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Income tax primarily relates to profits or gains arising from business activities, property ownership and employment. While there are general principles applied in determining what is taxable, overall, a tax rate is applied to a gain. In this regard, items designated for business otherwise referred to as stock in trade are pivotal in determining whether there is a gain or not. Therefore, there is a distinction between assets held for a business, investments which yield taxable income and private property the sale of which is conventionally agreed should not be taxed. The kind of private property which should not be…
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Interest is defined by the Oxford Dictionary as money paid regularly at a particular rate for the use of money lent or for delaying the repayment of a debt. Interest is a significant factor in any economy, be it in the public or private sector. It takes a key role for the simple reason that any sizeable economy, with the most basic elements of sophistication, is catalysed by credit. The provision of most goods or services relies on the assurance of payment at a future date. The providers of those services often have to borrow to produce. The cost of…
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On 15th June 2023, the Uganda Revenue Authority (URA) issued a public notice, serving as a reminder to the public “to pay stamp duty on all Agreements or Memorandum of Agreement executed or received in Uganda in relation to the purchase and transfer of property”. In their notice URA stated that “any person who purchases or transfers property should present the Agreement or Memorandum of Agreement together with the Transfer and Consent forms to URA for stamp duty assessment, payment, barcoding, and generation of Stamp Certificate. Stamp duty payable on each Agreement or Memorandum of Agreement is UGX 15,000, while…
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Capital gains arise when you sell an asset for more than you originally bought it. There are two kinds of assets in the Income Tax Act; a depreciable asset and a business asset. Depreciable assets are plant or machinery, or any implement, utensil or similar article, which is wholly or partly used or held ready for use, by a person in the production of income and which is likely to lose value because of wear and tear, or obsolescence. Common examples include computers, furniture and fittings, motor vehicles, plant and machinery. A business asset is one that is used or…
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