With effect from Year Of Assessment 2006, legal , valuation and consultancy fees in connection with the establishing REIT prior to the approval by the securities commission shall be given tax deductin in the year of assessment where the REIT commences business.[Income Tax(Deduction for Establishment Expenditure of REIT or Property Trust Fund) Rules 2006, PU(A) 135/2006]. [Ps: the basis period for a Year of assessment for REIT will be the financial year end which may be 31 December or non 31 December

If you found this post useful, keep updated with future posts by subscribing to REITs (for free) through RSS or email.