TAX QUESTIONS? YOU ASK LAH!

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Q: If we take our employees on a local trip and our company's financial year end is on 31 December 2022, do we need to make the payment and depart for the trip before end of December in order to qualify for tax deductions in Year of Assessment (YA) 2022?

A: As long as the travel expenses are incurred before end of December, i.e. the travel agency has already issued an invoice to you, then your company has the obligation to pay for the expenses. As such, the expenses incurred will qualify for tax deductions in YA 2022.  


Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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