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Taxes

Comparable uncontrolled price (cup) method

Transfer pricing is a fundamental concept in finance that involves evaluating the price of transferred property or services in a controlled transaction with that of a comparable uncontrolled transaction in similar circumstances. This method allows for a fair and accurate assessment of the value of such transactions, ensuring transparency and compliance with regulations. It is essential for businesses to understand and implement transfer pricing to maintain ethical and trustworthy financial practices.

Grandfather clause

When a law is modified or a tax treaty is formed or changed, there is a temporary clause that preserves any existing legislation. This clause ensures that the current legisl...

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Tax evasion

Evasion, also known as tax avoidance, is a term used in finance to describe the practice of reducing or avoiding taxes through legal means. This can include taking advantage...

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Accounting records

"Let's take a look at the various documents and books that play a crucial role in preparing a tax return and financial statements. These include the general ledger, which re...

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Output tax

In the realm of taxes, one term that is frequently encountered is "output tax". This refers to the tax that is imposed on the sale of goods or services by individuals or bus...

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