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Taxes

Self-assessment

In the realm of finance, there exists a system that mandates taxpayers to disclose the basis of their assessment, such as their taxable income. This process also involves submitting a calculation of the due taxes and, most often, accompanying it with the corresponding payment. It is the responsibility of tax authorities to review these declarations, possibly through random audits, to ensure the accuracy of the taxpayer's reported income.

Non-resident alien

A non-resident individual, also known as a foreigner, is someone who does not reside in the country they are being taxed in and is not a citizen or national of that country....

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Residence principle of taxation

The fundamental concept of taxation, known as residence-based taxation, dictates that individuals who are considered residents of a country are liable to pay taxes on their ...

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Loss relief

Income tax laws often include provisions for mitigating losses, commonly through carrying them over to offset against profits in previous or future years, or by using them t...

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Abuse of law

is called the Substance Over Form Principle. The Substance Over Form Principle is a fundamental concept in finance that allows tax authorities to disregard a taxpayer's use ...

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