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Taxes

Provisional assessment

In finance, an assessment of tax is conducted before a final assessment can be made. This initial assessment is typically based on an estimated figure or the previous year's figures. It is an important step in the tax process, providing a preliminary understanding of the taxes owed. This allows for planning and preparation before the final assessment is made. As a knowledgeable professor, I urge you to always stay informed and updated on these financial terms to make informed decisions.

Economic double taxation

Double taxation refers to the situation where an individual or company is taxed twice on the same income or asset. This can happen due to conflicting tax laws in different ...

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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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Taxable base

In the world of finance, we often come across the term "tax base". This refers to the specific entity or value to which the tax rate is applied. For instance, it could be co...

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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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