LMKG Chartered Accountants

Non Deductible Expenditures 

  • Donation, grant, gifts to a non-Qualifying Public Benefit Entity
  • Drawings from Business by natural person or Partners
  • Dividends/Profit distributions or benefits paid to owners
  • Bribes or other illicit payments
  • Capital Nature Expenditures
  • Corporate Tax
  • Value Added Tax
  • Foreign Taxes paid
  • Fines/penalties, except compensation for damages or breach of contract.
  • Entertainment Expenditures but only up to 50%.
  • Expenditures in deriving Exempt Income
  • Losses not arising out of Taxable Persons business
  • No deduction for Interest expenditure on a loan from a Related Party in following cases:
  • A dividend or profit distribution to a Related Party.
  • A redemption, repurchase, reduction or return of share capital to a Related Party.
  • A capital contribution to a Related Party
  • Acquisition of an ownership interest in a Person who subsequently becomes Related Party.

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