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Taxes

Terrtoriality principle

One commonly used term in the world of finance is "territorial taxation". This concept refers to the practice of taxing individuals or businesses only within the boundaries of a particular country or sovereign tax authority. In countries that adopt this approach, residents are not required to pay taxes on any income earned from foreign sources. This principle is often seen as a way to promote economic growth and incentivize individuals and businesses to invest and do business within their own country.

Examination

Tax return examination, also known as tax review, is a thorough evaluation of a taxpayer's financial records, including tax returns, accounts, and self-assessment calculatio...

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Advance pricing arrangement (apa)

Welcome to our lesson on advance pricing arrangements in finance. An advance pricing arrangement is a pre-determined set of guidelines that determine the transfer pricing fo...

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Quarantining

The foreign tax credit system involves the calculation of foreign tax payable on specific categories of foreign income, which can then be applied as a credit towards domesti...

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Competent authority (ca)

A forum has been established to resolve any disputes that may arise from the application or interpretation of a double tax treaty. Each country involved in the treaty design...

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