Domicile refers to the country or place of an individual's permanent home, influencing their civil status and tax liabilities. It is distinct from nationality and residence, encompassing both physical presence and an intention to remain.
Non-domiciled status refers to the tax classification of a person whose country of domicile is different from their country of residence, impacting their tax liabilities.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.