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

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