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Statutory Income Tax Rate
The prescribed rate by law that a company or individual pays on income, differing by country and sometimes by income level or source.
Tax Jurisdiction
The legal authority granted to a government entity to impose taxes on individuals, businesses, or transactions within a defined geographical area.
Permanent Differences
These are differences between taxable income and accounting income that originate in one period and do not reverse subsequently.
Deferred Tax Asset
A tax relief that results from over-payment or advance payment of taxes, which can be used to reduce a company's future tax liability.
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