Tax Essays & Research Papers

Tax Chargeability and Tax Return A sole proprietor who is resident in Malaysia is taxable on all income accruing in or derived from Malaysia. It is the duty of each sole proprietor who works for themselves in their own business to properly and regularly update accounts and statements. Malaysia’s Income Tax Return Form (ITRF) is the document needed for every taxpayer to the Inland Revenue Board of Malaysia. There are several things which a sole proprietor should take note. A sole...

A taxpayer's average tax rate is determined by dividing the total tax paid by the total income of the taxpayer. A) True B) False Beginning in 2011, all paid tax return preparers must sign up with the IRS, pay a fee, and obtain a preparer tax identification number. A) True B) False 22. Taxpayers who are unable to pay their taxes may enter into a payment plan with the IRS if the amount they owe is within certain limits. A) True B) False 23. At which of the following IRS...

Tax Avoidance Analysis Tax Avoidance is a legally manipulation for the corporations to lower their tax bill by structuring transactions, is also called tax planning. Different with Tax Evasion, the Tax Evasion is Criminal and completely illegal. And in generally, company which have more profit should have higher tax rate, but with the growth of the company, many tax avoidance strategy were used by management as result of minimize the tax bills and also without obey the law, There are 3...

Tax Description Income Tax is a tax on a person's income, emoluments, profits arising from property, practice of profession, conduct of trade or business or on the pertinent items of gross income specified in the Tax Code of 1997 (Tax Code), as amended, less the deductions and/or personal and additional exemptions, if any, authorized for such types of income, by the Tax Code, as amended, or other special laws. Types of Income Tax Personal Income Tax (PIT) is a direct tax levied on...

Tax Law Assignment According to the Act Gross Income is defined as , in relation to any year or period of assessment, means, in the case of any person, the total amount, in cash or otherwise, received by or accrued to or in favour of such person during such year or period of assessment from a source within or deemed to be within Namibia, excluding receipts or accruals of a capital nature, but including, without in any way limiting the scope of this definition, such amounts (whether of a...

CHAPTER 4. MOBILIZING DOMESTIC REVENUES 4.1 As seen in Chapter 3, sustained rapid growth of domestic revenue is a central element of Afghanistan’s state-building and reconstruction agenda. International experience suggests that the larger the tax gap (the difference between the taxes actually paid and what should be paid according to existing laws and statutes), the more radical are the changes needed. With a tax gap on the order of 60%, Afghanistan needs to adopt a comprehensive strategy...

INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned, they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident....

Tax evasion Definition Tax evasion is an unlawful practice which has the effect of reducing the government revenue needed for the provision of infrastructure, public services and public utilities. (Otosanya , 2009). Spicer (1975) also stated that, tax evasion “ tax evasion result in a loss of tax revenues, impair the chances of realizing the distributional or equity goal of taxation, and if they become widespread, as they have in recent times, then more tax payer, may lose faith in the tax...

fair tax: towards a modern tax system The Smith Institute The Smith Institute is an independent think tank that has been set up to look at issues which flow from the changing relationship between social values and economic imperatives. If you would like to know more about the Smith Institute please write to: Telephone +44 (0)20 7823 4240 Fax +44 (0)20 7823 4823 Email info@smith-institute.org.uk Website www.smith-institute.org.uk fair tax: towards a modern tax system The...

Chapter 1 I. History of Taxation 1861: 1894: 1909: 1913: II. Criteria for Evaluating a Tax Structure Adam Smith -canons of taxation Equality Convenience Certainty Economy III. Tax Structure Tax base: Tax rates: Incidence of tax: Examples: Income $10 $20 $30 $3 (30%) $6 (30%) $9 (30%) $3 (30%) $7 (35%) $12 (40%) IV. Major Types of Taxes Property Taxes Transaction Taxes Death Taxes Gift Taxes Income Taxes Employment Taxes Other...

