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Taxes

Book value

A taxpayer's accounting records reflect the value of their individual assets, which is determined by subtracting any depreciation allowances from the actual cost. This amount is known as the asset's net book value, and it is crucial in understanding the financial standing of a taxpayer. By accurately calculating and recording this value, taxpayers can make informed decisions about their assets and overall financial health. Let's delve deeper into this concept and its significance in the world of finance.

Credit, underlying (indirect) tax

When discussing dividends, it is important to consider the credit for underlying tax. This credit pertains to the tax imposed on a company's profits, which are then used to ...

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Constructive ownership

This indirect ownership is known as beneficial ownership When it comes to finances, it's important to understand the concept of beneficial ownership. This refers to the sit...

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Ruling

Tax authorities make decisions or give opinions based on factual situations that are presented to them during assessments or in response to inquiries from taxpayers. These d...

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Local tax

Local taxes are imposed by lower levels of government, such as state, provincial, county or city governments, in countries with central or federal governments. These taxes ar...

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