Assessable profits

Updated: Aug 20, 2021

The taxable profit of a business, normally after the deduction of capital allowances, interest and other business expenses. It differs, however, from accounting profit not only because of different treatment of depreciation but because some business expenses, e.g. some forms of entertaining, are not allowable in com­puting taxable profit.

Reference: The Penguin Business Dictionary, 3rd edt.

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