Reporting rules simplified: Dunne
He said the changes reflected concerns expressed by a number of business taxpayers and their representatives.
“The proposed changes will have a beneficial impact on business taxpayers who sell or buy property or services. They will be particularly welcomed by businesses who export and import capital equipment,” he said.
Taxpayers who prepare financial reports using International Financial Reporting Standards will now follow their accounting treatment for taxation purposes for almost all of these arrangements.
The exception will be capital account transactions other than depreciable property. Other taxpayers will use simplified rules that will give similar results.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)