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.