In case the financial treatment of the enterprise does not accord with any provision of any law or administrative regulation on taxation, it shall be adjusted under law in paying taxes.

Effective 1 January 2005, all businesses in the Territory are exempt from income tax.

For example, in India, small enterprises are not required to file an income tax return.

According to media reports, about 100 businesses are participating in the Economic Development Commission programme, which provides tax breaks of up to 100 per cent of personal income tax.

In Ecuador, microenterprises are encouraged to register by the granting of certain advantages (special loans, special provisions for the workforce, etc.) in return for paying taxes.

Those in small businesses can't get the capital they need to expand and those in microbusiness can't grow out of them.

NTB surveys with the business communities

Finally, in addition to extending Bush s tax cuts, Romney promises an across the board 20 reduction in marginal personal income tax rates and a significant cut in the corporate rate to encourage businesses to hire more workers. Despite large cuts in marginal income tax rates at the start of the Bush administration, however, job growth between 2000 and 2007 was half the rate of the previous three decades.

33. A further concern is the decline in tax revenues forecast for 1999, owing to the repeal of the Act on a Single Property Tax, tariff reductions, the ending of the commercial and agricultural enterprise tax, which is expected to occur in mid 1999, and the planned cut in income tax rates.

In cases where a customs clearing company accepts the commission of a taxpayer and handles formalities related to the customs clearing and duty payment in its own name, it is held liable for duty payment together with the taxpayer.

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Previous positions include partner, Bugge, Arentz Hansen law firm Director General, and Head of Business and Energy Tax Section, Tax Law Department, Ministry of Finance.

In November 2004, the Finance Minister announced that under the new international rules, agreed to by the United Kingdom, the Territory was no longer permitted to allow international business companies (IBCs) to operate in the Territory tax free, while income tax was being imposed on local businesses.

As a result, affected companies will have to conform to all the regulations of the Pay Equity Act.

Indonesian cooperatives are recognized as business enterprises by the law of 1992 and are subject to taxation by the law of 1994, before which time they were tax exempt.

With Jérôme commanding all border control regulations, Mr. Mazio was able to secure reduced tariffs and Customs duties for himself and a selected number of fellow members of the Fédération des entreprises du Congo.

The Government has drawn up draft laws on reducing the tax burden on the labour remuneration fund, introducing a single land tax, tax stimulation for small businesses and restructuring the debts of industrial enterprises.

Reducing the tax preferences for non corporate business entities (such as partnerships) that pass their income through to their owners individual returns would also broaden the tax base subject to the corporate income tax. Pass through companies now account for more than 80 of net business income (by far the highest share in the developed countries).

The newly revised Individual Income Tax Law will adjust the criterion for resident taxpayers of China s Individual Income Tax Law from one year to 183 days.

At the same time, employers will pay 6 or 2 per cent payroll tax depending on the size of the business.

44. Collective agreements, at both above establishment and establishment level, are concluded for all employees of establishments covered by the agreement (unless the parties decide otherwise).

Some reporters asked that the newly revised Individual Income Tax Law will adjust the criterion for resident taxpayers of China s Individual Income Tax Law from one year to 183 days.

Property taxes, excise taxes, import duties, and sales taxes all of which are paid, directly or indirectly, by corporations can have a magnified impact on corporate profits, and hence on the stock market. It is no coincidence that wherever stock markets thrive, governments take care that these taxes stop well short of destroying after tax corporate profits.

Half of tax revenue is collected with a value added tax, which is essentially a tax on consumption. Although there is a tax on corporate income, it is integrated with personal taxes in a way that reduces its adverse effect on investment and production.

An enterprise's repurchase of the shares under law shall comply with the related conditions and financial treatment measures and be determined by the investors.

To begin with, several significant fiscal taxation reforms are now underway or in the pipeline, such as an increase in the collection of state owned companies dividends and a hike in the resource tax on industries such as oil and coal mining, in order to reduce corporate savings. There will also be cuts in personal income tax in the next few years in order to increase households disposable income.

In case the pretax profit gained within the prescribed number of years is insufficient to fetch up the loss, such losses shall be fetched up with the after tax profit gained in the following years or with the surplus reserves after being discussed by the investors.

Mexico apos s legislation covered activities of all enterprises, including public enterprises, with very few exceptions (strategic industries and those indicated in the Constitution).

Article 1 With a view to strengthening the financial management of enterprises, regulating the financial behaviors of the enterprises, protecting the legitimate rights and interests of the enterprises and related parties and boosting the establishment of modern enterprise system, the present General Rules are formulated under the provisions of the related laws and administrative regulations.

Nor is there legislation on social welfare enterprises which could employ people with limited working ability and enjoy special tax relief.

43. The Act introduces two kinds of collective agreements agreements at the establishment level and agreements above establishment level.

Its scope of application covered all undertakings, including State enterprises.

The burden of payroll taxes, together with overweening labor market regulation, stifles entrepreneurship. If Hollande s tax hikes on income (including a temporary 75 tax rate for the country s wealthiest households), dividends, capital gains, and capital assets are not enough to deter entrepreneurs, the cost of hiring workers and the difficulty of firing them remain powerful disincentives.

Under the new regulation, employees no longer have to pay income tax based on the pay as you earn (PAYE) system.

Panellists also saw the need for targeting tax incentives at and ensuring adequate credit for SMEs, and providing subcontracting opportunities for SMEs in public sector projects.

The part retained in the enterprise out of the legal accumulation funds after converting into increased capital shall not be less than 25 of the registered capital before the conversion.

More than that, after enjoying the policy privilege of not imposing the withholding income tax according to the rules, the foreign investors could continue to enjoy the policy privilege of not imposing the withholding income tax providing that the invested enterprise undergoing the reorganization met the criteria of special reorganization, and the tax treatment was actually implemented on the basis of special reorganization.

Income tax (under the Tax

The Enterprise shall obtain a minimum of 20 per cent of the equity participation in the venture arrangement on the following basis

(d) Issue orders to a given establishment or part thereof to stop its activity if it is unable to eliminate infringements immediately

The most recent amendment to this Act, concerning Art. 69, was made by the Income and Property Tax Act, No. 85 of 1991, which amended the Income and Property Tax Act No. 75 of 1981, with subsequent amendments.

Finally, the Government also provided tax incentives for enterprise development, and the media were used to build up an enterprise culture.

127. Periodical benefits are liable to taxation. Lump sum payments are not taxed as income.

Uniformity means that the same degree of incentives, e.g. a nominal tariff rate, is applied to all sectors, industries and firms.

CAMBRIDGE A specter is haunting the world s developing countries the specter of the informal economy. For some, the informal sector includes all businesses that have not been registered with the authorities.