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BUSINESS

Renovate business premises this year to get tax deduction

18/05/2022 02:54 PM

KUALA LUMPUR, May 18 (Bernama) -- The government extending tax deduction of up to RM300,000 for business renovation and refurbishment until Dec 31, 2022 is something businesses can look forward to for the remainder of this year, said education platform director Genesis Origo Low Chin Ann.

"If  you are short of cash, you (still) have the time to arrange for bank financing,” he said in a webinar titled “Tax 101: Tax Guide for SMEs and Entrepreneurs” today.

"Consider a small and medium enterprise (SME). If you spend RM300,000 on office renovation, you can save RM51,000 in taxes," Low said.

He was responding to a question whether there are any tax savings for business ownes in response to the COVID-19 pandemic.

Low said if a business owner plans to renovate the office premises next year, he can consider doing it this year to take advantage of the tax deduction.

If the business runs into a loss, this can be carried forward to the future year of assessment, he said. 

Low suggested that business owners seek advice from tax consultants because the renovation and refurbishment need to be certified externally.

If the company accounts are not audited but the owner wants to make a claim, he may need to seek the services of an audit firm, Low said, adding that tax deductions are not allowed for designer fees and professional fees.

Businesses can also seek advice from tax consultants with regards expenses on COVID-19 tests for employees.

The other things that businesses can consider include buying smartphone or devices for employees to get a tax deduction.

 

-- BERNAMA

 


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