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Credit, withholding tax

Income from different sources, such as dividends, interest, and royalties, is subject to taxation at the source. This means that the payer is responsible for deducting the tax and reporting it to the appropriate tax authorities. As a taxpayer, you have the right to claim credit for the tax withheld at the source when calculating your final tax liabilities. This is determined by the tax laws of the country where you reside.

Provisional assessment

In finance, an assessment of tax is conducted before a final assessment can be made. This initial assessment is typically based on an estimated figure or the previous year's...

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Alien, tax treatment of

In the world of finance, we often come across the term "alien" when discussing tax liabilities. An alien is simply a person who is not a citizen of the country they reside i...

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Field audit

This is known as a field audit. A crucial aspect of tax compliance is the field audit, where tax authorities assess a taxpayer's tax return at their place of business. This...

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Mortgage tax

A common obligation for homeowners, the tax on mortgages takes the form of a stamp duty imposed on the mortgage contract. This financial burden, often overlooked, can signif...

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