Old rule – General and specific provisions for bad and doubtful debts were not tax deductible.
New rule (since Mar 6, 2006)
- Both individual and collective impairment must be recorded in the income statement and be eligible for tax deduction.
- For specific provisions to be tax deductible – subject to detailed info being available. What info? Not define by IRAS.
The tight labour market has forced the Big Four accounting firms to increase the starting salary twice in 6 months.
So what is the starting salary? Your neck must be straining to know?
As per today’s ST, you should get about $2,400 with about 1,000 vacancies.
So what are waiting for?
Faster finish your ACCA papers and get your job applications in.
P/S – Govt is paying as much as $2,900 for accounting graduates.
… what you have been doing on to others.
Well I am referring to the decision by IRAS to pay interest to you should they fail to issue tax refunds to you within 30 days.
At what rate? Average prime rates.
Kudos to IRAS.