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Taxes

Tax information exchange agreement (ties)

In the world of finance, there exists a crucial concept known as the Tax Information Exchange Agreement. This agreement enables governments to exchange vital tax and financial information with each other, in an effort to combat illegal activities such as tax evasion and drug trafficking. Through this agreement, countries can work together to ensure transparency and integrity in the financial landscape, promoting a fair and just system for all.

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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Floors

Tax benefits and detriments are subject to lower limits, such as in the case of medical expenses. In order for a taxpayer to claim a deduction, the expenses must exceed the ...

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Double taxation treaty

A tax treaty is an agreement between two countries that sets out the rules for how individuals and businesses are taxed when they have income in both countries. These treati...

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Amortization method

In the world of finance, there exists a method of calculating credit under a VAT regime that involves the purchase of investment goods with a useful business life of over on...

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