{"id":4445,"date":"2024-05-25T06:37:56","date_gmt":"2024-05-25T06:37:56","guid":{"rendered":"https:\/\/3dprintersinindia.com\/sites\/mauritius_finance\/?p=4445"},"modified":"2024-06-01T06:57:13","modified_gmt":"2024-06-01T06:57:13","slug":"taxation-terminology","status":"publish","type":"post","link":"https:\/\/3dprintersinindia.com\/sites\/mauritius_finance\/?p=4445","title":{"rendered":"Taxation terminology"},"content":{"rendered":"\n

Audit<\/strong><\/h2>\n\n\n\n

It is an official examination that is done to check a company’s financial records to confirm that an individual or organisation has paid their taxes.\u00a0<\/p>\n\n\n\n

Capital Gain<\/strong><\/h2>\n\n\n\n

It refers to the money you gain when you sell an asset at a higher price than you originally paid for it. For example: If you buy a stock at 200 USD you can sell it at 250\u00a0 USD then the capital gained will be 50 USD.\u00a0<\/p>\n\n\n\n

Corporation Tax<\/strong><\/h2>\n\n\n\n

It is a tax imposed on the profit of a business, and the rate will vary depending on the country you live in. <\/strong>For example: If a company gains a profit of 200,000 MUR, he will have to pay 40,000 MUR of tax.<\/p>\n\n\n\n

Cost Recovery<\/strong><\/h2>\n\n\n\n

The capacity of firms to recoup the costs of their investment.<\/p>\n\n\n\n

Deductions<\/strong><\/h2>\n\n\n\n

A deduction is a decrease in a taxpayer\u2019s gross income, this will reduce the amount of money that a business or individual has to pay.\u00a0<\/p>\n\n\n\n

Double Taxation<\/strong><\/h2>\n\n\n\n

Double taxation happens when the same income is taxed twice, either a business taxes its earnings and then adds a tax on the dividends distributed to shareholders or an individual income is taxed both in his home country and abroad.<\/p>\n\n\n\n

Depreciation<\/strong><\/h2>\n\n\n\n

Depreciation refers to the steady decline of assets such as machinery or vehicles brought by a company by usage or other issues, over time their financial value declines.\u00a0<\/p>\n\n\n\n

Exemption<\/strong><\/h2>\n\n\n\n

An exemption can be seen as a particular arrangement or exclusion that can lessen or completely eliminate tax imposed on an individual or organisation.<\/p>\n\n\n\n

Excise Tax<\/strong><\/h2>\n\n\n\n

Excise taxes are usually put on specific products such as Alcoholic drinks, cigarettes, and petrol.\u00a0<\/p>\n\n\n\n

Foreign direct investment (FDI)<\/strong><\/h2>\n\n\n\n

This happens when an investor becomes a long-term stakeholder in a business located abroad, thus contributing to the global economy of a country.<\/p>\n\n\n\n

Fixed Assets\u00a0<\/strong><\/h2>\n\n\n\n

Fixed assets is a company’s long-term assets such as buildings, equipment, machinery.\u00a0<\/p>\n\n\n\n

Gross Income<\/strong><\/h2>\n\n\n\n

It refers to the amount of money received either by a corporation or business before any deduction is made. It covers all forms of income from salaries to dividends.<\/p>\n\n\n\n

Indirect Tax<\/strong><\/h2>\n\n\n\n

An indirect Tax can be imposed on an individual or a group of people such as manufacturers then transferred to someone else, typically the consumer. This tax is collected by a merchant and imposed on products and services.<\/p>\n\n\n\n

Inflation<\/strong><\/h2>\n\n\n\n

The rise in price of products and services due to political instability in a country, war, or terrorism, which affects import and export.<\/p>\n\n\n\n

Inheritance Tax<\/strong><\/h2>\n\n\n\n

when an individual dies a tax is imposed on either property or the assets that have been passed on to the heirs.<\/p>\n\n\n\n

Refund<\/strong><\/h2>\n\n\n\n

In case someone has overpaid a reimbursement of the exceeded amount will be given to them.<\/p>\n\n\n\n

Tax credits<\/strong><\/h2>\n\n\n\n

When you receive a tax credit a person’s government tax is decreased. It is similar to receiving a dollar-for-dollar tax reduction, which might reduce your overall tax liability or perhaps earn you a refund if the credit exceeds your outstanding balance.\u00a0\u00a0<\/strong><\/p>\n\n\n\n

Tax Avoidance<\/strong><\/h2>\n\n\n\n

It is the legal practice of structuring financial matters to reduce tax duty by taking advantage of credits, deductions, which are allowed by tax legislations.<\/p>\n\n\n\n

Taxable income<\/strong><\/h2>\n\n\n\n

Taxable income refers to the total amount of money that is subject to taxation after deductions.\u00a0<\/p>\n\n\n\n

Tariff\u00a0<\/strong><\/h2>\n\n\n\n

These are imposed taxes that a government puts on imported products.<\/p>\n","protected":false},"excerpt":{"rendered":"

Audit It is an official examination that is done to check a company’s financial records to confirm that an individual or organisation has paid their taxes.\u00a0 Capital Gain It refers to the money you gain when you sell an asset at a higher price than you originally paid for it. For example: If you buy a stock at 200 USD you can sell it at 250\u00a0 USD then the capital gained will be 50 USD.\u00a0 Corporation Tax It is a tax imposed on the profit of a business, and the rate will vary depending on the country you live in….<\/p>\n","protected":false},"author":1,"featured_media":4733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[212],"tags":[],"class_list":["post-4445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation-101"],"acf":[],"yoast_head":"\nTaxation Terminology| Mauritius Trade<\/title>\n<meta name=\"description\" content=\"Understanding the complex taxation terminology used by professionals can be challenging. 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