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3.22 Some of the expenses incurred by businesses
before trade revenue is earned may not be eligible
for tax deduction. With effect from YA 2004, I
have decided to regard the first day of the accounting
year in which a business earns its first dollar
of trade revenue as the point at which the business
starts trading. Businesses will benefit from tax
deductions for all revenue expenses incurred during
that accounting year. If a business is able to
prove that it has started trading and incurred
revenue expenses even earlier, it will be allowed
to deduct these expenses as well.
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