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Profits Tax - Deductions not allowed under Section 17
Subject to other provisions in Inland Revenue
Ordinance, the followings are not deductible:
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domestic or private expenses --- subsection (a)
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expenses not for production of assessable profits
--- subsection (b)
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capital expenditure --- subsection (c)
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cost of improvements --- subsection (d)
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any sum recoverable under insurance or contract of
indemnity --- subsection (e)
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rent for premises not used for production of
assessable profits --- subsection (f)
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taxes paid under the Ordinance other than salaries
tax of employees --- subsection (g)
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excessive annual ordinary contributions to approved
retired schemes (“excessive” means the contribution for a
particular employee is more than 15% of his total emoluments) ---
subsections (h). (i), (j), (k) and (l) --- for more on retirement
schemes,
press here.
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any remuneration, interest on capital, voluntary
contribution to mandatory provident fund in respect of the
proprietor, or his spouse, a partner or his spouse --- subsection
(2).
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