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Taxes

Non-recourse debt

A non-recourse debt is a type of financing where the borrower is not personally liable for the repayment of the debt. This means that the lender can only use the pledged collateral to satisfy the debt, and cannot go after the borrower's other assets. This type of debt is commonly used in real estate financing, where the property acts as collateral for the loan. It is important to understand the implications of non-recourse debt before entering into any financial agreements.

De minimis

In the realm of taxation, there exists a phrase that pertains to situations where the strict enforcement of tax laws is not applied. This is often due to the insignificance ...

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Zero rate

In finance, "zero-rated" refers to a tax rate of 0% that is applied to certain goods or services. Specifically, this term is commonly used in the context of VAT, or value-ad...

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Bank secrecy provisions

Bank secrecy laws are regulations that mandate financial institutions to keep customer information confidential from external parties, such as tax authorities. These provisi...

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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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