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Explain the following (a)concept of residence for Incorporated entities (b)deductions allowed against rental income

Explain the following (a)concept of residence for Incorporated entities (b)deductions allowed against rental income

Answers


Onami
a)
Entity treated by the jurisdiction, in which it
is registered or incorporated or conducts its
business, as resident for exchange control
and/or tax purposes.


b)
This includes rent of the
premises, maintenance, furniture and
fittings. Rental income is subject to income
tax. This means that any profit or net
amount left once you have added together
your rental income and deducted any
allowable expenses is taxable.
wayland answered the question on October 28, 2017 at 06:00

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