Familiarity with the tax of newly established companies and how to calculate it

Details of newly established corporate tax laws
One of the most important rules that small and large business owners need to pay attention to is tax rules. Many start-ups are not exempt from tax law and need to clarify their tax returns to stay afloat.

Unfortunately, many young entrepreneurs think that taxes only cover the size of the company's activities. But the fact is that as soon as you register your company, even if you do not do any business and do not have any income, you need to calculate and pay taxes in the shortest possible time.

As a start-up, you need an economic code to do all your finances. The economic code is a 12-digit and unique identifier through which all the financial affairs of the company can be tracked. To get the economic code, you need to consider a place with a commercial use for your company. Therefore, if you have registered your company with a home or residential address, you will not be able to apply for an economic code.

To get the economic code, it is enough to go to the nearest tax office with the necessary documents. Any financial activity of the company without entering the economic code will be tax evasion and will result in penalties and fines.

Obtaining seal offices is also one of the most important rules that you should pay attention to in the field of tax duties of the newly established company. To prepare these books, it is enough to go to the nearest real estate registration office with the necessary documents up to two months after the date of registration of your company. In the first year of the company, it is necessary to prepare the seal offices twice, but in the following years, you prepare and register the tax offices only once.

Types of taxes for newly established companies

Newly established corporate taxes are levied on three important factors: capital, performance and income. In the following, we will deal with each of these cases:

1. Capital tax (stamp duty)
The first type of tax that needs to be considered is the capital tax or stamp duty. Every company has an initial capital. Capital tax is a tax levied on the shares of a registered company. Each start-up finally has up to two months after the official registration to calculate and pay its stamp duty.

2. Performance tax
The second type of tax that needs to be paid from the first year of the company is the performance tax. All start-ups are required to calculate and pay 25% of their net profit as a performance tax, except in cases where they are exempt from tax or set a separate tax rate.

For this purpose, the owners of newly established companies are obliged to complete and submit their tax balance sheet form. In other words, if the start-ups have no business, they must file a tax return with the tax office at the end of each chapter.

3. Withholding taxes
A tax is a tax that is the responsibility of the taxpayer, not the taxable person. In start-ups, for example, it is the company's duty to deduct taxes from the salaries of its employees and to pay taxes. How this type of tax is calculated depends on the tax laws imposed on the company in question and does not follow a single formula.

How to calculate the tax of a newly established company
Now that you are familiar with the types of taxes for start-ups, in the following we will describe the correct way to calculate each of them in principle.

1. Capital tax (stamp duty)
Calculating capital tax is very simple. The rate of this tax is 0.5 per 1000 capital of the company.

2. Performance tax
Calculating income tax is also very simple. The company's accountants calculate the company's profit and loss by calculating all input and output costs. Performance tax is considered 25% (one-fourth) of the company's net profit.

3. Withholding taxes
As mentioned earlier, there is no fixed way to calculate this tax; Rather, each organization must act in accordance with its tax laws and regulations.