A question regarding taxation

[Secretoinks]

Hello po. May I ask a question po regarding sa taxation? Taxable po ba ang net loss? why po?
Thanks in advance po sa makakatulong.

 

[darkheart38]

Hi TS,

Net Loss means Net Income is negative, or in simple terms, mas mataas ung ginastos mo kesa sa kinita mo.
kumbaga, LUGI ka.

for sole proprietors na business, individual persons ang owners, hindi po taxable , all you need to do is file the required return on or before the deadline.

for partnerships/corporations, may tinatawag tayong MCIT, or minimum corporate income tax, that is 1% of gross income, so kahit Net LOss ka, may babayan ka na TAX pero small amount lang.

Hope this helped you.

 

[Secretoinks]

Hi TS,

Net Loss means Net Income is negative, or in simple terms, mas mataas ung ginastos mo kesa sa kinita mo.
kumbaga, LUGI ka.

for sole proprietors na business, individual persons ang owners, hindi po taxable , all you need to do is file the required return on or before the deadline.

for partnerships/corporations, may tinatawag tayong MCIT, or minimum corporate income tax, that is 1% of gross income, so kahit Net LOss ka, may babayan ka na TAX pero small amount lang.

Hope this helped you.

Salamat po.