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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.

Soak-up tax

A foreign tax credit is a financial term that refers to a tax or levy that is dependent on the availability of a tax credit in another country. This means that if a taxpayer ...

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Buy-in payment

When a new participant joins a CCA, they make a payment to acquire a stake in the outcomes of previous CCA efforts. This is known as a buy-in payment. It allows the new entr...

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Deferred income

Deferred income refers to the money that will be earned at a later time, resulting in a delay in paying taxes. This concept is often applied to investments, where the income...

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Premium at the issue of shares

When a corporation issues shares with a value higher than its par value, it is referred to as excess of issue value. This amount is not considered as profits and is instead ...

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