Monday, March 18, 2013

Lesson-4 on Tax



Question: What is Taxable Event ?
Answer:
It is the  Term used to define an occurrence which affects the liability of a person to tax.

Question: What is Taxable Period ?
Answer:
Taxes are levied by reference to a period of time called the "taxable period". Tax year

Question: Who is Tax Agent ?
Answer:
Term which refers to a tax adviser who assists the taxpayer in fulfilling his obligations under the legislation.

Question: What is Tax Bill 
Answer:
Draft law on a tax matter which, after approval by the government of a country, is submitted to the Parliament for debate.

Question: What is Tax Clearance Certificate ?
Answer:
Document issued to a taxpayer by the tax authorities certifying that the taxpayer has either paid all taxes due or that he is not liable to any taxes. In certain countries a tax clearance certificate must be produced before a person can leave the country.

Question: Who is Tax Exile ?
Answer :
A natural or legal person who severs all ties which make him fiscally resident in a particular country and moves to another jurisdiction for tax reasons.

Question: What is Tax Foreclosure?
Answer:
The process of enforcing a lien against property for non-payment of delinquent property taxes.

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