Dear Valued Clients and Associates
The Finance Act 2015, incorporating proposals of the Budget 2016, have been gazetted on 30 December 2015. The Finance Act introduced a number of new clauses which will result in tax implications on the income tax deductibility of GST Input and GST Output Taxes wef YA2015.
We are pleased to attach a summary of the relevant new clauses, together with illustrative examples on their application and income tax impact on GST, for your urgent attention further action.
Please do not hesitate to contact our Tax Advisory Services Division if you have any queries on the above.
6 January 2016