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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.

Source principle of taxation

One fundamental principle in the realm of international taxation is the concept of territorial taxation. This principle dictates that a country has the right to tax all inco...

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Return

Taxpayers are required to submit declarations of their income, sales, and other relevant details, either personally or through a representative. These declarations are commo...

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Fee

Central and local governments levy fees as a form of payment for specific services provided to citizens. These fees are distinct from taxes and are not typically included in...

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Profits tax

Businesses are often subject to a tax called corporate income tax, which is imposed on their profits. This tax is separate from the ordinary income tax that individuals pay ...

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