IRB VS RMCD. INCOME TAX VS GST. WHO WILL PREVAIL?
Our Tax Highlight – Issue 25
Ever since the implementation of GST 2+ years ago, the conflict of whether input tax credit blocked under GST is deductible under Income Tax, treatment of blocked input tax and whether it will qualify for capital allowance has been bugging all of us – the accountants. Although the income tax act has been amended to take into account some of the said treatments, the law has never been clear and can subject to argument.
Fortunately, IRB has finally issue / amend 3 public rulings to clarify such GST treatment in the income tax perspective. Many effort has been placed into this highlight to summarise the complicated examples and guidelines into simple table which is easily understandable. In addition, our team has also added in tax codes which were not mentioned in the Public Rulings to ensure you will account for the right accounting / GST treatment.
We hope you will benefit from this highlight and please like us or share it to your friends. Let us grow and prosper together =)
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