Please cite this paper as: Johansson, Å. et al. (2008), “Taxation and Economic Growth”, OECD Economics Department Working Papers, No. 620, OECD Publishing. http://dx.doi.org/10.1787/241216205486 OECD Economics Department Working Papers No. 620 Taxation and Economic Growth Åsa Johansson, Chistopher Heady, Jens Arnold, Bert Brys, Laura Vartia JEL Classification: C33, H23, H24, H25, O40, O43 Unclassified ECO/WKP(2008)28 Organisation de Coopération et de Développement...

Introduction There is an increasing amount report claimed that the UK government losing money from tax avoidance. The BBC reported that some multinational companies use tax avoidance strategy to decrease the tax. It seems like these companies are lack of corporate social responsibility. However, tax avoidance does not equal to tax evasion. Some individuals assert that the government should publish a new policy to stop tax avoidance. While many others argue that it is blameless economic activity...

According to source B, who strongly believes that churches should be tax exempt, it is apparent that if a church requires the same infrastructure as any other taxpaying enterprise, it should not be free from from paying taxes. All of which is demonstrated through the unbiased facts in Source A, the logical presentation of Source C, and the hardly opinionated Source G, which all include a sense of responsibility and equality. Although it is thought by many believers, such as in Source...

Aneta Lesna FINAL EXAM –ACCT 349 1. Samantha Corporation owns a building with a fair market value of $70,000 and an adjusted basis of $40,000. It exchanges the building for land with a fair market value of $45,000. Also assume that Samantha has a $10,000 mortgage on the building. As part of the exchange, the owner of the land agrees to assume the mortgage and pay the corporation $15,000 in cash. What are Samantha’s realized gain, recognized gain, and basis in the land? Gain 5000...

Indirect Tax Introduction 1. 2. 3. 4. 5. 6. With the economics growth Govt. Expenditure Increases. The only sources of revenue for the Govt. is taxes With increases in expenditure Govt. has been increasing taxes dividing To the extend 135% of custom duty levied & it becomes matter of gossiping. India become member of GATT & entered in to WTO agreement. This agreement restricted custom duty & created a wide gap in the Govt. revenue & Govt. Expenditure & there for it become compulsory to impose...

FEDERAL INCOME TAXATION OUTLINE Gross Income Gross Income Defined (§61) – except as otherwise provided, gross income means all income from whatever source derived, including (but not limited to) the following items: Compensation for services, including fees, commissions, fringe benefits, and similar items; Gross income derived from business Gains derived from dealings in property Interest Rents Royalties Dividends Alimony and separate maintenance payments Annuities Income from...

Money - buying, selling and paying Personal finance Sometimes in a shop they ask you: 'How do you want to pay?' You can answer: 'Cash. / By cheque. / By credit card.' In a bank you usually have a current account, which is one where you pay in your salary and then withdraw money to pay your everyday bills. The bank sends you a regular banki statement telling you how much money has gone in and out of your account. You may also have a savings account where...

Regressive Tax Subject: Argument for Implementing Regressive Income Tax The primary income taxation structure in the United States should be a regressive tax structure. A regressive tax rate decreases with an increase in the tax base. This means, the lower the amount of income a person earns, the greater the share of that income will go towards paying taxes. The income tax should become a regressive tax because every tax bracket would then pay roughly the same dollar amount in taxes to the...

In this essay, I will be examining the relevance of Adam’s Smith canons and justify what other attributes I believe a good tax system should have. Formally, tax is defined as an involuntary fee enforced by the government in order to finance its activities. However, some perceive tax as the price we pay to live in a civilised society and it is a fundamental part of any developed economy. (Oliver Wendell Holmes) From my point of view, the purpose of tax is to fund the government, incentivise...

