Registered micro businesses are taxed on receipts from turnover rather than profits. We are of the view that this is a terrible approach to taxation. Think carefully before deciding to register! The object is to simplify compliance and books of account need not be kept. Registered micro businesses must ignore capital gains and losses on sale of fixed property to the extent that it was used for business purposes. They must also ignore capital gains and losses on sale of other fixed assets used mainly (i.e. more than 50%) for business purposes. Who qualifies – Natural persons in business (or…
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