Post by joita9865 on Oct 25, 2023 4:46:33 GMT
How to settle income and expenses under bridge support? Many people wonder whether the granted bridging support should be included in the income of the business and whether income tax should be paid in such a case. Well, if we refer to the PIT Act, we can read that business income includes, among others: Grants, subsidies, subsidies and other free benefits received to cover costs or as reimbursement of expenses.
Except when these revenues are related to the receipt, purchase or own production of fixed assets philippines photo editor or intangible assets on which depreciation write-offs are made Bridging support will be income in business activities However, the Income Tax Act also provides for a number of specific exemptions . If we refer to the regulations, we can read that: Financial resources received by a project participant as aid granted under a program financed with funds from, among others, from the European Union budget , referred to in the Public Finance Act Article 5 3 points 1, 2 and 4, point 5 aibi, points 5a-5d benefit from the objective.
Exemption in PIT Funds received as part of bridging support will therefore benefit from the tax exemption in PIT At the same time, the incurred expenses will not be included in tax-deductible costs because they are excluded from costs pursuant to Art. 23 section 1 point 56 of the Personal Income.
Except when these revenues are related to the receipt, purchase or own production of fixed assets philippines photo editor or intangible assets on which depreciation write-offs are made Bridging support will be income in business activities However, the Income Tax Act also provides for a number of specific exemptions . If we refer to the regulations, we can read that: Financial resources received by a project participant as aid granted under a program financed with funds from, among others, from the European Union budget , referred to in the Public Finance Act Article 5 3 points 1, 2 and 4, point 5 aibi, points 5a-5d benefit from the objective.
Exemption in PIT Funds received as part of bridging support will therefore benefit from the tax exemption in PIT At the same time, the incurred expenses will not be included in tax-deductible costs because they are excluded from costs pursuant to Art. 23 section 1 point 56 of the Personal Income.
