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...
A provision is a specific amount which is set aside by any organization in its accounting books for paying off a known liability. Provisions for bad debts, provisions for income taxes, and provisions for depreciation are some examples of the provided definition....
Answer to: What is a "provision for discount on creditors"? Why is it made? By signing up, you'll get thousands of step-by-step solutions to your...
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...
Q:What are the main VAT tax reduction and exemption provisions? A:The provisions for VAT exemption and reduction are made by the State Council.The main items exempt from VAT are as follows: a.Self-produced primary agricultural products sold by agricultural producing units( ...
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?
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.2 ...
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...
The provisional credit will typically be in the amount of the charge that is being investigated. The provisional credit may be made permanent, or it may be temporary and end up being reversed later on. Fortunately, banks and credit card companies offer provisions that help to protect cardholder...
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 where the Treasury Department comes in...