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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.

Notice of assessment

Tax assessment is the final verdict of the tax authorities, based on a thorough evaluation of an individual's tax return. This process involves determining the taxable incom...

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Accounting period

is known as Tax Year. This is typically a calendar year, but can also be a fiscal year based on the specific accounting period of a business. The concept of a tax year refe...

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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 ...

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Debt dumping

When a company is unable to collect a debt, it may choose to transfer it to a group company in a different country with a higher tax rate. This allows the company to write o...

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