The session will delve into the recently introduced Consolidated Group (Income Tax) Rules, where separate entities can be regarded as a single fiscal unit for income tax purposes.
The aim is to provide participants with an understanding of the provisions of these rules, such as the conditions applicable for joining and leaving a fiscal unit and the process of forming a fiscal unit.
The session will also cover the practical elements of Fiscal Consolidation and will tackle the following areas:
(a) Determining the chargeable income of a fiscal unit.
(b) Determining the tax rate of a fiscal unit.
(c) Analyse the consolidated tax return introduced by the tax authorities and outline the key changes.
Notwithstanding the above, the session will also tackle any other considerations, highlighting the pros and cons of joining a fiscal unit.