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Taxes

Single entity approach

One method of taxing a legal entity's business is through a permanent establishment, rather than a subsidiary company. This approach, known as the single entity approach, treats a head office and permanent establishment as a single taxpayer for tax purposes. This means that even though they may be considered separate entities under accounting or commercial law, they are treated as one for taxation.

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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Current assets

In the realm of finance, we often come across terms such as cash, accounts receivable, inventory, and other assets. These are assets that hold the potential to be converted ...

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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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Destination principle

One of the core principles in a VAT system is the destination principle. This principle requires that VAT on goods is paid in the country where the buyer resides, also known...

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