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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.

Provisional assessment

In finance, an assessment of tax is conducted before a final assessment can be made. This initial assessment is typically based on an estimated figure or the previous year's...

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Tax foreclosure

As you may be aware, a lien is a legal claim against a property to secure payment of a debt. In the case of property taxes, if the owner fails to pay the required amount, th...

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Source principle of taxation

One fundamental principle in the realm of international taxation is the concept of territorial taxation. This principle dictates that a country has the right to tax all inco...

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Permanent establishment (pe)

In the realm of finance, there exists a term known as "permanent establishment," which holds particular significance in the context of double taxation agreements. This term...

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