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I came across a number of problems which refer that issue costs for loan/ share issue accounted for x percent of gross finance. I want to ask whether issue costs for loan/ shares are tax -deductible expenses? Whether these cost are directly deducted from the finance acquired or treated as expenses in the period?
Every past exam question that I can remember has specifically stated whether they are tax allowable or not (and usually the question says they are not tax allowable). If a question does not make it clear then assume either way but (as always in Paper AFM) state your assumption – you then will get the marks 🙂
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