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Personal holding company

A company is a business entity in which an individual or group holds ownership of the majority of shares. It serves as a vehicle for the taxpayer to receive investment income. This structure allows for the separation of personal and business assets and liabilities. As a knowledgeable professor in finance, I encourage understanding the implications of such a setup to make informed investment decisions.

Lump-sum exempt amounts

A tax-free threshold is a set amount of income or net worth that individuals are allowed to earn without being subject to taxation. It serves as a fixed sum that acts as a m...

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Taxable period

In finance, taxes are imposed over a specific time frame known as the "taxable period". This duration is determined by the government and is crucial for calculating the amoun...

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Accounting basis

One of the key elements in understanding finance is the calculation of income tax and value-added tax (VAT). For VAT, the taxable amount is calculated by subtracting purchas...

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Lump-sum taxation

These fixed taxes are known as flat taxes. In certain countries, tax authorities have the ability to impose a predetermined amount of taxes on income in specific scenarios,...

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