NAME: OGODETON KELVIN OKIEMUTE DEPARTMENT: ACCOUNTING COURSE CODE: ACC325 (ASSIGNMENT) MATRIC NO: 09AA08569 TOPIC: ‘Income tax is one of the major sources of revenue for all government in Nigeria and it is a factor to be recon with in both the state and the Federal Government body….It is an enforced contribution of money enacted pursuant to legislative authority….Analyze the importance and the problems of TAXATION and the way forward in Nigeria………….’ INTRODUCTION Income taxes...

asionTHE SOCIO-ECONOMIC PROBLEM OF TAX AVOIDANCE AND EVASION IN NIGERIA: AN OVERVIEW Dominic Asada LL.B. (Hons.) B.L, LL.M. Tax Avoidance and Evasion are some of the most perplexing problems facing the nation today. It is widely believed that there is a considerable difference between estimated revenue from taxation every year and what is actually collected. This disturbing aversion to taxation has some historical antecedents. Traditionally, there has always been a hostile response to the...

----------------------- ITC PAY Basis SSI – entitled to receive, FSI – received in Sg Current a/c interest – accrues evenly over time Fixed Deposit interest – date of maturity 1. Net Acc profit (before dep & tax) Expense Deductible N.D Charge to P/L Nothing Add Not charged Minus Nothing Revenue Taxable N.T Credited to P/L Nothing Minus Not credited Add Nothing Add: 10(1)(a) income not credited to P/L Expense charged for Non 10(1)(a) Less: Non 10(1)(a) income...

History Income tax levels in India were very high during 1950-1980, in 1970-71 there were 11 tax slabs with highest tax rate being 93.5% including surcharges. In 1973-74 highest rate was 97.5%. But to reduce tax evasion tax rates were reduced later on, by "1992-93" maximum tax rates were reduced to 40%. [2][3] [edit]Residential status, Scope of taxable income & Charge [edit]Charge to Income-tax Whose income exceeds the maximum amount, which is not chargeable to the income tax, is an...

Tax Reform Tax Reform Compromise “We need tax reform that protects working families, encourages economic growth and domestic job creation, and is fiscally responsible.” Sen. Max Baucus According to the Organization for Economic Co-Operation and Development, the United States now has the highest corporate tax rate among the industrialized countries. The United States is also the only G-8 country to maintain a worldwide tax system on earnings for foreign markets. At 39.1...

HISTORY OF TAXATION IN GHANA Introduction & Definition of taxation: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government [...] a payment exacted by legislative authority." A tax "is not a voluntary...

Assignment 4: Tax Structure Julian Hoggard Strayer University PAD 505 Public Budgeting and Finance Dr. William H. Kraus Dec. 2, 2012 Habitat for Humanity is a non profit organization that uses volunteer labor, donated materials from churches and other organizations to build new housing for low-income families. Habitat for Humanity has built over 45,000 homes throughout the nation and over 150,000 homes worldwide. The goal of the organization is to eliminate poverty and...

 Tax Research Exercise 1 1) 147(c)(2)(C)(iii)Insolvent farmer.—For purposes of clause (i), farmland which was previously owned by the individual and was disposed of while such individual was insolvent shall be disregarded if section 108 applied to indebtedness with respect to such farmland. 2) Federal Tax Regulations, Regulation, §1.351-1., Internal Revenue Service, Transfer to corporation controlled by transferor Click to open document in a browser Reg. § 1.351-1 does not...

Tax Payable (Rate = 38%) 1. Div B Income = ALL sources of income, include TCG 2. Div C Deduction = donations, net cap loss, Cdn dividend 3. 1-2 = taxable income 4. Find tax payable 5. Less abatement 6. Less non business FTC 7. Less business FTC 8. Less GRR: 11.5% x taxable income 9. Net federal tax payable 10. Add back provincial portion of tax payable x 10% 11. TOTAL TAX PAYABLE Basket Sale No terminal loss when land + building are sold P of D building = lesser of: FMV both...

Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2012, the Deans recorded the following receipts. Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income City of Albuquerque general purpose bonds $1,000 Ford Motor Company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments...

TAX AVOIDANCE vs. TAX EVASION From the time taxes were first imposed on American citizens, people have been trying to find ways to escape paying them. While some taxpayers continue to find legal ways to avoid paying a portion of their taxes, others simply choose to evade taxes or not pay them at all. Avoiding taxes and evading taxes may sound like similar actions, but the two terms have very different meanings. Avoiding taxes can be accomplished though various legal means, whereas evading...

