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Taxes

Investment reserve

In the world of finance, there exists a system that allows qualifying taxpayers to earmark a portion of their earnings as a reserve for future investments. This reserve can then be deducted from their income for that year. This strategic approach not only helps individuals plan for their future investments, but also offers tax benefits. It's a win-win situation for those looking to grow their wealth while minimizing their tax liability.

Small business relief

Small businesses are often eligible for tax concessions, which refer to special benefits or exemptions from taxes. These concessions are designed to support and encourage th...

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Taxable year

The tax liability of an individual or entity is determined over a period of time, commonly known as the "tax year". This period typically spans 12 months and is used to calc...

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Foreign exchange tax

As we delve into the world of finance, we come across the concept of a special tax that is levied on transactions involving the sale of foreign exchange by domestic banking ...

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Loophole

Tax law offers various opportunities for taxpayers to reduce their tax liabilities. One such opportunity is tax deductions, which allow taxpayers to deduct certain expenses ...

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