OECD MODEL TAX TREATY — See: Tax agreements type OFFENCE, TAX — Tax offences can be defined in tax laws that cover topics such as late filing, late payments, non-reporting of taxable income or transactions, as well as false or fraudulent statements in tax returns. OFFICE — For the purposes of a tax treaty, a company`s office is generally a stable institution when the business is carried out in whole or in part through that business. OFFICE AUDIT — An audit at the office of a tax administration, usually a simple tax matter. OFFSHORE BANK — Offshore banking consists primarily of lending foreign currency to non-resident depositors outside the country and lending foreign currency to other non-residents. A number of countries have adopted a special regime for the taxation of offshore banks. OFFSHORE COMPANY — This term generally applies to a company registered in a country (often a tax haven) other than the country or countries in which it operates. An offshore (or non-resident) company is often used for captive insurance, foreign marketing, international shipping and tax protection systems. OID — See: Original edition delivery OMBUDSMAN — A direct staff member of the U.S. IRS Commissioner who leads the “ON CALL” SERVICES problem-solving program – services provided by a parent company or group service center and available at any time to members of an MNE group. ONE HUNDRED AND EIGHTY-THREE (183) DAYS` RULE — Attendance in a country for 183 days or more over a 12-month period can have tax consequences, including a person`s tax stay or the taxation of labour income (although other examinations are also required). ONSHORE COMPANY — The term is sometimes used to refer to the opposite of offshore society. ONUS OF PROOF – The weight and responsibility to prove an assertion.
Widespread tax legislation, for example. B where the insured has a policy responsibility to declare his taxable income or turnover. OPERATING LEASE — Leasing in which the lessor is considered fiscally the owner of the leased property. See Finance Lease OPTION — A financial derivative consisting of a firm agreement that granted a party the right, but not the obligation to buy or sell commodities, securities or currencies at a certain time at a certain price. OPTION TO BE TAXED — With regard to VAT, a VAT-exempt entrepreneur can sometimes claim to be subject to VAT, with the advantage of being entitled to his VAT upstream. ORDINARY SHARES – Common shares (also known as common shares) are generally shares of the same par value and bear the same rights and obligations as the right to participate in the management of the company by voting at the general meeting and the right to dividends. The rights of ordinary shareholders to withhold dividends are generally subordinated to the rights of bondholders and preferred shareholders. ORIGINAL ISSUE DISCOUNT (OID) — A discount to face value at the time of issuance of a loan; The most extreme version of a OID is a zero-coupon bond, which is initially sold well below face value and does not pay interest until it matures. ORIGIN PRINCIPLE – principle under a VAT regime that imposes goods in the country where they are produced, i.e. they are taxed on the basis of their place of production or origin. OTHER REVENUS — Income that is not mentioned in a tax treaty is often covered in a separate article entitled “Other Income.” OUTBOUND TRANSACTION — A term that refers to the tax treatment of residents of a country (and perhaps citizens) who do business and invest abroad.
OUTPUT TAX — the term used under VAT to refer to the tax payable on the sale of goods or services by persons subject to tax and, unlike upstream VAT, for which a credit is available.