Income Tax Act(cap 470)

• Insurance against loss of profits or received by way of damages for loss of profits.(s.4c)


• Reversal of any
  
  
  • expenditure,
  • loss,
  • reserves or
  • provisions
  
  previously allowed as a deduction against income.(s.4d) This can be split, by applying in writing to the Commissioner, into a maximum of six (6) equal amounts and spread backwords, starting with the year of reversal.


• Balancing charge & trading receipts
  
  
  • Balancing charge on cessation of a business under the second schedule (Capital Allowances). Where the sale proceeds exceeds the writen down value, if any at the time of cessation, the balancing charge shall be the excess.
  
  
  • trading receipts under the Second Schedule on for example
    
    
    1. ceasing to trade as a "manufacturer under bond" within three years of commencement.
    2. excess of disposal proceeds over written down value
• Extractive industries In computing the gains or profits of a "licensee" "contractor" or "subcontractor" as defined in the Ninth Schedule, the provisions of that Schedule shall apply.


• Realised exchange gains and loses shall be taken into account as a trading receipt or deductible expenses in computing the gains and profits of that business.
  
  However, no foreign exhange loss shall be taken into account;
  
  
  1. where an entity is defined as thinly capitalised and
  2. to the extent that there is a net gain on foreign curency assets and liabilities, if they were to be disposed off or realised, on the last day of the financial year.
• Export processing zone enterprises (EPZ) Where a business is carried on by an export processing zone enterprise, the provisions of the Eleventh Schedule shall apply.