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Source: Inland Revenue Department –

Parliament has passed the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Bill. The Bill includes measures to:

  • allow businesses to claim greater deductions for feasibility expenditure
  • loosen the loss continuity rules
  • extend the bright-line test, and
  • require consistent allocation of the purchase price of property in an asset sale.

The Bill now awaits Royal assent.

MIL OSI