Definition of Tax “Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer” According to section 2 (62) of the ITO (Income Tax Ordinance) 1984: “Tax means the income tax payable under ordinance and includes any additional tax, excess profit tax, penalty, interest, fees or other charges leviable or payable under this ordinance.” Characteristics of Tax i. Tax is a payment to the government by the people. ii. Payment of taxes is...

Sin Tax: Form Your Own Opinion Use complete sentences and save this form to KSpall’s folder on www.saveschoolwork.com. Lastname.Sintax.doc or write our your answers and turn in at end of period. Reference Websites: Use these websites and others you find on your own. http://micurl.com/dvEii (Sin Taxes in Chicago) http://micurl.com/jejjk (History of Sin Taxes) http://micurl.com/bnlzt (President Obama’s recent comments on taxing soda) http://nofoodtaxes.com (Americans Against Food Taxes)...

 Topic Outline Effects of Sin Tax Law to Selected Bar Establishments in Dumaguete City Thesis: Although the sin tax law helps the country’s economy by raising the governments collected revenue which accounts for public use, it also results bar owners to eventually lay off workers to the extent of closing their business due to higher tax collection and sudden reduction of consumers. Introduction I. Sin Tax A. Definition B. History II....

Taxation has always been a major controversy. Just like any major corporation, the government is constantly looking to raise revenue. The easiest and fairest way to do this is by taxing the people. However, how the people will be taxed is always an issue. The current tax system that the United States uses contains several flaws. First of all, it is very complex. It is comprised of many various variables that can create loopholes. These loopholes can cause two equal income families to...

Tax in Maldives Over the few years Maldives economy has grown very much. Various opportunities have been open to investors and small scale business, in Maldives and the income that the government get also has increase in the past years. The tax has also effects many house holds and business. With the changes of laws and regulations there are many new taxes and royalties that are taken in from the public and the business organization. In this essay I am going to highlight the effects of...

A RESEARCH PROPOSAL ASSESSING THE EFFECTIVENESS AND EFFECIENCY OF TAX ADMINISTRATION IN KUMASI BACKGROUND OF THE STUDY Tax administration attaches great importance to all forms of taxes, in the sense that they aim at reducing tax evasion to its minimum level. Ghana has relatively a long tax history on tax administration. According to the Report of the Tax Review Commission (Parts 1, 2 & 3)," Accra, (1977) the first custom law was first passed under colonial rule in 1855 and later...

Tax Aggressiveness “Over and over again courts have said that there is nothing sinister in arranging one’s affairs so as to keep taxes as low as possible. Everybody does so, rich or poor, and all do right, for nobody owes any public duty to pay more taxes than the law demands. Taxes are enforced exactions, not voluntary contributions.” (Hand, 1947). It is this view­point that spurs management towards tax aggressive behavior. Tax aggressive behavior can be broken down into ...

IMPACT OF TAX REFORMS SINCE 1991 Tax reform since 1991 was initiated as a part of the structural reform process, following the economic crisis of 1991. Direct Tax Reforms: 1. As per the recommendations of the TRC the personal tax brackets were only three, of 20, 30, and 40% starting in 1992–93. Financial assets were excluded from the wealth tax, and the maximum marginal rate was reduced to 1%. 2. Further reductions came in 1997–98, when the three rates were brought down further to 10, 20,...

Understanding Federal Income Tax Taxes have been part of our economy for a long time and are enforced by the government or other agencies, on income and expenses. Taxation in the United States began when it was composed of colonies. During this time taxes were imposed on commodities through legislative such as the Stamp Act, the Sugar Act, Townshend Revenue Act, and Tea Act. Later, in 1913, the states ratified the sixteenth amendment, which gave congress power to tax incomes. Taxes were...

