Regulations governing assessment of profit seeking enterprise income tax

For dividends distributed to foreign shareholders, the profit retention tax on undistributed earnings can no longer be credited against dividend WHT, with the exception of i.

Regulations governing assessment of profit seeking enterprise income tax

The following sums are excluded from the assessable profits: A person is exempt from payment of profits tax in respect of the following sums: Deductions Deductible Expenses Generally, all outgoings and expenses, to the extent to which they have been incurred by the taxpayer in the production of chargeable profits, are allowed as deductions.

Reference can be made to section 16 of the I. A transfer of certain allowable head office administrative expenses by means of a charge to a local branch or subsidiary in Hong Kong would be allowed as a deduction for Hong Kong tax purposes, to the extent to which they were incurred during the basis period for the year of assessment in the production of profits chargeable to tax.

Country-by-Country Reporting -

Non-deductible Items In computing the assessable profits deduction is specifically prohibited in respect of the following: Expenditure on Building Refurbishment A person who incurs capital expenditure on the renovation or refurbishment of business premises is allowed to deduct that expenditure over a period of 5 years in equal instalments commencing in the year in which the expenditure is made.

Expenditure on plant and machinery specially related to manufacturing, and on computer hardware and software For this kind of expenditure, a full deduction is allowed in the basis period in which the expenditure was incurred.

Items qualifying for the same rate of annual allowance are grouped under one "pool". A balancing allowance is available only on cessation of a business to which there is no successor.

Regulations governing assessment of profit seeking enterprise income tax

A balancing charge can, however, arise whenever the disposal proceeds of one or more assets exceed the reducing value of the whole "pool" of assets to which the disposed items belong.The federal government permits taxes on any income generated by foreign units to be deferred indefinitely, as long as the company says those profits stay offshore.

There are outstanding changes not yet made by the editorial team to Income Tax Act Those changes will be listed when you open the content using the Table of Contents below.


Any changes that have already been made by the team appear in the content and are referenced with. Aug 02,  · Looking for property tax data? Visit our Municipal Profiles online service to find local tax rates, assessment equity status, equalization rates, exemption data, .

Overview of recent state and federal regulations concerning for-profit institutions.

Taxes in Nigeria

This is done by tying a program’s eligibility to use federal student aid to students loan repayment rates and debt-to-income ratio. It found that among first-time, full-time, bachelor's degree-seeking students enrolled at for-profit institutions, Investments into enterprise investment schemes and venture capital trusts — both government-approved schemes to encourage investment in small companies — qualify for income tax relief at a.

(INCOME TAX) S.O. (E). “2. Where a Contracting State includes in the profits of an enterprise of that Contracting State – and taxes accordingly – profits on which an enterprise of the other Contracting State has been charged to tax in the assessment or collection of, the enforcement or prosecution in respect of, the.

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