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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 ...
Taxes on unrelated activities: Income from activities unrelated to the organization’s mission must be reported on a business income tax return. If the unrelated income totals $1,000 or more, you ...
The substantial shareholdings exemption is an exemption from assessment of capital gains under corporation tax applicable to United Kingdom companies. The exemption is found in Schedule 7AC of the Taxation of Chargeable Gains Act 1992 .
To strictly enforce the payment of taxes and to further discourage tax evasion, RA No. 233 or the Rewards Law was passed on June 19, 1959 whereby informers were rewarded the 25% equivalent of the revenue collected from the tax evader. In 1964, the Philippines was re-divided anew into 15 regions and 72 inspection districts.
This is a list of acronyms in the Philippines. [1] They are widely used in different sectors of Philippine society. Often acronyms are utilized to shorten the name of an institution or a company.
In the UK, as early as 1799, a corporation could claim a tax deduction from its income because shareholders were taxed on dividend distributions. [5] As of the mid-19th century, federal tax law in the US allowed shareholders to exclude dividends from their income because it was taxed at the corporate level. [6]
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The corporate tax rate as well as the tax amortization period are defined by country-specific tax legislations. The tax amortization period might be different from the useful life used in accounting. For example, while trademarks can have an indefinite useful life for accounting purposes, the tax legislation of the United States establishes a ...