"Loan waivers might trigger an unexpected tax burden for the borrower and loss of tax deduction relief for the lender"
In this article, Alexandra Hui addresses the following topics:
- Common misperceptions
- Relevant provisions in the Ordinance:
- Gains on loan waivers to the borrowers
- Losses on loan waivers to the lenders
- The IRD's view on gains on waivers to the borrowers clarified
- Tax deductibility in the lender's perspective
To read the full article pp 32-34 (available in English and Cantonese), please click here.