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Taxes

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 situation where an individual may be deemed to have ownership of property or stock, despite not directly holding it. In other words, the ownership is indirect. This can have significant implications for taxpayers, and it's crucial to have a solid understanding of this term. Let's delve into it further.

Vertical equity

The concept of tax equity posits that individuals with varying financial situations should be subject to different tax rates. In other words, those with higher income and ca...

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Income subject to tax

As a financial expert, it is important to understand the concept of taxable income. Taxable income refers to any income that is subject to taxation, regardless of any deduct...

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Tax bill

Tax laws are an essential part of a country's economic system. Once a draft law on a tax matter is approved by the government, it is then presented to the Parliament for fur...

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Debt dumping

When a company is unable to collect a debt, it may choose to transfer it to a group company in a different country with a higher tax rate. This allows the company to write o...

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