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Taxes

Personal allowances

This can reduce the taxable income and thus, the amount of tax owed.

As we delve into the realm of personal finance, it is crucial to understand the concept of personal allowances. These allowances serve as deductions from an individual's income when calculating their taxable income. Typically, one can claim allowances for themselves, their spouse, children, and other dependents. By reducing the taxable income, these allowances can ultimately lower the amount of tax that an individual owes.

Amortization method

In the world of finance, there exists a method of calculating credit under a VAT regime that involves the purchase of investment goods with a useful business life of over on...

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Evasion

Tax evasion is a complex concept that often involves the concealment of income or information from tax authorities in order to pay less tax than what is legally required. Th...

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Credit, underlying (indirect) tax

When discussing dividends, it is important to consider the credit for underlying tax. This credit pertains to the tax imposed on a company's profits, which are then used to ...

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Pro rata rule

VAT systems typically allow for a credit on input tax, which refers to the VAT previously paid on goods and services. This credit can be claimed when these items are used in...

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