From concession to legislation
The July 2007 circular links the earlier YA 2005–2008 administrative concession to proposed amendments taking effect for YA 2009 and later years. It addresses non-trade income and approved donations for entities with non-December year-ends, retaining the distinction for partners’ and sole proprietors’ personal income. It also discusses ECI filing within three months of accounting-period end and the precedent partner’s responsibility for relevant partnership estimates.
Transition without duplication
Entities that had already switched under the concession did not repeat the transition. For those remaining on calendar-year treatment through YA 2008, the document uses the period from 1 January 2008 to the relevant accounting year-end for the initial YA 2009 reporting. It lists then-applicable ECI waivers and includes draft statutory text. Those dated waiver thresholds and proposed provisions should be verified against current requirements before use; the supplement is principally evidence of the historical assessment-basis transition.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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