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.
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 .
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What exactly is Qualifying Income?
That is yet to be defined in a Cabinet Decision pending publication.
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?
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.