minimum tax


Also found in: Dictionary.

Alternative Minimum Tax

A tax in the United States intended to be levied on very wealthy persons who are eligible for so many deductions that they would otherwise have little or no tax liability. To arrive at the AMT, one adds certain deductions back into a person's adjusted gross income and then subtracts the AMT exemption, which results in the alternative minimum tax income. The taxpayer then pays a percentage of the alternative minimum tax income rather than his/her AGI. The AMT is controversial in the United States because it is not indexed to inflation, meaning that upper middle class families are gradually becoming subject to it, rather than only the very wealthy. See also: Tentative minimum tax, Bracket creep.

minimum tax

References in periodicals archive ?
Earlier in an appeal publicized in the print media by All Pakistan Sugar Dealers/Wholesalers Association, it has been agitated that contrary to what was agreed by the Association with the Chairman FBR, withholding tax at the rate of 2.5% and minimum tax at the rate of 0.3% has been imposed upon the sugar dealers and wholesalers through the Finance Act, 2019.
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.

Full browser ?