Provision for income taxes

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Provision for income taxes

An amount on the P & I statement that estimates a company's total income tax liability for the year.

Provision for Income Taxes

In a financial statement or personal budget, an estimate for one's total income tax liability for a given year. This is especially important when the government or an employer does not automatically deduct estimated tax payments from paychecks or other revenue. Generally speaking, one must set the provision for income taxes aside and pay it quarterly or annually.
References in periodicals archive ?
tax and related laws, including certain key federal income tax provisions applicable to multinational companies such as Oil States.
However, though there were no big-bang announcements that the market could lap up, there have been several changes in personal income tax provisions that can benefit the salaried class.
On the sidelines of a regional dissemination workshop on the 2010-2011 Extractive Industries Transparency Initiative (EITI) audit reports for the oil, gas, and mining industries, the group released a statement in Takoradi last Thursday, which said : 'The lack of action on a planned amendment or harmoni-sation of the Petroleum Income Tax Law (PITL) with the general income tax provisions is costing Ghana millions of dollars in potential tax revenue, even as the government explores innovative ways of raising badly needed financial resources to finance its 2013 budget.
Also, this text is intended to help students develop skill in interpreting complex statutes and regulations and to learn the details of a limited number of income tax provisions of importance.
Thus, under the regular income tax provisions, a U.
However, many states refer to the IRC or to federal income tax provisions or indirectly adopt the federal definition by referring to common law rules focusing on an employer's right to control an employee's work.
The new measures that include international taxation provision, personal income tax provision and corporate income tax provisions are expected to have wide implication for companies engaged in business in Canada and their employees.
Livestock producers are advised to contact their local Canada Revenue Agency Tax Services Office for details on the income tax provisions.
of Delhi, India) explains and compares the income tax provisions of the UK, the US, Australia, Malaysia, Pakistan, and India.
Notice 98-11 advances a fundamental emphasis on capital export neutrality that is inconsistent with the multiple purposes of the international income tax provisions.
While Subtitle D contains the excise tax provisions, Subtitle A contains the income tax provisions.
Revises Previously Announced 2007 Income Tax Provisions