Section 13: Valuation of trading stock
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
13. Valuation of trading stock
(1) Where a person owns or carries on a business, the value of his trading stock at the beginning and at the end of every income year shall be taken
into account in ascertaining whether or not he has derived income during
that year under section 10 (1) (b).
(2) The value of the trading stock to be taken into account shall be
determined on such basis as may be prescribed.
[S. 13 amended by GN 78 of 1996 w.e.f. 1 July 1996.]
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Questions this section answers
- If I run a business, how is my unsold stock valued when working out my income?