six years previously.
- Trade losses or unutilised captial allowances for the year, up to $200,000 can be carried back to the previous three years, inder the loss carry-back relief scheme announced in this year’s Budget.
- Staff training costs are deductible. If firms receive government grants, only the actual costs they bear are deductible.
- Retrenchment costs incurred in streamlining operations are deductible.