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Taxes

Supplemental assessment

Tax liabilities are subject to determination by the tax authorities if an initial assessment is found to be incomplete or incorrect in a material aspect. This discretionary power of the authorities allows for adjustments to be made in order to accurately assess the correct amount of tax owed by the taxpayer. It is important for individuals and businesses to understand this aspect of taxation in order to comply with the relevant laws and regulations.

Undue hardship

An extension of time to make tax payments is only granted when a taxpayer can prove that making the payment on the due date would result in a significant financial loss. Thi...

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Double taxation, domestic and international

Let's dive into the concept of double taxation, a common term in the realm of finance. Domestic double taxation occurs when a federal state imposes comparable taxes on a tax...

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Estimated assessment

When it comes to income tax, it is important to keep accurate records in order to determine the amount of tax that is due. This is especially crucial for small traders, who ...

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Nationality principle

As we delve into the complexities of taxation, it is important to understand the impact of a taxpayer's nationality on their tax obligations. While it may influence the way i...

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