GOODWILL — Intangible assets consisting of the value of production capacity, location, marketing organization, reputation, customer base, etc. of a business or business. Goodwill may be transferred to another contractor in exchange for consideration if the business is sold as a current business. GORDON REPORT — 1981 U.S. Treasury Report “Tax Havens and Their Use by United States Taxpayers – An Overview”; it explains the use of tax havens by U.S. taxpayers, existing measures to combat abuses and proposals for measures to combat these activities. GRACE PERIOD — The period following the tax due date, during which legal actions for the collection of criminal taxes are not initiated and interest does not begin. GRADUATED RATE – A system in which the tax rate increases to the limit amounts when the amount of taxable income increases. Progressive rate synonym. GRANDFATHER CLAUSE — Temporary maintenance clause of existing (or amended) legislation at the time of the amendment of a law or contract (fiscal).
GREEN CARD – Entry document from the U.S. Immigration and Naturalization Service (INS) that allows foreigners to live sustainably in the United States and find employment. GREEN CARD TEST — A test in the United States to determine the residence of a foreign person, i.e. a foreigner, is considered to reside if he is, at any point in the calendar year, a legal permanent residence in the United States under immigration law. GROSS INCOME – Gross revenues, whether cash or property, the tax liability received in compensation for independent personal services and gross taxpayer revenues from a business, business or service, including interest, dividends, royalties, rents, fees, etc. GROSS REVENU, IMPÔTS on — In some countries, gross income tax (usually low rate) is levied, with no deduction for expenses. GROSS MARGIN – The ratio of gross margin to gross sales. GROSS PROFITS — Gross profit from a commercial transaction is the amount calculated by deducting from gross revenue from the transaction allocable purchases or production costs of revenue, with the adjustment due for increases or decreases in stock or inventory in trade, but without taking into account other expenses. GROSS PROFIT RATIO – The ratio of gross margin to business revenue or, failing that, adjusted purchases or “consumed goods” during the accounting period. GROSS PROFITS TAX — The tax that is typically applied at low rates on the gross income of a GROSS UP business — add the amount of tax paid on the value of real estate or other income received.
The term includes the procedure by which companies add credits (for example. B foreign account credits or tax credits) to net income collected prior to the calculation of tax liabilities. GROUP SERVICE CENTER – a concept used in the 1984 OECD report on transfer pricing and multinationals to designate a specific department within a parent company or a regional holding company or another related company within a multinational (MNE) that provides services to related companies. GROUP TREATMENT — the term used to describe the tax treatment in which the profits and losses of associated businesses can be grouped together and, in fact, considered the aggregate profits of a single company (sometimes called a “tax unit”). GUARANTOR – A person who guarantees, approves or grants compensation agreements for debts to others. Treaties have also been negotiated between states to address the problem of double taxation. One of the most important of these agreements was the international tax treaty that the United States and the United Kingdom concluded in 1946. It has served as a model for several other tax treaties.
Under the U.S.-U.K. tax treaty, for example, tax exemptions, tax credits paid and reduction or offsetting total tax rates are used to reduce double taxation.