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Taxes

Book value

A taxpayer's accounting records reflect the value of their individual assets, which is determined by subtracting any depreciation allowances from the actual cost. This amount is known as the asset's net book value, and it is crucial in understanding the financial standing of a taxpayer. By accurately calculating and recording this value, taxpayers can make informed decisions about their assets and overall financial health. Let's delve deeper into this concept and its significance in the world of finance.

Income tax credit

, debt, Understanding the concepts of credit, tax, and debt is crucial for anyone looking to establish a strong financial foundation. Credit refers to the ability to borrow mo...

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Benefits in kind

One of the fundamental concepts in finance is the notion of non-cash compensation, which encompasses earnings received from employment in forms other than cash. This can inc...

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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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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. Thi...

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