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Taxes

Accounts payable

, is known as accounts payable. These debts are usually short-term and are expected to be paid within a specific time frame.

Accounts payable, a crucial concept in finance, refers to the debts that a person or business owes for services, inventory, and supplies. It is important to note that these debts are typically short-term and must be paid off within a specific time period. In simpler terms, accounts payable represent the money that is owed to others for goods or services received. As a responsible financial decision-maker, it is essential to have a clear understanding of this term and its implications.

Hidden tax

Indirect tax refers to a type of tax that is paid by the consumer without their explicit knowledge. This tax is often included in the price of goods or services, making it s...

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Schedular tax system

A fundamental concept in finance is the tax system, which involves the separate taxation of income from various sources. This means that different "schedules" are used to de...

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Taxpayer identification number

Taxpayers in certain countries are assigned a unique identification number that is essential for filing tax returns and determining tax liabilities. This number is also used...

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Death duties

Estate taxes, also known as death taxes, are levied on the transfer of an individual's assets upon their passing. These taxes are imposed by the government and are based on ...

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