Statements of Practice
Income Tax
| Title | Date Issued | Reference | Remarks |
|---|---|---|---|
| Trusts and Foundations | 24-08-21 | SP 24/21 | |
| Tax treatment arising from adoption of IFRS 15 - Revenue from contracts with customers | 15-Feb-21 | SP 23/21 | |
| Income subject to partial exemption | 27-Jan-21 | SP 22/21 | Reviewed on 12-May-21 |
| Fringe benefits - Car benefit on electric motor vehicle | 01-Dec-20 | SP 21/20 | |
| Deduction for Research & Development | 15-Jun-20 | SP 20/20 | |
| Tax treatment of assets acquired under lease | 15-Jun-20 | SP 19/20 | |
| Work from Home Scheme | 16-Mar-20 | SP 18/20 | |
| Tax Deduction at Source (TDS) on Commission | 12-Feb-19 | SP 16/18 | |
| Place of effective management | 28-Nov-18 | SP 17/18 | |
| Tax Deduction at Source (TDS) on Commission | 05-Oct-18 | SP 16/18 | |
| Statement of Practice - Passage Benefits | 29-Dec-16 | ||
| Statement for purchases of goods and services (Section 123B of the Income Tax Act) | 21-Jun-16 | SP 14/16 | |
| Imposition of Assessing Penalty | 18-Jan-16 | SP 13/16 | |
| Interest Relief on Housing Loan | 28-Apr-15 | SP 11/15 | Reviewed on 05 September 2017 |
| Update on CSR | 27-Dec-12 | ||
| Taxation of Foreign Exchange Differences | 27-Dec-12 | SP 10/12 | |
| Claims for Bad Debts | 16-Dec-09 | SP 09/11 | Reviewed on 18 January 2016 |
| Claims for Bad Debts | 27-Dec-11 | SP 03/09 | |
| Computation of CSR Fund | 27-Dec-11 | SP 08/11 | |
| Computation of Environment Protection Fee | 29-Apr-10 | SP 07/10 | Reviewed on 18 January 2016 |
| Tax treatment of dividend on redeemable preference shares | 27-Apr-10 | SP 06/10 | |
| Implementation of CSR | 30-Mar-10 | SP 04/10 | |
| Claim for Foreign Tax Credit | 02-Jun-09 | SP 02/09 | |
| Due date Submission of return / APS | 30-Nov-07 | ||
| Taxation of gains from sale of shares or other securities | 30-Oct-06 | Practice Note | Reviewed on 18 January 2016 |
VAT
| Title | Date Issued | Reference | Remarks |
|---|---|---|---|
| VAT Exemption to the holder of a Public Service Vehicle (Taxi) Licence | 04-Mar-20 | VAT/SP 4/20 | |
| VAT treatment of input tax in respect of immoveable property (Section 21(7) and 7A of the VAT Act | 03-Jul-14 | ||
| Determination of taxable value of jewellery manufactured from old jewellery provided by clients | 10-Apr-14 | VAT/SP 2/14 | Reviewed on 18 January 2016 |
|
VAT treatment on electricity and water to occupiers of large commercial /residential buildings |
08-Nov-13 | VAT/SP 1/13 | Reviewed on 18 January 2016 |
| VAT on Islamic Finance Transactions (Murabaha) | 13-Apr-10 | SP 05/10 |