Income Tax Act · 2024 Revised Edition · Part 8
42AB. Tax credit for training
Official textFrom Attorney General's Chambers, unchanged
Tax credit for training
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.
year of assessment
“year of assessment” means the period of 12 months commencing on the 1st day of January 1950 and each subsequent period of 12 months.
The tax credit shall be equal to the amount of gross salary paid during the training period of employees —
who are citizens of Brunei Darussalam or permanent residents;
whose gross salary, during the basis period, does not exceed $2,000 per month; and
whose corresponding amount of contribution has been paid to the Employee Trust established by section 6 of the
Employee Trust Act (Chapter 167).
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.
Terms defined in s 2
year of assessment
Defined · s 2“year of assessment” means the period of 12 months commencing on the 1st day of January 1950 and each subsequent period of 12 months.
Part 9
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