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Taxes

Fiscal year

In the world of finance, a fiscal year refers to a specific 12-month time period that is designated for the purpose of financial reporting for a company or organization. This period is chosen by the enterprise and typically aligns with the natural business cycle. It is an essential concept for understanding a company's financial health and performance. Let's delve deeper into the intricacies of fiscal years and their significance in the world of finance.

Revenue neutrality

Tax reform is subject to certain limitations, the most important of which is that it should not result in a significant change in the government's revenue. This means that a...

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Penalties

As we delve into the realm of finance, it is important to understand the consequences of violating tax laws. Administrative penalties are applied to tax offenses, such as la...

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Tax authorities

A tax authority, also known as a revenue agency, is the governing body responsible for enforcing and regulating tax laws within a specific jurisdiction. This can include a c...

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Supplemental assessment

Tax liabilities are subject to determination by the tax authorities if an initial assessment is found to be incomplete or incorrect in a material aspect. This discretionary ...

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