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Tax Haven
A country with tax-preference laws for foreign organization and individuals. 3 classes of jurisdictions are provided to as tax havens those are (1) levy taxes only on internal taxable transactions but none at all or very low taxes on foreign source income; (2) have no relevant taxes; and (3) grant special tax privileges to certain kind of organization or operations. The principal functions of tax havens are to postpone taxes or avoid, avoid exchange controls, and act as a shield against nationalization, confiscation, and other forms of expropriation.
Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the entire value of goods and services purchased.
I have an assignment that requires me to prepare a tax return .
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tds late filing fee code & late filing interest code
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