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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.

Tax on tax

Tax-inclusive prices refer to the total cost of a product or service, including any applicable taxes. When a tax is charged on top of these prices, it is known as a "tax on ...

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Jurisdiction

In the realm of finance, one may come across the term "Tax Jurisdiction" which refers to the power, right, or authority to interpret and apply tax laws or decisions. It is cr...

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Ruling

Tax authorities make decisions or give opinions based on factual situations that are presented to them during assessments or in response to inquiries from taxpayers. These d...

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Vertical equity

The concept of tax equity posits that individuals with varying financial situations should be subject to different tax rates. In other words, those with higher income and ca...

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