What is a tax provision? A tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. It is just one type of provision that corporate finance departments set aside to cover a probable future expense. Other types of prov...
The way a provision is handled for tax purposes depends on whether it is a general provision or a specific provision. A general provision is not allowed as a tax deduction. A specific provision - in which specific debts are identified - is allowed as a tax deduction if there is documentary...
by the Ministry of Finanace may be exempt from VAT.The current rules are:for sales of goods,the threshold is 600 yuan ~ 2000 yuan sales per month; for sales of taxab le services,the threshold is 200 yuan ~ 800 yuan sales per month;for the tax levie d at each sale or per day.The...
500,000 and charged depreciation of 250,000. There are no current plans to sell the property. (iv)The tax rate was 30% throughout the year. What is the provision for deferred tax required by IAS 12 Income Taxes a\ 31 December 20X8?
The following information relates to an entity: (i)At 1 January 20X8 the carrying amount of non-current assets exceeded their tax written down value by 500,000 and charged depreciation of 250,000. There are no curre
Tax credits and deductions must first be approved by the U.S. Congress and signed into law by the president before they can become part of the U.S. Tax Code. These provisions can then be used for the benefit and relief of taxpayers. ...
When dealing with federal tax laws, the Internal Revenue Code is the ultimate authority. Every provision has been voted on by the U.S. Congress at one time or another but often times these code sections are somewhat vague and don't offer much help when preparing your tax return. This is...
For those with tax-planning strategies that include leaving money to beneficiaries, the SECURE Act may impact you, too. The law removed the stretch provision, which allowed non-spousal beneficiaries to take only therequired minimum distributions (RMDs)from an inherited IRA. As of 2020, non-spousa...
Prohibitions of tax discrimination have long appeared in constitutions, tax treaties, trade treaties and other sources, but despite their ubiquity little agreement exists as to how such provisions should be interpreted. This has led prior commentators to conclude that tax discrimination is an incoheren...
Total tax is indeed total but the figures stated here aren't permanent. Many parts of the Tax Cuts and Jobs Act include sunset provisions. The most important from the standpoint of middle-class taxpayers will be the expiration of some of its deduction and exemption rules at the end of 2025...