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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
The provisions for income taxes in both periods are related to the pre-tax income of the Company's Canadian operations.
The decrease in ROA and ROE was mainly attributable to the bank being required to record provisions for income taxes effective 2016.
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