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a question about business.....?
I've read in a book that corporations have by-laws that allows them to splurge their annual income so when tax-collectors arrive, they wouldn't have anything to milk out from the corporation.
1st question: Is that true?
2nd question: Can I apply this in the Philippines?
1 Answer
- 1 decade agoFavorite Answer
It is true and it's encouraged. It's no secret that companies do everything they can to get out of paying taxes. The governement encourages this for small business in the Sec. 179 allowance which gives small business owner up to $500,000 expense of capital assets in one year without depreciating them. There's nothing illicit or hidden about it. Companies see it as, if my money can either go to the government or back to the company or manager, then they'll pay the company. Once you pay taxes, that money is gone forever.
