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Ministry of finance (mof)

In the field of economics, the government's role in managing the nation's financial affairs falls under the jurisdiction of the department responsible for formulating monetary policies, implementing tax laws, and collecting revenue. This department plays a crucial role in stabilizing the economy and ensuring the efficient allocation of resources. Let's delve deeper into the intricacies of these financial terms and understand their significance.

Accrual basis (accrual method)

. In finance, there is a method of accounting called accrual basis. It involves recording income and expenses in taxable income or expense when they are earned or incurred, r...

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Examination

Tax return examination, also known as tax review, is a thorough evaluation of a taxpayer's financial records, including tax returns, accounts, and self-assessment calculatio...

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Tax relief

Tax planning is the umbrella term for all strategies employed to minimize tax payments, regardless of the specific approach. It involves careful analysis of financial activi...

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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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