What was the current foreign income tax provision for Budget in 2023?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
ties under vehicle programs - other of $203 million, $287 million, and $265 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $287 million, $237 million, and $212 million, respectively.
Income Taxes
| Income laxes |
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Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, the current foreign income tax provision for the year ended December 31, 2023, was $88,000. This figure is part of the larger provision for income taxes, which also includes federal and state income taxes.
For a prospective Budget franchisee, understanding these tax provisions is crucial as it reflects the company's profitability and tax management strategies. The foreign income tax provision indicates the amount of taxes Budget pays to foreign governments on its income generated outside the United States. This can be influenced by various factors, including international tax treaties, foreign tax rates, and the company's operational structure in different countries.
It's important to note that this is just one component of Budget's overall tax picture. Franchisees should consider this figure in conjunction with other financial statement items to get a comprehensive view of the company's financial health. Additionally, it is advisable to consult with a financial advisor to understand the implications of these tax provisions on their investment decision.