Industrial Building Allowance

What is the purpose of industrial building allowance (IBA)?

• To provide tax relief to businesses for capital expenditures on industrial buildings

• To provide tax relief to individuals for personal building expenditures

• To provide tax relief to educational institutions for building maintenance

• To provide tax relief to the government for infrastructure development

What are the qualifying conditions to claim IBA?

• The building must be used for residential purposes

• The building must be used for educational purposes

• The building must be used for business purposes

• The building must be used for recreational purposes

What is the meaning of 'industrial building' according to the text?

• A building used for leisure activities

• A building used for educational activities

• A building used for manufacturing activities

• A building used for residential purposes

Which of the following buildings qualify as industrial buildings?

• A building used as a residential apartment

• A building used as a public library

• A building used as a factory

• A building used as a shopping mall

What qualifies as qualifying building expenditures (QBE) for constructed buildings?

• Cost of land acquisition

• Cost of building demolition

• Architect's fees for designing the plan of the building

• Legal fees for purchasing the building

What qualifies as qualifying building expenditures (QBE) for purchased buildings?

• Cost of land or interest of any land purchased together with the building

• Cost of building construction

• Cost of building renovation

• Cost of building maintenance

Under what condition is the owner eligible to claim IBA on a rented building?

• If the building is used for business purposes

• If the building is used for recreational purposes

• If the building is used for educational purposes

• If the building is used for residential purposes

What is the exception to the rule for tenants to claim IBA on rented buildings?

• Hotel or airport

• Factory or warehouse

• School or educational institution

• Licensed private hospital, maternity home or nursing home

What type of building alterations or renovations qualify as QBE for a tenant?

• Alterations from a shop house to a hotel

• Alterations from a factory to a warehouse

• Alterations from a school to a college

• Alterations from a school to an industrial training center

What is excluded from qualifying building expenditures (QBE) for constructed buildings?

• Cost of land acquisition

• Cost of building demolition

• Architect's fees for designing the plan of the building

• Legal fees for purchasing the building