In order to engage taxpayers and also to create the space for companies to determine their estimated chargeable income, which is in concert with their financial performance, the Income Tax Act 2015 (Act 896) introduced self-assessment.

Has your company employed fresh graduates in the current year of assessment? Then you may be qualified for additional tax deductions when determining corporate income tax for the basis period.

It is interesting that there are a number of tax planning opportunities to minimise your tax bite and to achieve your financial objectives. One of the variables is the Tier 3 (voluntary) contributions or provident fund which can be leveraged either by the employer or employee or both.

The business environment is quite challenging which necessitate companies to offer credit to their clients in order to literally stay in business. The credit line given to clients is just 30 days but it’s obvious that most companies do not meet their terms of payment and debts linger on sometimes beyond 90days.