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Taxes

Loss relief

Income tax laws often include provisions for mitigating losses, commonly through carrying them over to offset against profits in previous or future years, or by using them to reduce other income within the same tax year. These measures provide a means for taxpayers to mitigate the financial impact of losses incurred in their business or personal endeavors. This can be particularly beneficial for businesses facing economic challenges or individuals experiencing unexpected financial setbacks.

Privilege (diplomatic)

Diplomatic agents and consular officers are typically exempt from taxation in the countries they are assigned to, either through international law or specific agreements. Th...

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Taxable year

The tax liability of an individual or entity is determined over a period of time, commonly known as the "tax year". This period typically spans 12 months and is used to calc...

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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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Double taxation treaty

A tax treaty is an agreement between two countries that sets out the rules for how individuals and businesses are taxed when they have income in both countries. These treati...

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