Glossary
Tax
A gratuitous, non-refundable, and compulsory levy in favour of the state, which it imposes unilaterally. It is an element of budget revenues, which are allocated for financing public needs. Through taxes, it is ensured that all those who use public goods participate in their financing.
Taxable Income
The total income earned from all sources during the tax year, excluding income that is exempt from taxation by law, after deducting expenses allowed by law.
Tax Base
The total amount of units subject to taxation—such as income in national currency, square meters of area, horsepower, etc.—which is subject to tax.
Tax-Deductible Expenses
Represent a percentage of the gross income that is deducted to determine the tax base on which social security contributions and taxes are calculated. These are not actual expenses that need to be substantiated, and their amount varies depending on the type and size of the income.
Tax - glossary for children
Money that people and businesses pay to the government so it can provide services for everyone.
Taxi Passenger Transport Tax
A local, annual, one-off tax payable for conducting taxi passenger transport activities in accordance with the Local Taxes and Fees Act. The tax is payable by persons registered as carriers who operate taxi passenger transport – natural persons (including sole proprietors), legal entities, or sole traders. The amount is determined by an ordinance of the respective municipal council. The carrier submits a declaration to the municipality where the activity will be carried out and pays the tax prior to obtaining the permit. The tax is fixed, regardless of the actual turnover. It is a condition for conducting the activity and replaces the patent tax for the same activity.
Tax Relief
Legally established mechanisms through which taxpayers (individuals or legal entities) can reduce their tax liability, i.e., pay less tax if they meet certain conditions.
Tax Return - glossary for children
A document where people or businesses write how much money they earned and how much tax they must pay.
Technical Analysis
A method of forecasting the price movements of financial instruments based on the study of historical data, charts, and patterns. It is often used by traders to make decisions aimed at achieving short-term profits. Technical analysis is based on the principle that “the market discounts everything,” meaning all available information and expectations are already reflected in prices. It differs from fundamental analysis, which focuses on economic indicators, financial statements, and other factors that determine an asset’s intrinsic value.
Term Deposit
A deposit in which funds are placed and held for a fixed period of time. In return, depositors receive interest.
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