Commentary

D7.628 Sales to members

Corporate tax
Corporate tax | Commentary

D7.628 Sales to members

Corporate tax | Commentary

D7.628 Sales to members

A special deduction is allowed to any registered society which does not sell to non-members and to any registered society the number of whose shares is not limited by its rules or practice. In computing the trading profits of such a society deductions are allowed for any sums representing a discount, rebate, dividend or bonus granted by the society to members or other persons in respect of the amounts paid on account of their transactions with the society, provided:

  1.  

    (a)     those transactions are taken into account in the computation of profits; and

  2.  

    (b)     the sums in

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