Sale of a fixed asset during

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It is advisable that, for example, when withdrawing a functional mobile phone from the company from which VAT has been deducted, such withdrawal should be documented with a receipt. If you do not have a cash register, you should purchase it before withdrawing the goods to private property in order to be able to fulfill the indicated obligation. Selling your phone after closing your business After closing/liquidating a business, the assets that were previously company assets become private assets.

The sale of a telephone gives rise to tax obligations under PIT if it occurs within years from the first day of the month following the month in which philippines photo editor the business was liquidated. In such a situation, PIT must be paid on this transaction and taxed according to the rules applicable to the liquidated business. For general principles scale tax and flat tax , taxable income is the amount from the sale of the telephone less the costs of obtaining income. Share with others.



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