Income and Business Tax Act definition

Income and Business Tax Act means the Income and Business Tax Act, Cap. 55 and any statutory modifications thereto;
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Examples of Income and Business Tax Act in a sentence

  • The Parties are also in agreement that no court in Belize has directly ruled on the validity of the Accommodation Agreement.194 The Tribunal agrees with the Respondent, however, that in ruling on the enforceability of the Settlement Deed Award the CCJ was directly called on to interpret Section 95 of the Income and Business Tax Act and that the decision is therefore relevant to the question of the Accommodation Agreement.

  • Accordingly, for the purposes of this arbitration, the Tribunal concludes that an English arbitral tribunal in a hypothetical further arbitration pursuant to the Accommodation Agreement would consider the Accommodation Agreement Award to be dispositive of the matter of apparent authority, notwithstanding the intervening decision of the CCJ on the content of section 95 of the Income and Business Tax Act, and would award damages on that basis.

  • In accordance with provisions of the Income and Business Tax Act, as amended, Chapter 55 of the Laws of Belize, the Council is exempted from income taxation on its revenues.

  • Moreover, the tax exemption on foreign source income under the Income and Business Tax Act covers a much broader range of entities and income.

  • The Income and Business Tax Act does not impose substance requirements for companies benefitting from the tax exemption.

  • These weaknesses were complicated by uncertainty over tax-filing obligations: Section 109(1) of the Income and Business Tax Act requires businesspersons and entities to file tax returns, failing which Section 109(2) prescribes the penalties for non-compliance.

  • Bennett further submits that the scheme of Part II of the Income and Business Tax Act is for the government to collect its taxes on the profits derived from the profits of petroleum operations and not to provide a method for contractors to mitigate taxes due to the Government of Belize by earnestly trying to misunderstand what is a clear and unambiguous tax scheme.

  • Bill for an Act to amend the Income and Business Tax Act, Chapter 55 of the Substantive Laws of Belize, Revised Edition 2011; to clarify that international business companies who are not persons resident in Belize may file a return of income; and to provide for matters connected therewith or incidental thereto.

  • Looking at the scheme of the Income and Business Tax Act then as it relates to petroleum operations, the legislators must have intended that once there is commercial production under one Production Sharing Agreement, the Contractor may carry over losses from other Production Sharing Agreements that are not yet under commercial production, and any ambiguity under the said Income and Business Tax Act must be read in favour of the tax payer.

  • Interest collected on delinquent loans and recorded as income when received amounted to $18.1 million and $17.7 million for fiscal years 2010 and 2009, respectively.

Related to Income and Business Tax Act

  • Income Tax Act means the Income Tax Act (Canada), as amended from time to time;

  • Tax Act means the Income Tax Act (Canada) and the regulations thereunder, as amended from time to time;

  • Unitary business means one or more related business organizations engaged in business activity both within and outside the State among which there exists a unity of ownership, operation, and use; or an interdependence in their functions.

  • Separate Business means each of the activities of the Licensee connected

  • Sales Tax Revenues means taxes collected under the Virginia Retail Sales and Use Tax Act

  • Tax roll means a permanent record of the taxes charged on property, as extended

  • Payroll Tax Executive Order means the Presidential Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, as issued on August 8, 2020 and including any administrative or other guidance published with respect thereto by any Governmental Authority (including IRS Notice 2020-65).

  • Income Tax Returns means all Tax Returns relating to Income Taxes.

  • food business means any undertaking, whether for profit or not and whether public or private, carrying out any of the activities related to any stage of production, processing and distribution of food;

  • Qualified business means a for-profit business that obtains services relating to that business from 30 or fewer employees or employees of independent contractors performing services substantially similar to employees during a random week in the year ending on the tax day. If a person is a unified business group as that term is defined in section 117 of the Michigan business tax act, 2007 PA 36, MCL 208.1117, the number of employees from whom services are obtained includes all employees of the unitary business group and employees of independent contractors of the unitary business group rendering services to the qualified business.

  • Integrated Goods and Services Tax Act means the Integrated Goods and Services Tax Act, 2017;

  • Income Tax Return means any Tax Return relating to Income Taxes.

  • Goods and Services Tax (Compensation to States) Act means the Goods and Services Tax (Compensation to States) Act, 2017;

  • Income Taxes means any Tax which is based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any capital gains, gross receipts, value added or minimum Tax) or (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation Taxes) if one or more of the bases upon which such Tax may be based, by which it may be measured, or with respect to which it may be calculated is described in clause (i) of this sentence.

  • Core Business means any material line of business conducted by the Company and its Subsidiaries as of the Closing Date and any business directly related thereto.

  • Significant business transaction means any business transaction or series of transactions that, during any one fiscal year, exceeds the lesser of $25,000 or 5 percent of the total operating expense of a provider.

  • home business means a business, service or profession carried out in a dwelling or on land around a dwelling by an occupier of the dwelling which –

  • Disadvantaged Business Enterprise (DBE) means a small business concern pursuant to ORS 200.005(1), which is at least 51 percent owned by one or more socially and economically disadvantaged individuals, or, in the case of any corporation, at least 51 percent of the stock of which is owned by one or more socially and economically disadvantaged individuals and whose management and daily business operations are controlled by one or more of the socially and economically disadvantaged individuals who own it.

  • Income Tax Expense means, with respect to the Borrowers, for any period, the aggregate, without duplication, of all Taxes on the income of such Person for such period, whether current or deferred, determined on a Modified Consolidated Basis.

  • Disabled Business Enterprise means a business owned by a person with a disability that is a continuing, independent, for-profit business that performs a commercially useful function, and is at least fifty-one (51%) owned and controlled by one (1) or more persons with a disability, or, in the case of any publicly-owned business, at least fifty one percent (51%) of the stock of which is owned and controlled by one(1) or more persons with a disability and whose management and daily business operations are under the control of one (1) or more persons with a disability.

  • Small disadvantaged business concern means a small business concern that represents, as part of its offer that—

  • Small Business Enterprise (SBE) means a business that is certified as an SBE under this program or the following similar programs and meeting the below economic thresholds (Section III “Economic Size Standards”).

  • Tax Revenues means the Personal Income Taxes and such other revenues, including Alternative Revenues (but excluding Building Aid), as the Authority may derive directly from the State from taxes imposed by the City or the State and collected by the State.

  • Veteran-owned Small Business Enterprise (VSBE) means A business that is verified by the Center for Verification and Evaluation (CVE) of the United States Department of Veterans Affairs as a veteran-owned small business. See Code of Maryland Regulations (COMAR) 21.11.13.

  • Covered Business means (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term.

  • Planning Act means the Planning Act, R.S.O. 1990, c. P.13, as amended;