Article 55 lists specific allowable deductions, including pre-commencement expenses, employee dues under Labour Law, and social insurance contributions. It permits deductions for pension fund contributions, bad debts, audit fees, and sponsorship fees, subject to Executive Regulations. Depreciation of capital assets and costs for disposing of certain assets are also included. Donations to approved entities are deductible up to 5% of taxable gross income, provided they are transferred according to law. The Article also details the treatment of in-kind donations and the recovery of previously deducted donations if they are later annulled or withdrawn.