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Taxation of Leases and Hire Purchase Transactions

id : 111 Business Tax   
posted by : Admin
 DOQ : 2023-06-23 09:01:30
   Admin
  
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Legal notice no 52 of 2002 (LN 52), Income Tax Leasing Rules (2002) gives the guidance on how Leases are to be treated for tax purposes.

Below we will be looking at the issue in more detail.


KEY ISSUES

Basic tax treatment of lease and hire-purchase transactions.

What distinguishes between lease and hire-purchase

Depreciation allowance on lease transactions

Rates of depreciation

Sale and leaseback transactions

Tax treatment in case of hire-purchase transactions

Deduction of rentals by the Lessee

Depreciation claim by the Hirer:

Deduction of tax at source

Leases by cross-border lessors


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