Even though you have settled for a company name from the onset, there may be reasons to change the company name as time passes. The company may be repurposed to do other activities or a more suitable name may come to mind later. Whatever the case, companies, in general, are allowed to make changes to [...]
A company's fiscal year refers to a company's financial period. Typically, in almost all scenarios, this would be a 12-month period. The most common fiscal year would be the calendar year (i.e. 1st January to 31st December). However, companies are accorded flexibility in selecting their fiscal year. There may be a multitude of considerations. A [...]
There are 2 tax relief schemes that help companies reduce their tax bills. They are: The Tax Exemption Scheme for New Start-Up Companies The Partial Tax Exemption Scheme 1) The Tax Exemption Scheme for New Start-Up Companies The Tax Exemption Scheme for New Start-Up Companies will reduce a company's tax bill greater than the [...]
Corporate tax filing season is once again upon us. How does this work? Usually, companies will engage a tax agent to work on their tax computation and file the corporate taxes according to the computation. In many cases, companies are required to file Form C-S or Form C-S (Lite). This is because the companies are [...]
A director owes fiduciary duties to his principal, i.e., his company. What this means is that the director has a duty of loyalty and fidelity to the company. This can be summarised by two rules, namely the no conflict and no profit rule. Therefore, when a director diverts business away from his company and the [...]
Capital allowance claims are allowed only on private cars that are registered as: Private hire cars; or Cars for instructional purposes and are hired out or used for providing driving instruction in the course of the company's business. Private cars are deemed as S-plated cars, RU-plated cars and company cars (Q-plated or S-plated cars). [...]
Capital allowance pertains to the sum that a business is eligible to deduct annually from its revenue through depreciation, representing its capital investment expenses aimed at fostering long-term corporate growth. These deductions are alternatively known as depreciation allowances. The Intersection of Capital Allowances and Cost Recovery Governments establish depreciation schedules to specify the timing at [...]
According to section 1(1) of the Partnership Act 1890 ("PA"), a Partnership is defined as a relationship between persons carrying on a business with a view of profit. Therefore, so long as two or more individuals come together to do business with the intention of generating profit, they are deemed under the PA to be [...]
In the realm of international taxation, Double Taxation Agreements (DTAs) serve as crucial tools to alleviate the issue of juridical double taxation, which occurs when the same income is subject to taxation twice—initially in the jurisdiction where it is generated and subsequently in the jurisdiction where it is received. Jurisdictions engage in DTAs to mitigate [...]
Corporate tax filing season is upon us. The deadline for companies to file their corporate taxes is 30 November 2023. The deadline for ECI varies between companies. This is because the deadline to file ECI is 3 months after the end of a company's financial year. As the financial year of various companies may differ, [...]