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Taxes

Gross income

In the world of finance, gross receipts refer to the total amount of money or assets received by an individual or business for their services. This can include both cash and property received as compensation for independent personal services. Additionally, gross receipts also encompass any income derived from a trade, business or service, such as interest, dividends, royalties, rentals, and fees. In essence, it encompasses all forms of compensation received by a taxpayer, making it an important term to understand in the realm of finance.

Payroll tax

One of the essential terms in the field of finance is payroll tax. This refers to the tax that an employer must pay on the total amount of salaries, wages, and other forms o...

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Debt dumping

When a company is unable to collect a debt, it may choose to transfer it to a group company in a different country with a higher tax rate. This allows the company to write o...

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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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Residence principle of taxation

The fundamental concept of taxation, known as residence-based taxation, dictates that individuals who are considered residents of a country are liable to pay taxes on their ...

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