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The meaning of business taxation refers to the taxes that businesses must pay as a normal part of business operations. Whether you are a sole proprietor, partner, part of a limited liability company, or a corporation, your business is responsible for adhering to tax regulations. Each type of business will produce distinct tax consequences. Consider your business’ tax concerns along with its non-tax concerns, so that you’ll know which type of entity will help your business prosper and grow, or make it easier to pass on to heirs.
Types of Business Taxation?
There are five major kinds of business taxes. They are:
- Gross-receipts tax.
- Corporate franchise tax.
- Employment withholding tax.
- Excise tax.
- Value-added tax (VAT).
The primary audience include All Institutions and SMEs.