Is small business exempted or free from tax?

Mataracy

Well-known member
Which business can we call small?
A small business can be describe as a business that it's profit or earning per annual is less than $54000(25 million Naira my local money).

Since the only that the small business require more is receipt to sell it's goods.
Though the small business that can be exempted from tax are those that are home base business that are actually selling small items like clothing are some personal accessories.

They are the business that do not require to be register before they can operate or start. Can small business be exempted from tax?
 

Sotherefore

Well-known member
A small business is a business that is on a kiosk,sometimes this type of business always generate little profit and sometimes no profit at all,in this case it is expected by the government or local government for the owner of this small business to pay a small amount of yearly Levy for town keeping
 
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Chibson

Well-known member
Business that can generate up to 25 million naira every shouldn't be considered as a small business in my own perspective. The only business exempted from tax as you said are home-based businesses which is usually small and does not make a lot of profit.
 
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IamDozzy

Valued Contributor
This usually depends on government policy of the country the business is located in. A lot of developing countries usually give tax holidays to small businesses and also huge investors. One would have to consult with the Ministry of Finance of that particular country. In Nigeria, small businesses are usually given start up funds and loans and are exempt from tax for a specified period of time till they are able to pay back the loan or the startup funds. It's worthy to note that all businesses whether small or big needs to be registered for effective monitoring.
 
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Alexandoy

Valued Contributor
In the Philippines there is no tax exemption if the business is registered. Only the informal business (street vendors) are not taxed because they have no record with the government agencies for business permits and tax. No matter how small the business once you register the name and your business permit is released the taxation starts at once.
 
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Samuel72

Well-known member
In my country small business is not exempted from tax especially when the business is Registered under the government you will have to pay taxes. The only way to not. Pay taxes in a business is when it is not registered under the government like working online advertising, drop shopping and the likes do not require taxes.
 
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