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By the time you pick up this newspaper, you might have already been aware of the major changes in personal and corporate tax rates proposed for the next fiscal year. Except for restructuring of wealth surcharge tax slabs and introduction of 35 percent surcharge on super rich with net wealth of over Tk 50 crore, there is no change in terms of personal income tax. For an
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By Tsegamlak Solomon – When investors think about Ethiopia, they often see the country as a difficult one to do business in. According to the World Bank, Ethiopia ranks 159 out of 190 in their Ease of Doing Business ranking.
While several reasons contribute to this ranking and the challenging business environment, the country has been working to rectify this and has been progressing their laws and programs to entice more people to invest in the country. One of the major changes that happened in 2019 was the adoption of the Homegrown Economic Reform Program, which aimed to transition the country’s economy and improve the country’s ranking.
And now, Centre lets ‘one person company’, small firms file abridged annual returns
March 08, 2021
Move may ease compliance burden
On the heels of budget proposals to encourage formation of ‘small company’ and ‘one person company’, the Ministry of Corporate Affairs has come up with an abridged version of annual return for such companies.
This move is seen as yet another effort by the government to ensure ease of doing business for companies and attract foreign investments. It will go a long way to lighten the compliance burden of several lakhs of companies.
Besides revising the definition of a small company in the recent budget, it had also allowed NRIs to incorporate one person company. These changes are to come into effect from April 1. As per the amendment effected for definition of small company, the government has now stipulated that the paid-up capital cannot exceed ₹2 crore and turnover ₹ 20 crore.
Owner of multiple ‘sole firms’ needs just one tax registration
Abu Dhabi, Dubai and Sharjah account for 78.6% of the total sole establishments operating in the country
The UAE’s Federal Tax Authority (FTA) clarified on Monday that an individual (natural person) owning multiple sole companies is required to obtain only one tax registration for all of them, and not for each one separately.
The FTA said in a statement that a sole establishment (sole proprietorship) is a legal form of business which is 100 per cent owned by a natural person, and it does not have a legal personality independent of its owner, as the sole business and its owner are considered to be the same person.