Questions to answer
9 important questions on Questions to answer
What is a tax?
What are the most important taxes in terms of tax revenue?
What is a statutory, average, marginal and effective tax rate?
-Average tax rate: from the first to the last euro of tax base
-Marginal tax rate: on a one euro change in the tax base
-Effective tax rate: the same as average tax rate (e.g. for corporations: tax expense divided by pretax income = accounting income à because the tax rate is not available to the public)
- Higher grades + faster learning
- Never study anything twice
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Which tax rate is relevant for business decisions?
-Average: for the initial investment decision
What are the main difference in the taxation of corporations and sole proprietorships/partnerships?
- Corporate tax applies at the corporate level and shareholder level taxes apply for dividend distributions and capital gain (box 2 if larger than 5% shareholdings) à Two level of taxation, what not necessarily means that the tax burden is higher
- Legal personality
Partnership:
- All business profits and losses are taxed at the level of the partner à Only one level of taxation
- No legal personality
What are the difference between economic and juridical double taxation?
Juridical (traditional) double taxation: same taxable person in a juridical sense is taxed twice (i.e., exactly the same juridical or natural person)
What are the characteristics of a one-book system and two-book system?
Two-book system: taxable income and accounting income are separated (e.g., Netherlands, US)
What is a tax loss carry forward and how are tax losses offset?
What do you have to take into account, in addition to nominal corporate income tax rates, to make tax burdens in different countries comparable
In case of corporations:
- What is the tax burden upon profit distributions?
- How is the tax base determined?
- Are there reliefs for cascade effects (i.e. economic double taxation)
The question on the page originate from the summary of the following study material:
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