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Taxes

Wear and tear

As we delve into the world of finance, it is important to understand the concept of depreciation. This refers to the decrease in value of an asset due to its regular usage. In order to accurately calculate business profits, most income tax systems allow for deductions in relation to buildings, plant, and machinery that undergo wear and tear during business operations.

Assessment

on a transaction Calculating the tax owed on a financial transaction is known as tax computation. This involves analyzing the relevant tax laws and regulations to determine...

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Abatement

In cases where an assessment is deemed inaccurate, there may be a reduction in the tax, penalty, or interest levied. This reduction serves to rectify the erroneous assessment ...

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Invoice company

Transfer pricing is a common concept in the world of finance, and one term that often comes up is "tax haven company." This refers to a company that is set up in a jurisdict...

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Luxury taxes

The concept of an indirect ad valorem tax may seem complicated, but it's actually quite simple. This tax is applied to certain luxury goods, such as toiletries, cosmetics, a...

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