Tax Acronyms

The following terms shows the list of common tax acronyms for ease of reference.

APA –  Advance Pricing Agreement

AYB – Actual Year Basis

BEPS – Base Erosion and Profit Shifting

BIK – Benefits in Kind

CAFA – Certificate of Acceptance of Fixed Assets

CbCR – Country by Country Reporting

CGT – Capital Gains Tax

CIT – Companies Income Tax

CRS – Common Reporting Standard

DTA – Double Tax Agreement

DTA – Deferred Tax Asset

DTL – Deferred Tax Liability

DTT – Double Tax Treaty

FATCA – Foreign Account Tax Compliance Act

FII – Franked Investment Income

FIRS – Federal Inland Revenue Service

Hypo Tax – Hypothetical Tax

IRS – Internal Revenue Service

ITF – Industrial Training Fund

JTB – Joint Tax Board

LTO – Large Tax Office

MSTO – Micro and Small Tax Office

MTO – Medium Tax Office

NHF – National Housing Fund

OECD – Organisation for Economic Co-operation and Development

PAYE – Pay As You Earn

PAT – Profit After Tax

PBT – Profit Before Tax

PE – Permanent Establishment

PIT – Personal Income Tax

PYB – Preceding Year Basis

QCE – Qualifying Capital Expenditure

RTA – Relevant Tax Authority

TAT – Tax Appeal Tribunal

TCC – Tax Clearance Certificate

TET – Tertiary Education Tax

TIN – Tax Identification Number

TP – Transfer Pricing

TWDV – Tax Written Down Value

VAIDS – Voluntary Assets and Income Declaration Scheme

VAT – Value Added Tax

VOARS – Voluntary Offshore Assets Regularization Scheme

WHT – Withholding Tax

WREN – Wholly, Reasonably, Exclusively, and Necessary

The above tax acronyms or abbreviations are popular terms in taxation.

Share this