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Percentage tax is a business tax imposed on persons or entities/transactions: who sell or lease goods, properties or services in the course of trade or business and are exempt from value-added tax (VAT) under Section 109 (w) of the National Internal Revenue Code, as amended, whose gross annual sales and/or receipts do not exceed Php 3,000,000 ...
Systems that tax income from outside the system's jurisdiction tend to provide for a unilateral credit or offset for taxes paid to other jurisdictions. Such other jurisdiction taxes are generally referred to within the system as "foreign" taxes. Tax treaties often require this credit. A credit for foreign taxes is subject to manipulation by ...
A reduction of tax (credit) is often provided in income tax systems for similar income taxes paid to other countries (foreign taxes). [1] [additional citation(s) needed] This is generally referred to as a foreign tax credit. Amounts in excess of income tax are usually nonrefundable. [2]
To get an unsecured business line of credit, your business will need a solid financial profile (e.g., good credit score, at least two years in business, consistent or growing annual revenue).
The adoption of the VAT system was one of the structural reforms provided for in the 1986 Tax Reform Program, which was designed to simplify tax administration and make the tax system more equitable. It was also in 1988 that the Revenue Information Systems Services Inc. (RISSI) was abolished and transferred back to the BIR by virtue of a ...
Business credit cards are similar to personal credit cards but designed with small-business owners in mind. Most of these cards are unsecured , though there are some secured business cards on the ...
It would "simplify the business tax system" by replacing "most of these complicated international tax rules." [ 29 ] Additionally, by exempting foreign transactions from taxation (i.e. levying a tax on goods produced domestically but sold internationally), the DBCFT removes a strong incentive for firms to relocate (or off-shore) profits or ...
The primary objective is to perform development financing roles through the provision of credit guarantees in support of trade and investments, exports, infrastructure, energy, tourism, agricultural business, modernization, housing, micro-enterprises, small and medium-sized enterprises and other priority sectors of the economy, with the end in ...