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Taxes

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 late filing or payment, negligence, and providing false information. These penalties are added to the tax amount and assessed accordingly. On the other hand, criminal penalties can only be enforced through legal action. In cases of serious tax fraud, individuals may face imprisonment. It is crucial to abide by tax laws to avoid such severe consequences.

Source principle of taxation

One fundamental principle in the realm of international taxation is the concept of territorial taxation. This principle dictates that a country has the right to tax all inco...

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Underlying tax

Corporate income tax is a type of tax that companies have to pay on their profits. This tax is charged on the income that is eventually used to pay dividends to shareholders...

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Transfer tax

When discussing the topic of taxation, it is important to understand the concept of transfer tax. This type of tax is imposed on the exchange of goods and rights, such as th...

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Deficiency

One essential concept in finance is the concept of tax liability. This refers to the amount of tax that a taxpayer is required to pay to the government for a specific taxabl...

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