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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.

Benefits in kind

One of the fundamental concepts in finance is the notion of non-cash compensation, which encompasses earnings received from employment in forms other than cash. This can inc...

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Soak-up tax

A foreign tax credit is a financial term that refers to a tax or levy that is dependent on the availability of a tax credit in another country. This means that if a taxpayer ...

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Second-tier subsidiary

A subsidiary is a taxable entity under the control of another taxable entity, which is in turn controlled by a third entity. This type of structure allows for a hierarchy of...

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Tax planning

Tax planning is a crucial aspect of managing one's financial affairs, both in business and personal realms. It involves strategizing and organizing financial activities to r...

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