At the end of the Carter presidency, the nation’s idealistic dreams of the 60’s was worn down by inflation, foreign policy turmoil and rising crime rate, the nation was troubled by the late 70’s. Due to this many Americans were ready to embrace a new conservatism in social, economic and political life in the 80’s. In the 1980 bid for President, Reagan won the Republican nomination after two failed attempts in 1968 and 1976. Although Ronald Reagan once held Democratic views, he grew more...

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TAX AVOIDANCE -By Ramesh Badhri Narayan(12741880) Vijayakumar Muniyandi (12741572) Punjabi Nikhil Prakash (12744129) LIM QI CHONG (12782025) Koundompalayam Jagannathan Meignanam(12742198) 1.0 Tax Avoidance:- An Arrangement where the intention is to avoid or defer tax obligations. Various means of approach- from mass marketed (advertised to general public) to specialist financial arrangements offered directly to investors. Certain Schemes can be camouflaged as legal...

United States Tax Court Miles and Jack Vineyards, Inc. Petitioner V. Commissioner of Internal Revenue, Respondent § § § § § § § § § § § Docket No. Petition Miles Raymond (“Miles”) the Petitioner, by his attorney, David Nguyen, hereby petitions for a redetermination of the deficiencies the Commissioner of Internal Revenue (the “Commissioner”) has set forth in the notice of deficiency dated January 25, 2013. The notice was sent via the IRS Los Angeles, California...

ACCT553 Week 1 Homework _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 1 (5 pts) 1. Briefly discuss the purpose of the Sixteenth Amendment. The purpose of the Sixteenth Amendment was to allow the government to create income taxes. With this Amendment Americans have to pay the Government a portion from their income. If not these taxes were not paid, the...

Homework 1 – Chapter 1 1. In the following independent situations, is the tax position of the tax payer likely to change? Explain why or why not. a) Yes, this is likely to change John’s tax position because of capital gains and losses on the disposition because of property now convert to ordinary income and losses. b) Yes, this is likely to change Theresa’s tax position because now she is self employed and has to deal with the safe harbor of withholdings is lost and new quarterly payments...

Summary: The sin tax law, or the law that raises taxes on tobacco and alcohol products, took affect last January 1, 2013. The law has been sugarcoated as a necessary imposition if the country is ever to curtail the people’s patronage of product scientifically proven to be harmful to health. The hazard they pose against public should have been enough to make the product illegal, in the same manner that certain substances have in fact been banned. But constitutional right and fears of public...

Anthony Cunningham Microeconomics Mr. G. E. Fitzgerald October 17, 2012 Tax Elasticity and Tax Policy No matter what, taxes matter. People talk about them, complain about them, and try to dodge them when they can. Businesses also react to taxes, both in how they organize their activities and, perhaps, in where they carry them out. How people and businesses react in turn affects the level and structure of taxation. The purpose of taxation is to raise revenue to pay for public goods,...

What is Tax The tax revenue is the most important source of public revenue. A tax is a compulsory payment levied by the government on individual or companies to meet the expenditure which is required for the public welfare. According to Hugh Dalton, “a tax is a compulsory contribution imposed by a public authority, irrespective of the exact amount of service rendered to the taxpayer in return, and not imposed as penalty for any legal offence” A good tax system is one which is designed on...

KC COLLEGE TOPIC: DEALERS UNDER MVAT ACT, 2002 SYBMS SEMESTER 4 PRESENTED BY: MOHAMMAD LUKMANI 31 AISHWARYA LUNIA 32 ALPESH MAJERI 33 RIYA MASHRU 34 AFTAB MERCHANT 35 ACKNOWLEDGEMENT We would like to thank our professor Ms.Farida Katrak for her invaluable guidance, suggestions and her constant support from the project’s budding stage to its current maturity. She has always provided a helping hand and shared her valuable technical guidance regarding the project. The smooth completion of the...

University of Central Punjab * Assignment: Income tax return filling * Presented to: Prof Imran Shehzad * Presented by: Sami Elahi * Registration number: L1F11MCOM2077 * Date: 12-01-2013 Question (Case study) Tax year 2013 Mr. Sami is employee of a private company with following emoluments’. * Basic salary 60,000 PM * Medical allowance 8,000 PM * House rent...

