What is the final deduction system?

Answer 1

The final deduction system is a method used primarily in taxation to determine the final tax liability of a business or individual. It typically involves calculating total income, deducting allowable expenses, and then applying the relevant tax rates to the resulting taxable income. This system helps ensure that only the net income is taxed, providing a fair assessment of tax obligations. Different countries may have specific rules governing what can be deducted and how the final tax is calculated.