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Personal holding company

A company is a business entity in which an individual or group holds ownership of the majority of shares. It serves as a vehicle for the taxpayer to receive investment income. This structure allows for the separation of personal and business assets and liabilities. As a knowledgeable professor in finance, I encourage understanding the implications of such a setup to make informed investment decisions.

Value added tax (vat)

Value-added tax, or VAT, is a type of turnover tax that is applied at every stage of production and distribution. While the end consumer is ultimately responsible for paying...

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Zero rate

In finance, "zero-rated" refers to a tax rate of 0% that is applied to certain goods or services. Specifically, this term is commonly used in the context of VAT, or value-ad...

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Accounting records

"Let's take a look at the various documents and books that play a crucial role in preparing a tax return and financial statements. These include the general ledger, which re...

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Second-tier subsidiary

A subsidiary is a taxable entity under the control of another taxable entity, which is in turn controlled by a third entity. This type of structure allows for a hierarchy of...

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