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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.

Schedular tax system

A fundamental concept in finance is the tax system, which involves the separate taxation of income from various sources. This means that different "schedules" are used to de...

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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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Legal reserve

In certain jurisdictions, corporations are mandated to establish a legal reserve to cover any potential business expenses. This requirement falls under civil law regulations...

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Stamp duties

is a In the realm of finance, there exists a tax known as stamp duty. This tax is imposed upon the issuance of official documents, such as passports, property deeds, and con...

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