Income Tax Act · s 42AB

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s 42ABTax credit for training

Tax credit for training

(1)

Subject to subsection (2), where an employer incurred expenditure during the basis period, on the training of its employees, tax credit shall be allowed against the tax payable by it for the relevant year of assessment.

(2)

The tax credit shall be equal to the amount of gross salary paid during the training period of employees —

(a)

who are citizens of Brunei Darussalam or permanent residents;

(b)

whose gross salary, during the basis period, does not exceed $2,000 per month; and

(c)

whose corresponding amount of contribution has been paid to the Employee Trust established by section 6 of the

Employee Trust Act (Chapter 167).

(3)

In this section, “training” means education or instruction provided by a university, college, polytechnic, technical school or institution, which is approved, recognised or registered by the relevant authority or body, but does not include in-house training.