Tooltip Tags: taxation

withholding

An amount of an employee’s income that an employer sends directly to the federal, state, or local tax authority as partial payment of that individual’s

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wealth tax

It is a tax based on the market value of assets that are owned. These assets include, but are not limited to, cash, bank deposits,

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VAT declaration

A statement declaring that proportion of a business’s income that is liable to VAT. (source: http://www.qfinance.com/dictionary/vat-declaration)

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VAT payable

VAT registered businesses collect VAT on behalf of the government. Businesses add a certain percentage of the sales price as VAT and charge the full

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value added tax [VAT]

A type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. Value-added

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value added

The difference between the sale price and the production cost of a product is the unit profit. (source: http://en.wikipedia.org/wiki/Value_added)

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taxpayer

One that pays or is liable for a tax. (source: http://www.merriam-webster.com/dictionary/taxpayer)

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tax-free

A commercial transaction exempt from customs or excise duties.

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taxable event

Ttransaction or occurrence that has tax consequences. (source: http://www.investorwords.com/4880/taxable_event.html)

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