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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.

Foreign-source income

Foreign income is any income earned from countries other than the country where the taxpayer lives. This can include earnings from investments, businesses, or employment in ...

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Extended limited tax liability

One important principle in finance is the concept of tax jurisdiction and its impact on taxpayers. Specifically, individuals who are subject to individual income tax, net wo...

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Investment reserve

In the world of finance, there exists a system that allows qualifying taxpayers to earmark a portion of their earnings as a reserve for future investments. This reserve can ...

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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 all...

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