https://www.taxtmi.com/forum/issue?id=108788 Classification of costs to establish a wholly owned foreign subsidiary depends on factual determination of capital vs revenue classification and whether expenditures were for the taxpayer's business; the taxpayer carries the onus of proof. Identified expenditures include legalisation, licence, professional and visa fees and share capital transfers. Accounting guidance on intangible assets treats preliminary legal and secretarial establishment costs as revenue expenses, which informs accounting treatment though each case requires facts-based assessment. en-us Mon, 22 Jun 2015 20:28:11 +0530 Thu, 23 Jan 2025 15:56:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=108788 Classification of costs to establish a wholly owned foreign subsidiary depends on factual determination of capital vs revenue classification and whether expenditures were for the taxpayer's business; the taxpayer carries the onus of proof. Identified expenditures include legalisation, licence, professional and visa fees and share capital transfers. Accounting guidance on intangible assets treats preliminary legal and secretarial establishment costs as revenue expenses, which informs accounting treatment though each case requires facts-based assessment. Discussion-Forum Companies Law Mon, 22 Jun 2015 20:28:11 +0530 https://www.taxtmi.com/forum/issue?id=108788