Source: Payroll Administration Guide > State and Local Income Tax Withholding > Multistate Withholding Requirements: State Comparison Chart 181:1251 Multistate Withholding Requirements: State Comparison Chart Employees who reside in one state but work in another can create withholding questions for payroll departments. The following chart illustrates the different state taxation and withholding rules applicable to such multistate taxation situations. In general, when an...

Higher sin taxes take effect today By Jess Diaz (The Philippine Star) | Updated January 1, 2013 - 12:00am MANILA, Philippines - The New Year ushers in higher taxes on cigarettes, beer, liquor, wine, and other tobacco and alcohol products. When he signed Republic Act No. 10351 on Dec. 20, President Aquino said, “Today, we are again making history: for the past 15 years, we have been trying to reform the tax structure of imposing excise tax on tobacco and alcohol products. After 15 long years,...

E-ISSN 2281- 4612 ISSN 2281-3993 Academic Journal of Interdisciplinary Studies Published by MCSER-CEMAS-Sapienza University of Rome Vol 1 No 2 November 2012 Tax Revenue and Economic Development in Nigeria: A Macroeconometric Approach Worlu, Christian N. Accountancy Department, Nnamdi Azikiwe University Awka, Anambra State, Nigeria. E-mail: nwene15@yahoo.com Emeka Nkoro Economics Department, University of Port Harcourt Port Harcourt, Rivers State, Nigeria. E-mail:...

INTRODUCTION To date, zakat is not a new thing in our daily life especially for muslims. Zakat is well known since thousand years back ago from the teaching of prophet Ismail, followed by Prophet Ishaaq, Yaakob and Isa A.S. as mention in the Quran. Besides that, Allah also revealed the obligation of the Jews to pay zakat from Surah al-Baqarah verse 83. Under the reign of Prophet Muhammad S.A.W, zakat was become fard to all muslims in the second year after Hijrah. Prophet Muhammad S.A.W had...

Introduction This paper will discuss the topic of tax fraud. We will begin by introducing the basic concepts of tax fraud. Secondly, this paper will also delve into some of the laws that have been passed as punishment for those parties that decide to commit tax fraud. We will also highlight some of the more current examples of tax fraud that have been committed and the details that lead to the perpetrators being caught. Lastly we will discuss the role that criminal investigators have in...

Term Paper On Basis for Allowable Deductions Presented To: Professor Dr. Dhiman Chowdhury Course Teacher Business Taxation Course Code # 4201 Presented By: Kumary Minu Rani Paul ID 11017015 Nahida Akhter ID 11017033 Nazoa Imam ID 11017058 Department of Accounting and Information Systems University of Dhaka Date of submission: August 11, 2010 Definition of Tax: The term 'tax' has been derived from the French word 'taxe' and etymologically,...

Abstract A psychological tax treatment goes beyond the traditional deterrence model and explains tax morale as a complicated interaction between taxpayers and the government. As a contractual relationship implies duties and rights for each contract party, tax compliance is increased by sticking to the fiscal exchange paradigm between the citizens and the state. Citizens are willing to honestly declare income even if they do not receive a full public good equivalent to tax payments as long as...

INTRODUCTION Service tax is a tax on Services. Service tax is not a tax on profession / trade but it is a tax on the service provided in exercise of the profession / trade. It is leviable only if there is provision of service. SALE V/S SERVICE Service is different from sale. The fact that some goods have been used in the course of providing service’ doesn’t make that transaction a sale. The nature of the transaction depends on the intention of the parties. If the parties intended to enter...

SIGNIFICANT AMENDMENTS MADE THROUGH NOTIFICATIONS/CIRCULARS ISSUED BETWEEN 01.07.2011 TO 30.06.2012 A. 1. NEW EXEMPTIONS/AMENDMENTS IN/WITHDRAWAL OF EXISTING EXEMPTIONS Rate of service tax restored to 12% As per section 66, the charging section under earlier regime, rate of service tax was 12% of the value of taxable services. However, the rate of service tax was reduced to 10% vide Notification No. 8/2009 ST dated 24.02.2009. With effect from 01.04.2012, Notification No. 02/2012-ST dated...

ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print) IJMBS Vol. 2, ISSue 2, AprIl - June 2012 Assessee Perception towards Direct Tax Code (DTC) 1 1,2 Dept. of FMS, Gurukul Kangri University, Haridwar, UK, India tax regime as it is based on well accepted principles of taxation and best international practices. It will eventually pave the way for a single unified taxpayer reporting system. The Philosophy behind such replacement is to make the Direct Taxes Code very easy and simple so that tax...

Course: TA 322A, Section C1 Federal Income Taxation of Corporations and Shareholders I 1. Course Description This course analyzes the tax treatment, tax problems and tax planning techniques involving transactions between corporations and their shareholders: transfers to corporations; capital structure; dividends and other distributions; stock redemptions and liquidations; stock dividends and preferred stock bailouts; and provides an introduction to S corporations. Prerequisite TA 330....

W22Extra: Tax and Gearing: More Questions Multiple Choice 1) Which of the following statements is false? A) In general, the gain to investors from the tax deductibility of interest payments is referred to as the interest tax shield. B) The interest tax shield is the additional amount that a firm would have paid in taxes if it did not have leverage. C) Because Corporations pay taxes on their profits after interest payments are deducted, interest expenses reduce the amount of corporate...

A PROJECT REPORT [pic] Tax planning Submitted to Ms. Indu Gupta Shahjahanpur In partial fulfilment of the requirement for the award of the degree of Master of Business Administration In Finance Management...

Introduction Taxes are the major source of mobilizing internal resources of an economy. Bangladesh revenue structure has been burdened by taxes from indirect sources for long time and usually characterized by heavy import and excise duties. To cope with the challenge due to globalization, government of many such countries has to cut down such duties and levies. It seems that government might have to collect more money either through VAT (Value Added Tax) or from direct taxes. In Bangladesh VAT...

 Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them, indicate whether they need to register for VAT immediately, or monitor turnover and register later. Tick ONE box on EACH line. Register now  Monitor and register later  A A new business with an expected turnover of...

A Simplified Taxation System for Maximization of Government Revenue 1. Introduction The taxation system in Bangladesh is based on the ability to pay theory and hence utilizes the progressive tax system. The revenue administrative body is the National Board of Revenue under the Ministry of Finance. The main responsibility of NBR is to collect domestic revenue for the government. However, revenue collection and management has been a perennial challenge for Bangladesh since its very inception....

Incidence of income taxation in Bangladesh Tapan K Sarker1 ABSTRACT: This article reviews the incidence of income taxation in Bangladesh tax system. The main purpose of the study is to determine how the burden of personal and corporation income taxes is allocated among taxpayers of different income groups. In case of personal income taxes it shows that only 13 percent taxpayers paying around 73 percent of tax revenue collected through personal income taxes and interestingly about 53 percent...

Tax avoidance is the legal usage of the tax regime to one's own advantage, to reduce the amount of tax that is payable by means that are within the law. Tax sheltering is very similar, and tax havens are jurisdictions which facilitate reduced taxes. The term tax mitigation is sometimes used; its original use was by tax advisers as an alternative to the pejorative term tax evasion. "Tax aggressive" strategies fall into the grey area between commonplace and well-accepted tax avoidance (such as...

Week 1 : Week 1 - Quiz ------------------------------------------------- Top of Form Time Remaining: | | 1. Henry transfers property with an adjusted basis of $90,000 and a FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80,000 and a short-term note with a $20,000 FMV. Henry's recognized gain is (Points : 2) | $0. $5,000. $10,000. $20,000. c) Realized gain is recognized to the extent of...

