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Taxable profit is based on gross profit minus all "necessary" costs and expenses.
The general statute of limitations for the tax authority to audit or claim taxes is five years , extending to six years in cases of suspected tax evasion. Taxable profit is based on gross profit minus
Offers a digitized version of Income Tax Law No. 91 , specifically focusing on sections related to determining the tax base. Key Accounting Bases in Law 91 of 2005 91 , specifically focusing on sections related to
The 2005 law established specific rules for how "taxable income" is calculated, moving away from subjective estimates to documented accounting: The law originally restructured tax rates into tiers,
The primary source for all Income Tax Laws and updated forms.
To be deductible, expenses must be real, documented (with some exceptions for customary costs), and essential to the business activity.
The law originally restructured tax rates into tiers, often capped at 20% for many corporate and individual entities at the time of its inception.