I found an interesting list of tax terms. I thought so long as the banks are going to be evading taxes everyone might want an interesting list of definitions to sort out what taxes they are evading and where the credits for default swaps are added on a income tax return.
Disclaimer: Explanations on the terms are very condensed and may not be complete. They are not considered to necessarily reflect official position of the OECD in interpreting international tax terms, for example, in the tax treaty context.
Disclaimer: Explanations on the terms are very condensed and may not be complete. They are not considered to necessarily reflect official position of the OECD in interpreting international tax terms, for example, in the tax treaty context.
ABATEMENT -- A reduction in the assessment of tax, penalty or interest when it is determined the assessment is incorrect
ABUSE OF LAW -- The doctrine which allows the tax authorities to disregard a civil law form used by the taxpayer which has no commercial basis
ACCELERATED 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 machinery
ACCOUNTING BASIS -- Method of calculating amounts subject to income tax and VAT. In respect of VAT, tax would be computed as a percentage levy on the excess of sales over purchases. This is a theoretical concept and no country uses it.
ACCOUNTING PERIOD -- A period of time used by taxpayer for the determination of tax liability
ACCOUNTS PAYABLE -- A list of the debts currently owed by a person or business, mainly for the purchase of services, inventory, and supplies
ACCOUNTS RECEIVABLE -- A list of the money owed on current account to a creditor, which is kept in the normal course of the creditor's business and represents unsettled claims and transactions
ACCOUNTING RECORDS -- All documents and books used in the preparation of the tax return and all financial statements, including general ledger, subsidiary ledgers, sales slips, and invoices.
ACCRUAL BASIS (ACCRUAL METHOD) -- An accounting method whereby income and expense items are included in taxable income or expense as they are earned or incurred, rather than when they are received or paid
AD VALOREM TAX -- A tax on goods or property expressed as a percentage of the sales price or assessed value
ADMINISTRATIVE COMPANY -- See: Service company
ADMINISTRATIVE EXPENSES -- Expenses that are not as easily associated with a specific function as are the direct costs of manufacturing and selling. It typically includes expenses of the headquarters office and accounting expenses.
ADMINISTRATIVE OFFICE -- Office frequently located in a country other than that of the headquarters office, the parent company or country of operation.
ABUSE OF LAW -- The doctrine which allows the tax authorities to disregard a civil law form used by the taxpayer which has no commercial basis
ACCELERATED 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 machinery
ACCOUNTING BASIS -- Method of calculating amounts subject to income tax and VAT. In respect of VAT, tax would be computed as a percentage levy on the excess of sales over purchases. This is a theoretical concept and no country uses it.
ACCOUNTING PERIOD -- A period of time used by taxpayer for the determination of tax liability
ACCOUNTS PAYABLE -- A list of the debts currently owed by a person or business, mainly for the purchase of services, inventory, and supplies
ACCOUNTS RECEIVABLE -- A list of the money owed on current account to a creditor, which is kept in the normal course of the creditor's business and represents unsettled claims and transactions
ACCOUNTING RECORDS -- All documents and books used in the preparation of the tax return and all financial statements, including general ledger, subsidiary ledgers, sales slips, and invoices.
ACCRUAL BASIS (ACCRUAL METHOD) -- An accounting method whereby income and expense items are included in taxable income or expense as they are earned or incurred, rather than when they are received or paid
AD VALOREM TAX -- A tax on goods or property expressed as a percentage of the sales price or assessed value
ADMINISTRATIVE COMPANY -- See: Service company
ADMINISTRATIVE EXPENSES -- Expenses that are not as easily associated with a specific function as are the direct costs of manufacturing and selling. It typically includes expenses of the headquarters office and accounting expenses.
ADMINISTRATIVE OFFICE -- Office frequently located in a country other than that of the headquarters office, the parent company or country of operation.
ADVANCE PRICING ARRANGEMENT (APA) -- An arrangement that determines, in advance of controlled transactions, an appropriate set of criteria (e.g. method, comparables and appropriate adjustments thereto, critical assumptions as to future events) for the determination of the transfer pricing for those transactions over a fixed period of time. An advance pricing arrangement may be unilateral involving one tax administration and a taxpayer or multilateral involving the agreement of two or more tax administrations....
...ALIEN, TAX TREATMENT OF -- A person who is not a citizen of the country in which he or she lives. In general, most countries do not distinguish between nationals and aliens for tax purposes; rather tax liability is based on residence and/or domicile....
...ALIEN, TAX TREATMENT OF -- A person who is not a citizen of the country in which he or she lives. In general, most countries do not distinguish between nationals and aliens for tax purposes; rather tax liability is based on residence and/or domicile....
