tax umbrella

Tax umbrella

Tax loss carryforwards from previous business losses that form a tax shelter for profits earned in current and future years.

Tax Umbrella

A tax loss carryforward from a previous year. A tax loss carryforward is a business loss in one year that may be used for up to five years to offset profits in future years. For example, if a business loses $800,000 in year one but makes a $1 million profit in year three, it may only be taxed for $200,000 in income for year three. The remaining $800,000 is a tax umbrella.

tax umbrella

A corporation's tax loss carryforwards that may be used to shelter profits in future years.
References in periodicals archive ?
But she didn't say whether the help she was seeking would include merging city employee pension funds or a longer road to 90 percent funding or asking the General Assembly to empower the city to broaden its sales tax umbrella to include professional services.
Meanwhile, the Undersecretary of the Ministry of Finance and Economic Planning Omar Farajullah urged the speeding up of the performance, implementation of the budget and commitment not to spend outside the budget, stressing his full confidence in the senior cadres of the Ministry of Finance, calling for work with all sincerity and dedication in order to achieve the desired goals in the implementation of the budget and performance measurement, "We are expecting a revolution in minerals and services," he said, stressing exploitation of all the resources, expanding the tax umbrella and abolishing tax and customs exemptions.
Under GST, all the manufacturers are under the tax umbrella and no amount of tax arbitrage exists.
"Government's move to decrease the price of cigarettes in a bid to bring all companies under tax umbrella was not a solution to the problem," the senator remarked.To a question about Senate Standing Committee on NHS's directives to FBR to carry out a three-year audit of tobacco companies, he said that there was a State Bank's report which indicated that not a single tobacco company was going into loss.
We must understand that since all stages of production come under the tax umbrella, even the prices that vendors charge the firm will be affected.
In fact, it showed that government again failed to bring taxpayers under tax umbrella, which they had claimed earlier.
Under the proposed regulations, all those involved in the operations from drivers to operators and franchise holders will be placed under various tax umbrella like income, percentage, withholding and value-added taxes.
Mahmoud announced that the 2015 budget will not contain any new taxes and that instead they will benefit from the recommendations of the tax and customs reform committee especially with regard to broadening the tax umbrella and improving collection.
"The Ministry of Finance is moving towards gradual financial reform through expansion of the tax umbrella, energy restructuring, and by achieving social justice," he said.
She also revealed that the new legislation proposes to replace the current law, which is based on a positive list of taxable services, with a new negative list of exempt services, thereby widening the scope of services under the tax umbrella.
The Legislature should reject his plan to move state police patrols back under the gas tax umbrella.
O'Sullivan welcomed the news that a new funding system is being put in place by means of bringing all online and telephone betting into the betting tax umbrella.