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Taxes

Force of attraction

One must understand the importance of a permanent establishment when it comes to taxation. This refers to the concept where a country taxes the income and property of a business located within its borders. However, it also extends to all income earned by the foreign head office from sources within the country and all property owned by the foreign head office situated in the country. Interestingly, the OECD model treaty does not allow the application of this concept.

Quarantining

The foreign tax credit system involves the calculation of foreign tax payable on specific categories of foreign income, which can then be applied as a credit towards domesti...

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Tax compliance

Tax compliance is the measure of how well a taxpayer adheres to the tax regulations of their country. This includes properly reporting their income, submitting tax returns, ...

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Accounting records

"Let's take a look at the various documents and books that play a crucial role in preparing a tax return and financial statements. These include the general ledger, which re...

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Provisional assessment

In finance, an assessment of tax is conducted before a final assessment can be made. This initial assessment is typically based on an estimated figure or the previous year's...

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