Is Your Interest Tax Deductible?
Key Takeaway
- Deduction rules on interest expenses incurred on loan or borrowings taken for business.
- Borrowing is very important for the businesses. However, the source of borrowing whether is local or overseas; the parties to whom we borrowed from; the purposes of and use for the borrowings will affect the deductibility of the interest.
- Therefore, the rules on interest deductions (borrowing which generate interest expenses) can be complex.
Is Your Interest Tax Deductible?
