![]() ![]() ![]() In respect of VAT, tax would be computed as a percentage levy on the excess of sales over purchases. They are not considered to necessarily reflect official position of the OECD in interpreting international tax terms, for example, in the tax treaty context.Ī- B- C- D- E- F- G- H- I- J- K- L- M- N- O- P- Q- R- S- T- U- V- W- ZĪBATEMENT - A reduction in the assessment of tax, penalty or interest when it is determined the assessment is incorrectĪBUSE OF LAW - The doctrine which allows the tax authorities to disregard a civil law form used by the taxpayer which has no commercial basisĪCCELERATED DEPRECIATION - Method of depreciation under which taxpayers may allocate larger depreciation deductions to the first year or first few years of useful business assets, such as plant and machineryĪCCOUNTING BASIS - Method of calculating amounts subject to income tax and VAT. Green growth and sustainable developmentĭisclaimer: Explanations on the terms are very condensed and may not be complete.
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