An analysis of the financial statement of Zenith Bank showed that the bank had a total tax liability of N26.63bn, but was assessed based on the minimum tax
rule because of a significant non-taxable income that resulted in a taxable loss for the bank.
"The minimum tax
slab should now be increased to Rs 5 lakh.
While earlier US laws allowed the investment of reinsurance premiums raised overseas without tax ramifications, the BEAT provisions stipulate that such investments would be taxed in an amount equal to the base erosion minimum tax
amount for the taxable year.
The minimum tax
shall incorporate all classes in the tax base.
PPMA requests Finance Minister Miftah Ismail and FBR to withdraw this proposal of Minimum Tax
u/s 148 as it is already heavily taxed and retain Commercial Import in FTR, he demanded.
'Bringing commercial importers into minimum tax
regime will increase the cost of raw material,' he said and added that this will increase the cost of production for various sectors.
It is unprecedented to convert the WHT to Minimum Tax
at such high rates of 4.5% to 6.0% on Raw Materials which will open up the option to further squeeze the tax-payer through Audits and demands.
50 million and exclude the companies having a gross loss position for the year from the purview of minimum tax
by restoring the position of law prior to Finance Act 2016, allowing them to carry forward the minimum tax
paid in the year of loss.
And tax gathered from packing material by manufacturers of edible oil was treated as minimum tax
and from tax year 2010, the producers of cooking oil and ghee were submitting returns under section 114 of ITO 2001 instead of filing statements under section 115 of the tax act.
The large quantity of tobacco products exceeded the minimum tax
threshold estimate of SR60,000 ($16,000).
President Donald Trump's tax returns, leaked Tuesday night by journalist David Cay Johnston on the MSNBC host Rachel Maddow's show reveals that he incurred the majority of his tax liability from the Alternative Minimum Tax
(AMT), a feature of the tax code he has vowed to eliminate.