Tax Set-Off – NBC Institute

TAX – Nov 2020 – L1 – SA – Q1b – Tax Incentives and Reliefs

Explain current year loss relief and carry forward loss relief.

Question

A company that makes a loss from its trade or business is entitled to relieve such loss by carrying it forward for set-off against the assessable profits of subsequent assessment years commencing from the year following that in which the loss occurs.

Required:
Explain current year loss relief and carry forward loss relief.
(8 Marks)

Answer

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Tags: Carry Forward Loss, Current Year Loss, Loss relief, Tax Set-Off
Level: Level 1

Topic: Tax Incentives and Reliefs
Series: NOV 2020

Question Tag: Tax Set-Off

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TAX – Nov 2020 – L1 – SA – Q1b – Tax Incentives and Reliefs

Explain current year loss relief and carry forward loss relief.

TAX – Nov 2020 – L1 – SA – Q1b – Tax Incentives and Reliefs

Explain current year loss relief and carry forward loss relief.

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Question Tag: Tax Set-Off

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TAX – Nov 2020 – L1 – SA – Q1b – Tax Incentives and Reliefs

Explain current year loss relief and carry forward loss relief.

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TAX – Nov 2020 – L1 – SA – Q1b – Tax Incentives and Reliefs

Explain current year loss relief and carry forward loss relief.

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