Replies to post #6338 on Foodfest International 2000 Inc (FDFT)

[Power of Emouna]

So $405,925.90 taxes owed represent 8.25% of the net annual revenues. So their net revenues for 2020 were $4,919,821.91 after all operating expenses deducted!! $FDFT

[Power of Emouna]

Amazing they filed 2020 annual reports! Seems like they are actively working in becoming current before announcing the reverse merger with Zoglos. Go $FDFT

[Power of Emouna]

You mean 2020 not 2000. $FDFT

[BeachBum]

Someone representing Foodfest International 2000 filed an annual for a company doing enough business in Delaware to owe $400,000.00 in corporate taxes. The tax rate in Delaware is 8.25% of gross sales in the state. Annual filed in the year 2020 based on the document below.

Q. What is Delaware’s corporate income tax rate?

A. Every domestic or foreign corporation doing business in Delaware, not specifically exempt under Section 1902(b), Title 30, Delaware Code, is required to file a corporate income tax return (Form 1100 or Form 1100EZ) and pay a tax of 8.7% on its federal taxable income allocated and apportioned to Delaware. This tax is based on an equally weighted three-factor method of apportionment. The factors are property, wages and sales in Delaware as a ratio of property, wages and sales everywhere.


Q. What entities must file and/or pay Delaware corporate income tax?

A. Every domestic or foreign corporation doing business in Delaware, not specifically exempt under Section 1902(b), Title 30, Delaware Code, is required to file a corporate income tax return (Form 1100 or Form 1100EZ) regardless of the amount, if any, of its gross income or its taxable income. The taxable status of a corporation in Delaware follows the federal treatment of the corporation.