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Tax deduction
Tax deductions are amounts you can subtract directly from your income.
Tax deductions are amounts you can subtract directly from your income prior to calculating how much tax you owe. Businesses often have many more tax deductions than individuals, however individuals may have some such as retirement contributions, moving expenses, or spousal payments. The idea is to lower your overall income so that it is taxed at a lower rate.
Related Glossaries
In-kind benefits
A benefit-in-kind (BIK) is any non-cash benefit of monetary value.
Statutory Costs
Statutory costs refer to the expenses that a business is legally required to pay under national or regional laws and regulations.
DEWS
DIFC Employee Workplace Savings (DEWS) is a savings and investment scheme introduced by the Dubai International Financial Centre (DIFC).
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