CIT Effective from 01-Jun-2023,As my company financial year from Jan to Dec ,So this will applicable on us from Jan -2024 and we will pay the CIT by Sept-2025.my concerned is that this CIT 9 % will be on the net Profit less Exemption threshold which is 375K ,but do i need to pay this amount based on Audited P & L net profit for the year 2024? waiting for positive reply .
Salaries would constitute a business expense and are therefore deductible. Directors may be considered as a connected person though, so the salary may need to be justified as at fair market value to ensure the deduction.
What exactly is Qualifying Income?
That is yet to be defined in a Cabinet Decision pending publication.
CIT Effective from 01-Jun-2023,As my company financial year from Jan to Dec ,So this will applicable on us from Jan -2024 and we will pay the CIT by Sept-2025.my concerned is that this CIT 9 % will be on the net Profit less Exemption threshold which is 375K ,but do i need to pay this amount based on Audited P & L net profit for the year 2024? waiting for positive reply .
The basis of taxable profit is indeed your financial statements. Whether those will need to be audited is likely, but currently unclear.
Is it allowed to deduct for the purpose of corporate tax if director withdraw salary from llc ?
Salaries would constitute a business expense and are therefore deductible. Directors may be considered as a connected person though, so the salary may need to be justified as at fair market value to ensure the deduction.
@@aurifermiddleeasttaxschann1753 thank you👍 Can u tell me the limit for salary of director?