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Taxes

Gross income

In the world of finance, gross receipts refer to the total amount of money or assets received by an individual or business for their services. This can include both cash and property received as compensation for independent personal services. Additionally, gross receipts also encompass any income derived from a trade, business or service, such as interest, dividends, royalties, rentals, and fees. In essence, it encompasses all forms of compensation received by a taxpayer, making it an important term to understand in the realm of finance.

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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Agency

A company that offers specialized services to a foreign entity is known as a dependent agency. This establishes a permanent presence for the foreign entity in the country wh...

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Capital gain

A capital asset refers to any asset that is held for investment purposes, such as real estate, stocks, or bonds. When a capital asset is sold for a profit, this is known as ...

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Hardship clause

Tax authorities have the discretionary power to mitigate any harsh outcomes of the tax law. This means that they have the ability to make exceptions or adjustments in certai...

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