Tag: International Tax Law
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Tax Evasion
Tax Evasion means:any method of avoiding or reducing taxes not permitted by law. A failure to pay or a deliberate underpayment of taxes. Such evasion, which involves deceit, subterfuge, camouflage, concealment, or an attempt to color or obscure events, carries heavy penalties. It is not […]
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Amortization
Amortization may have one of the following meanings, depending the context of the term: 1. the systematic write-off of costs incurred to acquire an intangible asset, such as patents, copyrights, and organization expenses, over its useful life. Former IRC (check if this IRC provision is current […]
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Capitalize
Capitalize may have one of the following meanings, depending the context of the term: 1. to record capital outlays as additions to asset accounts, not as expenses. See also capital expenditure. 2. to convert a lease obligation to an asset/liability form of expression called a capital lease; […]
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Malpractice
Malpractice means:improper or immoral conduct of a professional in the performance of his duties, done either intentionally or through carelessness or ignorance; commonly applied to accountants, tax preparers, and lawyers to denote negligent or unskillful performance of duties where professional…
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Administrative Expense
About Administrative Expense: There are several type of expenses often grouped with general expense. Like in many OCDE countries, administratives expenses are defined as “expenses that are not as easily associated with a specific function as are the direct costs of manufacturing and selling. Adminis…
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Discount
Discount may have one of the following meanings, depending the context of the term: 1. the difference between a bond's current market price and its face value. 2. a manner of selling securities such as U.S. Treasury bills, which are issued at less than face value and are redeemed at face value; the …
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Thin Capitalization
Thin Capitalization means:capitalization derived primarily by loans from the shareholders of a corporation rather than by stock investment. A company or corporation is said to be “thinly capitalised” when its equity capital is small in comparison to its debt capital. The main tax advantage attem…
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Progression
About Progression: The rates of individual income tax are usually progressive, i.e. an increasing proportion of income must be paid in tax as the income increases. See Progressive Tax and Progressive Tax. S…
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Cost Plus Method
Cost Plus Method is. one of five methods for determining an arm's-length price for tangible asset transfers. The arm's-length price is equal to the controlled party's cost of producing the property, plus a gross profit markup.U.S. and other Developed Countries International Tax MeaningA tra…
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OECD
About OECD: The OECD (Organization for Economic Co-operation and Development) is a multilateral organization comprised of 30 countries, which are mostly Western European countries and other industrialized countries including US and Japan. Founded in 1961, the OECD provides a forum for representative…