Mr Kang Choon Pin and Mr Russel Aubrey of Ernst & Young presented the following list of helpful tips to achieve some tax savings as 2006 draws to an end.
- Bring forward your plans to buy plant and machinery.
- Make accruals for expenses incurred.
- Make provisions for doubtful debts.
- Review your closing stock for obsolescene and damages.
- Take advantage of lower effective tax rate for taxable income below $100,000.
Reference – Ernst & Young, You and the Taxman, Sep/Oct 2006.