As for other Pogo licensees such as gaming agents representing the offshore-based operator in the Philippines, service providers (of gaming software, business process outsourcing, and data/content streaming) as well as gaming support providers, they will also be taxed a 5-percent franchise tax
on their gaming activities and likewise subject to the normal tax rate and other appropriate taxes on their non-gaming operations, the BIR said, even as non-Pogo licensees that derive or earn income only from other related services or from nongaming operations will be slapped normal income tax and VAT, among other applicable taxes on its entire revenues.
6 billion when the franchise tax
is gone; that's probably not going to be a popular cause.
A few of those states also have a broad-based franchise tax
on gross receipts including those from items exempt from sales or use tax.
d) of the Bill, provides that noncorporate business entities must compute their franchise tax
base by combining the capital accounts of their owners computed in accordance with generally accepted accounting principles.
While the switch from a four-factor formula to a single-factor formula will benefit multistate businesses subject to the corporation business franchise tax
under Article 9-A or to the bank franchise tax
under Article 32, it will have no effect on those businesses that are not able to allocate their ENI.
Texas' business community has long called the franchise tax
an unnecessary burden, and high-profile Republicans including Gov.
9337, did not also amend Pagcor's charter, which provided that income from gaming operations was subject only the 5percent franchise tax
while its income from operation of other related services was subject to income tax only.
For more on the Texas franchise tax
, see Chisholm, "Texas Comptroller Provides Rules on the Texas Franchise Tax
," Tax Clinic, 39 The Tax Adviser 499 (August 2008).
More than four years after a taxpayer filed state and federal personal income tax returns, the IRS determined that the taxpayer's federal tax liability was greater than reported, and the taxpayer failed to notify the Franchise Tax
Board of the federal adjustment.
5-percent credit against its Ohio franchise tax
liability by increasing its investment in manufacturing in the State.