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Types of Non-Tax Allowable Expenses In A Company

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There are about 18 of them. Perhaps I share them here on this platform of business owners, they are :

 

  1. Depreciation Charges
  2. Expenses already Converted into Cash under PIC
  3. Loss on Sale of Fixed Assets
  4. Medical Expenses ( capped at 1% of Total Employee Remuneration )
  5. Penalties & Fines
  6. Amortization
  7. Non-Trade Bad Debts
  8. Club Membership ( Entrance Fees )
  9. Donation
  10. Fixed Asset Written Off
  11. Forex Loss on Non-Trade or Capital transaction
  12. Goodwill payment
  13. Legal or Professional fees relating to Loan arrangement or Increase in Share Capital
  14. Motor Vehicle Expenses applicable to S Plate
  15. Motor Vehicle Expenses applicable to Q Plate cars with COE registered on or after 1/4/1998
  16. General Provision for Bad Debts
  17. Installation of Equipment or asset
  18. Income Tax
 

Hope the above helps business owners here to be more cautious in allowing the above expenses to be incurred in your respective companies because they would not be allowed for tax deduction. 

 

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Written by Kelvin Loh