One of our valuedvisitor inquired us the examples below:
How should penalty on late payment for tax been accounted for?
It is a tax expense? or Whether it is other expenses?
To describe: penalty made by inland revenue authority on late payment for tax shouldn't be accounted for as tax expense; it must be accounted for as administrative expense or other expense
Sunday, April 20, 2014
Proper Accounting treatment for tax penalty
Posted By: Elmer Tamayo
Labels:
Accounting System,
Tax
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