CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
for a year of income from a trade or business there shall be allowed
expenses reasonably incurred in the training and retraining of his
employees up to one hundred and fifty per cent of such expenditure.
Human Resource Development
F.A. 35/98*
(2) For the purpose of ascertaining the chargeable income of a person
for any year of income commencing from the year of income 2000 from
a trade, business, profession or vocation, there shall be allowed, the
actual expenses incurred in granting scholarships to nationals who are
not employees or associates of that person, for tertiary education at
educational institutions and in areas of study accredited and approved
respectively by the Ministry with responsibility for education.
(3) For the purpose of subsection (2), an “associate” includes the
spouse, parent, child, brother, sister or partner of a person. Act 39 of 2000**
11.(1) For the purpose of ascertaining the chargeable income of any
person for any year of income from any trade, business, profession or
vocation, there shall be allowed -
Allowances in certain cases
(a) where that person has expended any sum in replacing any plant or
machinery which was used or employed in such trade, business,
profession or vocation that has become obsolete, an amount
equivalent to the cost of the machinery replaced, after deducting
from that cost such sum as represents the total
depreciation which has occurred by reason of exhaustion or wear
and tear since the date of purchase of such plant and machinery
and
any sum realized by the sale thereof; Sec. 9 F. A. 1966
(b) a reasonable amount for the exhaustion by wear and tear of any
plant and machinery, and any buildings used exclusively for
housing such plant and machinery owned by him out of the use or
*Effective 1 st January, 1999
** Effective 1 st January 2000
employment of such plant or machinery in the trade, business,
profession or vocation during that year;
(c) bad debts incurred in any trade, business, profession, or vocation,
proved to the satisfaction of the Board to have become bad during
the year of income, and doubtful debts to the extent that they are
respectively estimated to the satisfaction of the Board to have
become bad during the said year, notwithstanding that such bad or
doubtful debts were due and payable prior to the commencement
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