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Amendment of section 81 of Principal Act (general rule as to deductions)
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20. (1) Section 81 of the Principal Act is amended—
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(a) in subsection (2) —
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(i) in paragraph (o), by substituting “relief;” for “relief.”, and
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(ii) by inserting the following paragraph after paragraph (o):
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“(p) any taxes on income.”,
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and
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(b) by inserting the following subsection after subsection (3):
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“(4) In this section, ‘doubtful debts to the extent that they are respectively estimated to be bad’ means, in respect of a company, impairment losses as calculated in accordance with generally accepted accounting practice.”.
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(2) Subsection (1)(b) shall be deemed to have applied as respects accounting periods beginning on or after 1 January 2018.
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