Taxation

Countervailing Duty (CVD) is a tariff or tax imposed by a government on imported goods that have benefited from subsidies provided by the exporting country’s government. The purpose of this duty is to level the playing field for domestic producers by offsetting the unfair price advantage that these subsidized imports might have in the domestic […]

Customs and Excise play integral roles in regulating international trade and domestic consumption through the imposition and collection of duties and taxes. This article explores what Customs and Excise entail, their functions, practical examples, and their significance in economic governance. Key Points about Customs and Excise Exploring Customs and Excise in Detail Let’s delve deeper

A Customs Tariff is a fundamental aspect of international trade and commerce. This article aims to clarify what a Customs Tariff entails, its implications, and provide practical examples to illustrate its significance. Key Points about Customs Tariff Exploring Customs Tariff in Detail Let’s delve into the definition, examples, and importance of Customs Tariff in global

Death duties, also known as inheritance taxes or estate taxes, are taxes imposed by governments on the transfer of assets from a deceased person to their heirs. These taxes are levied based on the value of the deceased person’s estate at the time of death and are intended to generate revenue for the government. Key

Deductions at source refer to the practice of withholding a portion of an individual’s income or payment at the time it is earned or received, rather than after it has been paid out. This process ensures that certain obligations or contributions are fulfilled directly from the source of income, typically by the payer before transferring

Deferred Taxation is a concept in accounting and finance where taxes that are due in the future are recognized on the current financial statements. This occurs because of differences between accounting rules and tax laws, which cause income or expenses to be recognized in different periods for financial reporting and tax purposes. Key Characteristics of

Direct taxation refers to taxes that are directly imposed on individuals and organizations. These taxes are paid directly to the government by the person or entity on whom they are levied. Unlike indirect taxes, which are collected by intermediaries (like sales taxes collected by retailers), direct taxes are paid straight to the government. Key Characteristics

A discriminating tariff refers to a customs duty or tax imposed on imported goods that varies depending on the country of origin. It is designed to discriminate between different exporting countries by applying different tariff rates based on factors such as trade agreements, economic policies, or geopolitical relations. Discriminating tariffs aim to protect domestic industries,

Double taxation happens when the same income is taxed twice. This can be a big issue for both businesses and individuals. Double taxation is most commonly seen in corporate settings but can also affect individuals. Types of Double Taxation There are two main types of double taxation: Let’s break these down: Corporate Double Taxation Corporate

A dual-capacity system refers to a framework where a government or entity taxes income earned both domestically and internationally, often using specific rules and calculations to avoid double taxation. This article explains what a dual-capacity system entails, its application in taxation, examples to illustrate its function, and the implications for businesses and governments. What is