Al Mazoon LLC has earned the income of RO 46300 in the tax year 2019. In the year 2013 and 2015 company has made the loss of RO2600 and RO 3500 which the company has claimed to be set-off form the income of 2019. Requirement: Is company allowed to be carried forward and set-off of losses of 2013 and 2015. Also calculate the tax liability for the company

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. Al Mazoon LLC has earned the income of RO 46300 in the tax year 2019. In the year 2013 and 2015 company has made the loss of RO2600 and RO 3500 which the company has claimed to be set-off form the income of 2019.

Requirement: Is company allowed to be carried forward and set-off of losses of 2013 and 2015. Also calculate the tax liability for the company

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