Taxation
7 important questions on Taxation
What institution has exclusive right to tax their citizens?
How does the national government tax its citizens?
- Power of tax: dependant on the relationship between citizen to the state + relation of the state to person as a citizen
- National principle: The government benefits the citizen and his/her property wherever it is located
Explain who and what can be taxed
- The income of individuals
- Profits of companies
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Name + explain the 3 types of income sources
- Property located within the country
- Any trade/ profession
- Employment carried on in the country
Name + explain 3 forms of relief for double taxation
- Exemption system: Income is taxed in 1 state and exempted in another
- Credit system: Tax paid in 1 state may be used as credits for tax due in another state
- Deduction system: Tax payed in 1 state may be deducted as an expense from tax due in another state ( Based on net profit of subsidiary)
Explain how permanent establishment affects double taxation
Includes:
- Branch offices, factorises + workshops
- Mines, oil and gas well quarries and other places for extracting natural resources
- Building sites, construction projects and assembly projects that last for more than 12 months
Explain force-of attraction rule
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