Here are the answers to your questions:
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The system of levying tax is called taxation. It refers to the process by which governments impose a financial charge or levy on individuals or entities to fund various public expenditures.
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The rate of dividend withholding tax varies by jurisdiction. In many countries, it can range anywhere from 15% to 30% for non-resident shareholders, but specific rates can depend on tax treaties and local laws. It's important to check the applicable tax regulations in the specific country for accurate information.
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Business allowable deductions refer to expenses that businesses can deduct from their income before calculating their taxable income. Common allowable deductions include:
- Cost of goods sold
- Rent or lease payments for business property
- Wages and salaries paid to employees
- Utilities and operating expenses (such as electricity, water, etc.)
- Marketing and advertising costs
- Depreciation on assets
- Professional fees (such as accounting, legal, etc.)
- Insurance premiums
- Travel expenses related to business operations
Always consult a tax professional or accountant for guidance tailored to your specific circumstances and local tax laws.