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Taxes

Wear and tear

As we delve into the world of finance, it is important to understand the concept of depreciation. This refers to the decrease in value of an asset due to its regular usage. In order to accurately calculate business profits, most income tax systems allow for deductions in relation to buildings, plant, and machinery that undergo wear and tear during business operations.

Profit ratio

One of the fundamental concepts in finance is the return on capital, which measures the profitability of a company in relation to its invested capital or net worth. This rat...

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Imputed interest

One important concept in finance is implied interest. When a mortgage includes an interest rate that is deemed insufficient by tax law, the government will impute a higher r...

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Tax unit

In the realm of personal income tax, the concept of taxation can be applied to individual entities or a collective group viewed as a single unit. This terminology is often u...

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Field audit

This is known as a field audit. A crucial aspect of tax compliance is the field audit, where tax authorities assess a taxpayer's tax return at their place of business. This...

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