Financial statement presenting the revenues and expenses of a company over a financial year. The difference between revenues and expenses gives the net profit (or net loss). The income statement is mandatory under Art. 958 CO and serves as the basis for calculating corporate income tax.
Related terms
Annual closing
Annual accounting operation consisting of closing the books at a given date (usually December 31) to...
Balance sheet
Accounting document presenting the company's financial position at a given date. Assets (what the co...
Corporate income tax
Tax levied on the net profit of legal entities (LLCs, corporations). It is collected at three levels...
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