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BENEFICIARY — The one that receives or is to obtain the advantages ensuing from sure acts. In a tax context, the beneficiary is the person entitled to the benefits from belief property or from an insurance coverage policy. BALANCE SHEET — Statement of the financial place of a enterprise as of a specific date. The statement will show the enterprise’s property in a single column and its liabilities and owner’s equity in one other column.
TAX EXPENDITURE — This time period denotes particular preferences provided in income tax legal guidelines which depart from the normal tax structure and that are designed to favour a selected industry, activity or class of taxpayer. SOLE PROPRIETORSHIP — Ownership of all of the property of an unincorporated business by a single individual. The individual owner is personally responsible for all debts of the enterprise. SALE AND LEASEBACK — In a sale and leaseback transaction, the owner of property will promote it to a buyer who then leases it again to the original owner.
Also this term is used to describe a system in the end primarily based on English authorized methods, versus civil legislation methods. CAPTIVE BANK — Wholly owned subsidiary of a multinational group of companies whose function is to provide banking service to the group and people with whom the group offers. A captive bank is usually positioned in a tax haven to find a way to avail itself of the low capital requirements and freedom from change control. BRANCH — Division, workplace or other unit of enterprise situated at a different location from the main office or headquarters.
This methodology is sometimes used to release the value of capital assets for use in a enterprise. RECIPROCITY PRINCIPLE The precept of give-and-take operates in a variety of tax contexts the place an exchange of tax privileges between nations is desired. Reciprocity is a basis for relieving a taxpayer under home legislation, e.g. relief is granted for overseas tax if the other nation provides corresponding or equivalent aid. PROFIT SHIFTING — Allocation of income and bills between associated firms or branches of the identical authorized entity (e.g. by using switch pricing) in order to cut back the overall tax legal responsibility of the group or corporation.
INSTRUMENT — A legal doc that information an act or agreement and supplies the proof of that act or settlement. Instruments embody contracts, notes, and leases (e.g. a debt instrument). INFORMATION RETURN — Declaration made by an individual who has financial information about a possible taxpayer, no matter whether or not that particular person is liable for withholding tax. INDIRECT-CHARGE METHOD — A method of charging for intra-group services primarily based upon value allocation and apportionment methods. INCOME STATEMENT — Statement exhibiting the outcomes of a business operation for a selected time frame.
All even numbers that could presumably be on the Lingo card (2-74) were positioned within the hopper, which may work to a team’s benefit as they could draw a ball that had both already been covered or did not appear on the cardboard in any respect. There was also a gold ball in the hopper and if it was drawn at any point within the staff’s flip, their money doubled on the spot and their turn ended. The team was given five possibilities to guess and were proven the primary letter and one further letter to begin. If the staff guessed the word on the primary try, they drew one Lingo ball from the hopper in entrance of them. Each subsequent probability added a ball to the total, whereas blowing it totally was worth seven balls. WILL — A authorized document that serves as a key vehicle of switch at death.
SERVICE COMPANY — Company inside a multinational group of firms which generally offers help companies, such as administration, sales data, post-sales service or market analysis, for the operating divisions of the group. RETROACTIVE EFFECT — The effect of tax regulation provision in the path of the past, which is allowed only to the benefit jim jones wasted talent torrent of a taxpayer. REINSURANCE Transfer by a major insurer to another insurer of all or a part of any danger it has accepted in a contract of insurance coverage. A variety of countries have adopted particular regimes to cope with cross-border reinsurance. REIMBURSEMENT — The cost of an employee or another get together for incurred expenses or losses.
The reduction in worth of assets over time, usually because of put on and tear. An individual who provides capital for a enterprise start-up in return for a stake within the firm. Building a start-up firm with very little money, usually counting on private savings and pushing for the bottom attainable operating costs, whereas implementing cost-saving methods similar to quick stock turnaround.
DEDUCTIONS — Deduction denotes, in an revenue tax context, an item which is subtracted in arriving at, and which due to this fact reduces, taxable earnings. CORPORATION SHOPPING — Term sometimes used in addition to treaty buying to denote using tax treaty provisions by interposing an organization as a substitute of a unique form of association for which tax aid would not been out there. CENTRE OF VITAL INTEREST — This is among the standards used to resolve the problem of twin residence of people. It refers to the place the place the taxpayer’s personal and economic relationships are nearer.
AMORTIZATION METHOD — Method of computing a credit under a VAT regime where funding goods are purchased which have a helpful life in the business for a period exceeding one year. The tax embodied in the worth paid for the assets may be credited to the dealer over a period of years comparable to the life of the belongings. AGGREGATION — Term used to indicate the including collectively of the taxpayer’s earnings from all sources in order to determine the applicable tax rate for revenue tax functions. On-going costs for operating a business, service or system that features day-to-day expenditure such as gross sales and administration.
