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Questions and Answers
What can the Minister specify in a decision to adjust Taxable Income?
What can the Minister specify in a decision to adjust Taxable Income?
- Only income that is already accounted for
- Income specifically related to property transactions
- Any income or expenditure not considered previously (correct)
- Expenses that were not initially accounted for
For Taxable Persons preparing financial statements on an accrual basis, they may elect to consider gains and losses on a realization basis for assets and liabilities subject to which accounting standards?
For Taxable Persons preparing financial statements on an accrual basis, they may elect to consider gains and losses on a realization basis for assets and liabilities subject to which accounting standards?
- All assets subject to fair value or impairment accounting standards (correct)
- Assets with no fair value
- Assets with unrealized gains only
- Assets without impairment accounting
What is the definition of 'Assets held on capital account' according to the text?
What is the definition of 'Assets held on capital account' according to the text?
- Assets that are not subject to depreciation
- Assets treated as property, plant and equipment (correct)
- Assets eligible for depreciation only
- Assets that are traded frequently
In what basis should Taxable Persons prepare financial statements to elect gains and losses realization?
In what basis should Taxable Persons prepare financial statements to elect gains and losses realization?
What type of assets are excluded from being considered 'Assets held on capital account'?
What type of assets are excluded from being considered 'Assets held on capital account'?
Which adjustments can the Minister specify for Taxable Income besides other adjustments?
Which adjustments can the Minister specify for Taxable Income besides other adjustments?
What do liabilities held on capital account refer to?
What do liabilities held on capital account refer to?
Which assets and liabilities are held on revenue account?
Which assets and liabilities are held on revenue account?
What is included in an unrealized gain or loss?
What is included in an unrealized gain or loss?
Under what circumstances can a Taxable Person change their accounting method?
Under what circumstances can a Taxable Person change their accounting method?
What can the Minister prescribe under the Decree-Law?
What can the Minister prescribe under the Decree-Law?
In terms of defining Taxable Income, what adjustments can be made for specified items?
In terms of defining Taxable Income, what adjustments can be made for specified items?
What is the focus of thin capitalization norms?
What is the focus of thin capitalization norms?
Which aspect is considered when applying thin capitalization norms?
Which aspect is considered when applying thin capitalization norms?
What is the purpose of relief for small businesses/start-ups in tax reporting?
What is the purpose of relief for small businesses/start-ups in tax reporting?
What distinguishes between capital and revenue items for tax purposes?
What distinguishes between capital and revenue items for tax purposes?
In thin capitalization norms, what does 'valid commercial reasons' refer to?
In thin capitalization norms, what does 'valid commercial reasons' refer to?
How do accounting profits differ from taxable income?
How do accounting profits differ from taxable income?
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