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Taxes

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. This requirement is known as undue hardship and is necessary for the extension to be approved. Without a valid reason for the extension, taxpayers are expected to make their payments on time to avoid any potential financial consequences.

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 financi...

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Lump-sum taxation

These fixed taxes are known as flat taxes. In certain countries, tax authorities have the ability to impose a predetermined amount of taxes on income in specific scenarios,...

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Foreign tax relief

When discussing the topic of foreign tax relief, there are two main approaches that are often used: the credit method and the exemption method. In simple terms, these method...

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Accrual basis (accrual method)

. In finance, there is a method of accounting called accrual basis. It involves recording income and expenses in taxable income or expense when they are earned or incurred, r...

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