AGGREGATION

AGGREGATION -- Term used to denote the addingtogether of the taxpayer's income from all sources in order to determine the applicable tax rate for income tax purposes.

ALIEN, TAX TREATMENT OF

ALIEN, TAX TREATMENT OF -- A person who is not a citizen of the country in which he or she lives. In general, most countries do not distinguish between nationals and aliens for tax purposes; rather tax liabilityis based on residence and/or domicile.

ALIEN, TAX TREATMENT OF

ALIENATION OF INCOME -- Term generally used to describe the transfer of theright to receive income from a source while not necessarily transferring the ownership of that source tothe same person.

ALIENATION OF INCOME

ALIENATION OF INCOME -- Term generally used to describe the transfer of theright to receive income from a source while not necessarily transferring the ownership of that source tothe same person.

ALIENATION OF INCOME

ALIENATION OF INCOME -- Term generally used to describe the transfer of theright to receive income from a source while not necessarily transferring the ownership of that source tothe same person.

ALLOCATION

ALLOCATION -- The apportionment or assignment of income or expense for various tax purpose, e.g., between permanent establishments in various jurisdictions

ALLOWANCE

ALLOWANCE -- Deduction or exemptions generally made in computing incometaxes, inheritance and gift taxes and some forms of sales taxes.

AMORTIZATION

AMORTIZATION -- Processof writing off the cost of an intangible asset over its useful life.

AMORTIZATION METHOD

AMORTIZATION METHOD -- Method of computing a credit under a VAT regime where investment goods are purchased which have a useful life in the businessfor a period exceeding oneyear. The tax embodied in the price paid for the assetsmay be credited to the trader over a period of years corresponding to the life of the assets.
APA -- See: Advance Pricing Arrangement

Barclays ex-pay chief disagreed with Diamond's bonus

LONDON, Jan 30 (Reuters) - The former head of remuneration at Barclays said she clashed with the UK bank's board over the annual bonus of former boss Bob Diamond,and described the bonus culture in banking as"obscene".
Alison Carnwath, who quitin July at a time of turmoilfor the bank following its fine for rigging Libor interest rates, said Diamond had been reluctant to accept that pay at Barclays was high and was "overly protective of his investment banking franchise".
Carnwath, who cited personal reasons for her departure, said on Wednesday she thought Diamond shouldn't have got a bonus for 2011 because the bank's returns were weak.
"It was for this reason thatI disagreed with the board Chairman's recommendation on Mr Diamond's annual bonus for 2011. I recommendedzero.
"I was alone in my view both on the committee which I chaired and on the board," she said in a written submission prior toappearing before UK lawmakers.
She said Marcus Agius, then chairman, would be in a better position to explain how the bonus award had been reached.
Diamond was paid 6.3 million pounds for 2011, including a deferred share bonus of 2.7 millionpounds and a long-term incentive award of 2.25 million.
Carnwath joined the Barclays board in August 2010 and built a reputation for being an uncompromising boardroom presence.
"A culture of entitlement has emerged in banking for a variety of reasons ... this has resulted in the fear of losing good people, obscene levels of award in a minority of cases and excessive reward in many cases for the investment banking community and particularly those in the front office," she said.
Diamond and Agius quit after the Libor scandal erupted in June. Carnwath was criticised forallowing the final pay awards to them, but she denied at the time that there had been any tensions between her andAgius despite reports theyhad clashed.
"Barclays were demanding too much patience from their shareholders and were insufficiently sensitive to the political and economicenvironment and the hostile attitude to banks generally," Carnwath said.