Medi Assist Healthcare IPO

Home Taxes

Finance Wiki

Trending Categories

All Financial Terms Financial Instruments Market Entities Corporate Actions Public Offerings Fixed Income Instruments Currency Commodity Mutual Funds Derivatives Trading Terms Taxes

More

Derivatives Trading Terms Taxes Property Fixed Income Credit Cards Options and Futures Stocks Insurance IPO Technicals Retirement Planning Loans Gold Bank Deposits

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

X

Y

Z

#

Taxes

Personal allowances

This can reduce the taxable income and thus, the amount of tax owed.

As we delve into the realm of personal finance, it is crucial to understand the concept of personal allowances. These allowances serve as deductions from an individual's income when calculating their taxable income. Typically, one can claim allowances for themselves, their spouse, children, and other dependents. By reducing the taxable income, these allowances can ultimately lower the amount of tax that an individual owes.

Substance over form doctrine

Tax authorities have the authority to disregard the legal structure of an arrangement and instead focus on its true essence. This is known as the substance over form doctrin...

More

Soak-up tax

A foreign tax credit is a financial term that refers to a tax or levy that is dependent on the availability of a tax credit in another country. This means that if a taxpayer ...

More

Commodity tax

Tax is a financial obligation imposed on a specific set of goods. It is a form of revenue for the government and is often used to regulate consumption. The amount of tax imp...

More

Privileged tax regime

A commonly used term to describe the tax system of a country known for its favorable tax policies. This term is often used to refer to a jurisdiction that offers low or no t...

More