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Taxes

Tax

This can take the form of financial contributions or services provided by individuals or businesses. As an expert in finance, I would like to introduce the OECD's definition of a tax. According to this, a tax is a mandatory payment or provision of services to the government, without expectation of anything in return. This can be in the form of monetary contributions or services provided by individuals or businesses. This definition is crucial to understand the role of taxes in a country's economy.

Nationality principle

As we delve into the complexities of taxation, it is important to understand the impact of a taxpayer's nationality on their tax obligations. While it may influence the way i...

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Origin principle

Under the value-added tax (VAT) system, there exists a principle known as "origin-based taxation." This means that the country where the goods are produced is responsible fo...

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Credit, tax

Tax deductions refer to the reduction of taxable income, resulting in a lower amount of tax owed. This is different from offsetting against income, as it directly reduces th...

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Lump-sum deductions

Tax deductions, commonly applied to one's income, are used to calculate taxable income. However, they may not always accurately represent the true financial situation. It's ...

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