There are many other costs associated with the act of borrowing other than interest costs. Example of such costs could be professional fees, arrangement fees, statutory fees etc.
While such costs may be considered capital expenditures, these costs are currently not tax deductible.
Recent budget annoucement has indicated a willingness to reconsider this area. Look out for more details from May 2007.
I thought that I didn’t do well for paper 1.1 as I did last minute revision. I was expecting to retake the paper or at most get only 60 marks.
Instead, I got 87. Really happy about the result.
I’m now doing regular studies for my papers 1.3 and 2.1.
Thank you, Edgar, for being a wonderful and dedicated teacher.
P/S – Congrats to Yen Hoon. Edgar
The December 2006 Exams results are out today and I want to thank you for your patience and self-less devotion in lecturing us.
You are an outstanding lecturer who delivers lessons in a unique way. Thank you for your many times of ‘nagging’ (repeated) so that the concepts are driven to my head without much effort.
You are already a successful lecturer and I know you will enjoy more successes in future.
P/S Annie secured 85 marks for P1.1.
Hi Edgar and Mr Goh,
Thanks for all your guidance in my paper 1.1.
I am quite delighted with the result i have achieved for your paper 1.1
I have obtain a score of 78 marks for this paper 1.1. Although it is still a bit below my target score (80 marks), at least i pass the paper.
Finally can relax now and can enjoy my Chinese New Year before going all out for the other papers (especially Paper 2.3 under Mr Goh) Hahaha. =)
And by the way, Mr Goh, please forgive me of all those broken english (or maybe not even english language) i have use in this email. Just treat like what you always mention in the sunday class, listening to the uncle’s conversation at the coffeeshop.
By the way, i like to wish you a happy Chinese New Year and have a prosperous new year ahead.
Gong Xi Fa Cai.
Once again thanks for all the effort you have made in order for me to pass this paper.
Tan K. T.
Need to up the profile of accountants.
Why? General increase in demand for accountancy services due to:-
- increasing regulation
- hot economy
- record levels of M&A
- adoption of international accounting standards
In Australia, there is only one accountant for every 4 job openings.
How to raise the x-factor in accountancy for the supply?
Besides the standards thrills and frills of bigger pay packages, signing on bonuses, etc etc etc,
- Hong Kong Institute of Certified Public Accountants (HKICPA), through its office in Beijing, will help to train 1,500 mainland accountants over 10 years.
- The most interesting idea of all – Institute of Chartered Accountancy of India (ICAI) want to add the prefix “CA” (ie. Chartered Accountant) to the names of all licensed CPAs ie. as per “Dr” for doctors.
So signing off now at 1.45am, CA Edgar Wong 🙂
Reference – Feb 2007, “Making Accounting Cool”, CFO Asia.
Why the need for Singapore companies to invest overseas?
In a very simple manner, to make more monies from a bigger market size.
There was a rallying call from the government under Goh’s administration for Singapore companies to go overseas. I was working for one such company who took up that challenge.
We were overcame by lack of attitude preparation to operate in a foreign market and finally succumbed to the financial crisis in the late 1990s.
Recently, Mr David Sandison in his article in BT’s “Tax alone cannot solve everything” raised the issue on overseas investment again. He said Singaporeans still need a push to get them out and about in the world, to take their businesses across borders and leave a footprint in the global sands.
Currently, incentives to venture abroad are virtually non-existent, and even less used, as they reward only failure through deductions for losses.
The interpretation of our tax schemes may be harsh. They were crafted to anticipate losses from early days of any investment.
Perhaps it is timely now to heed Mr Sandison’s call to change the approach.