Government of India Ministry of Finance Department of Revenue (Tax Research Unit) *** V. K. Garg Joint Secretary (Tax Research Unit) Telephone No. 011-23093027 Fax No. 011-23093037 E-mail: garg.vk@nic.in D. O. F. No 334/1/2012-TRU New Delhi, dated 16th March, 2012. Dear Sir/Madam, Subject: Union Budget 2012: Changes in Service Tax-reg. It is said that in matters relating to taxes, questions rarely change, but the answers do. Budget 2012 has, however, changed a number of questions relating to...

THE IMPACT OF INCOME TAX RATES (ITR) ON THE ECONOMIC INTRODUCTION Income tax is a tool to achieve economic growth in any country. Income tax is accepted not only as a means of raising the required public revenue, but also as an essential fiscal instrument for managing the economy (Burgess, 1993). Of all the taxing systems, income tax plays a major role in generation of revenue and distribution of income in any country. If income taxation is poorly designed, it may lead to fiscal imbalance,...

* * Part A: Tax Avoidance and evasion Introduction According to Hyde (2010) tax evasion cost the UK treasury over £15 billion annually. This is approximately 3% of the total tax liabilities that individuals and organisations are meant to pay to the Her Majesty Revenue and Customs (HMRC). While an estimate of £25 billion is lost through tax avoidance annually (Murphy, nd). These are huge sums of money that could go a long way to help the government reduce the national deficit or...

Service Tax Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years, service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the...

Tax accounting 1.461-2(c)(1) 1.461-4(d)(1) through (6) 1.461-4(e) 1.461-4(g)(1) through (7) 1.461-5 (a) through (c) Garber Abbey B [Abbey.B.Garber@IRSCOUNSEL.TREAS.GOV] Monday, February 04, 2013 11:30 PM Here are a few regulations Treas. Reg. sec. 1.461-1(a)(2)(i) Reg. sec. 1.461-1(a)(2)(ii) Reg. sec. 1.461-1(a)(3) Reg. sec. 1.461-1(c) We’ll work through these and more Thursday. Initial assignments for February 7: I.R.C. section 461 Look at Treas. Reg. Section...

Definition of Tax ; The word ‘tax’ has been derived from the French word ‘taxe’ and the Latin word ‘taxare’ which means ‘to charge’. Tax is a contribution exacted by the state. It is a non-penal but compulsory and unrequited transfer of resources from the private to the public sector, levied on the basis of predetermined criteria. According to P. E. Taylor, “ Taxes are compulsory payment to government without expectation of direct return in benefit to the taxpayer. According...

Over the years, taxation has been taken as a veritable source of funding public sector activities as well as bein g an econ omic tool for the management of the con sumption, in vestment, and pr od uction patterns. In most d eve lopin g countries, the imposition of various forms of taxes has been with out some for ms of feed back on the effectiveness/efficien cy of such taxes. This stud y attempts to appr aise the usefulness of the tax system in Nigeria, usin g Value Added Tax system...

Table of Contents GENERAL PRINCIPLES & LIMITATIONS Republic vs Cocofed GR 147062-64, 14 December 2001 Elements of a tax; coco-levy as tax FACTS: R.A 6260 was enacted creating the Coconut Investment Company (CIC) to administer the Coconut Investment Fund (CIF) which was to be sourced from a fund levied based upon every sale of copra. Charged with the collection of the fund is the PCA. One of the purposes of the law was to acquire a commercial bank in order to provide readily...

Indirect Tax Indirect taxes include value added tax, a range of excise duties on oil, tobacco and alcohol and fuel duty. VAT is levied on the sale of goods by registered businesses. Businesses add VAT to the price they charge when they provide goods and services to business customers - and non-business customers. There are different VAT rates, depending on the goods or services that are being provided. At the moment there are three rates: standard rate – 20%, reduced rate - 5 %, zero rate -...

Now, let's say I approach you on the street and demand money from you would you give it to me? What if I threatened you? Would it be right for me to insist you give me the money from your wallet? What if I only wanted one third of the money in your wallet? What if I promised you protection and other services in return for the money? Would you consider this theft? I imagine you would. Mugging, robbery, extortion. And you would be right in that assessment. What if I stopped you on the street...

Tax is of two types Direct Tax and Indirect Tax. