Page 18 - Taxation (TAX 112 A & B, BA-203)
P. 18

Business, Transfer and Income Taxation

          TAX 112 A & B, BA 203

          Source: N. Aduana, Transfer and Business Taxation (2016)


                   Introduction to Business Tax


                                  Business              is  the  regular  conduct  of  commercial  or

                   economic  activity  with  the  primary  motive  for  profit  or

                   livelihood.  The  secondary  concerns  of  business  are  social

                   responsibility,  environmental  safety  and  promotion  and  safe

                   guarding public welfare and interest.




                   Requisites of Business to be Taxed:


                   1. Intended for Profit

                   2. Regularly Undertaken


                   3. Financial in Character


                   4. Legally Undertaken
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