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Entertainment expense which is wholly and exclusively incurred in the production of gross income under subsection 33(1) of the ITA and falls within any of the provisos (i) to (viii) to paragraph 39(1) (l ) of the ITA is fully allowable.
Entertainment expenses refer to expenditures incurred in providing entertainment, including meals, drinks, hospitality, and other forms of entertainment offered to clients, suppliers, or employees. Generally, entertainment expenses are divided into three types: deductible, 50% deductible and non-deductible. 2.
Aug 4, 2023 · Entertainment expenses are a common topic of inquiry from clients, relatives, and acquaintances, each seeking clarity on their tax treatment. This article aims to address two frequently asked questions and delve into the intricacies of the tax treatment of entertainment expenditures. Question 1: Is Ang Pow an Entertainment Expense
entertainment expense is allowable and the amount to be allowed: a) No deduction for entertainment expense is allowed if it does not fall within the definition of “entertainment” in S.18 of the ITA.
Here are most common ALLOWABLE EXPENSES: Employment costs to employees such as salary, allowance, EPF, SOCSO. Business insurance. Rental of premises. Advertisement to promote sales. Lease rental on plant and machinery. Electricity, water, telephone and internet charges. Renewal of license.
3.1 “Entertainment” includes: the provision of food, drink, recreation or hospitality of any kind; or. the provision of accommodation or travel in connection with or for the purpose of facilitating entertainment of the kind mentioned in paragraph (i) above,
What Kind of Entertainment? 什么是娱乐? The provision of food, drink, recreation or hospitality of any kind; or. The provision of accommodation or travel in connection with or for the purpose of facilitating entertainment of the kind mentioned in paragraph a) above.
