INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What would cause a new business to be fined a penalty from the government (like BIR)?
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Failure to apply for a loan or a grant
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Failure to pay taxes for the new business
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Lack of a good advertising campaign
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Shortage of trained employees
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Explanation:
Detailed explanation-1: -To make sure that taxpayer does not default in paying taxes or disclosing the information, there are several penalties prescribed under the Act. A penalty a punishment imposed on the taxpayer for being non-compliant. Listed below is a summary of some of the important and most common penalties.
Detailed explanation-2: -As per section 221(1), if a taxpayer is treated as an assessee in default, then he shall be liable to pay penalty of such an amount as the Assessing Officer may impose. However, penalty cannot exceed the amount of tax in arrears.
There is 1 question to complete.