IFRS vs US GAAP
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US GAAP Concepts
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IAS 37 - Provisions, Contingent Liabilities and Contingent Assets
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Key Concepts
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IAS 16: Property, Plant & Equipment
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How is Contingent Liability treated:
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Double tax is the taxing of the same income twice. The most common example of this tax policy is with corporate dividends. As the corporation generates a profit, it pays income taxes at the corporate level. ... Another common example is when the same income is taxed in two different countries during international trade.
You can avoid double taxation by keeping profits in the business rather than distributing it to shareholders as dividends. If shareholders don't receive dividends, they're not taxed on them, so the profits are only taxed at the corporate rate.
Double taxation often occurs because corporations are considered separate legal entities from their shareholders. As such, corporations pay taxes on their annual earnings, just like individuals. ... It is generally seen as a negative element of a tax system, and tax authorities attempt to avoid it whenever possible.
International double taxation can be mitigated by formulating trade treaties, such as double taxation agreements (DTAs), with countries they trade with and using relief methods such as the exemption and foreign tax credit methods.
You are double taxed when the income earned in one state is also taxed by another state. This happens when you are living in one state, for example, Missouri and working in Kansas. Kansas will tax it and also the resident state of Missouri will tax it, so you get a credit for taxes paid to Missouri.
It is usually used in reference to when income taxes are paid twice. This may happen when profit is taxed on the corporate level and then again as income on the personal level. Although this situation can appear unfair, it arises because a corporation is considered a separate legal entity from its shareholders.
Double taxation is a situation where an income is subject to tax twice. This can occur in one of two ways - economic or juridical. Economic double taxation occurs if an income or a part of it is taxed twice in the same country, in the hands of two individuals.
#dtt #doubletaxation #taxation #tax
