A Reminder: Key Changes under the Finance Act 2015 that Impact
Your Tax Position (including Estimate of Tax Payable)
The Finance Act 2015 had made several amendments to the Income
Tax Act 1967 (ITA) which may have an impact on your tax position
(including the estimate or revised estimate of tax payable). Some
of the major amendments are as follows:
Debt arising from services to be rendered or use of property to
be dealt with
Section 24(1) of the ITA is amended whereby effective from year
of assessment (YA) 2016, a debt that arises in respect of any
services rendered or to be rendered or the use/enjoyment of any
property dealt with or to be dealt with at any time in the course
of carrying on a business will be treated as gross income for the
basis period the debt arises although the services are to be
rendered or the use of property is to be dealt with in the future
basis period. The calculation of estimate of tax payable for YA
2016 onwards should include such
