Thus, the procurement was attended with irregularities, which makes it disallowable
in audit," COA said.
In the recently-released 2017 annual audit report for the city government, COA also rejected as disallowable
expenses the fabrication and installation of 1,450 school signages that cost deducted P30.678 million from the education fund.
Per the Income Tax Act, increases in general provisions for bad and doubtful debts are considered tax disallowable
expenses, while decreases in general provisions are considered tax allowable expenses.
'Considering that there was no leased premises to speak of, the disbursement of P234,000,000 was irregular and, therefore, disallowable
in audit pursuant to Commission on Audit Circular No.
So far we have hived off from the MFSC some activities which are disallowable
for financial institutions, including the insurance brokerage business and the warehouse operations support services that were carried by the subsidiary on behalf of the parent bank, CRDB Bank.
In 2014, a second disallowable
instrument extended this remission to March 2016 as part of a two year Government stimulus package for the ACT.
This extends beyond disallowable
legislative instruments (the vast bulk of delegated legislation) to all legislative instruments.
The journeys between the NHS hospitals and the private hospitals were deemed to be disallowable
by the tribunal on the grounds that: "The object of the travel is to put the appellant into a position where he can carry on his business away from his place of employment; the travel is not an integral part of the business itself."
The Minister of Human Rights reiterated that the Kingdom of Bahrain's political leadership emphasizes the rule of the law in the institutionalized state although some crises mongers continue to stir hatred and allure youngsters to drift into a whirlpool of street violence which has claimed the lives of innocent people and caused the destruction of public and private property, pointing out the latest escalation of the wave of street violence, incineration of public and private property and attacks on security men is objectionable and disallowable
* UBL posted below expectation earnings of PRs4.22/sh (49% of revised 2010E of PRs8.7/sh), +12.6% YoY, but variance was solely due to disallowable
prior yr taxes from overseas operations.
(3) Since the disability income is tax-exempt, deduction for the premiums is disallowable
under IRC Section 265(a)(1), on the ground that the premiums are expenses paid to acquire tax-exempt income.
Tax transactions are aggressive if they meet at least one of these three criteria: (1) they are initially recommended by the audit firm, either directly or indirectly; (2) a significant purpose to the transaction is tax avoidance; or (3) the tax treatment is more likely to be disallowable
under applicable federal, state, local, or foreign tax laws.