tax umbrella

Tax umbrella

Tax loss carryforwards from previous business losses that form a tax shelter for profits earned in current and future years.

Tax Umbrella

A tax loss carryforward from a previous year. A tax loss carryforward is a business loss in one year that may be used for up to five years to offset profits in future years. For example, if a business loses $800,000 in year one but makes a $1 million profit in year three, it may only be taxed for $200,000 in income for year three. The remaining $800,000 is a tax umbrella.

tax umbrella

A corporation's tax loss carryforwards that may be used to shelter profits in future years.
References in periodicals archive ?
Mahmoud announced that the 2015 budget will not contain any new taxes and that instead they will benefit from the recommendations of the tax and customs reform committee especially with regard to broadening the tax umbrella and improving collection.
The Ministry of Finance is moving towards gradual financial reform through expansion of the tax umbrella, energy restructuring, and by achieving social justice," he said.
She also revealed that the new legislation proposes to replace the current law, which is based on a positive list of taxable services, with a new negative list of exempt services, thereby widening the scope of services under the tax umbrella.
The Legislature should reject his plan to move state police patrols back under the gas tax umbrella.
O'Sullivan welcomed the news that a new funding system is being put in place by means of bringing all online and telephone betting into the betting tax umbrella.
The provincial government expects that by bringing beauty parlours and other indigenous businesses under the tax umbrella could bolster its bank accounts by millions of rupees.
He added that onus was on the employer to declare any gifts that they receive, so it falls into the tax umbrella.
Careful planning is required in order to avoid the potential for coming under the self-employment tax umbrella.
It said that the main goals of the five-year program will be to sustain economic stability by reducing inflation, stabilising exchange rate, achieving positive growth rates, ensuring that budget deficit remains within safe limits and improving tax collection besides expanding the tax umbrella without resorting to tax increases.
Mahmoud, who was speaking before the state finance ministers on Sunday, said that the main goals of the five-year program will be to sustain economic stability by reducing inflation, stabilising exchange rate, achieving positive growth rates, ensuring that budget deficit remains within safe limits and improving tax collection besides expanding the tax umbrella without resorting to tax increases.
He added that the budget aims to expand tax umbrella through improving collection efficiency of the Sudan Taxation Chamber (STC), affirming that ministry of Finance would be the sole government body which has control over public funds.
However he said that the North will compensate for the loss through expanding tax umbrella, oil infrastructure it has, attracting foreign investments, developing talents and reducing unemployment rate.