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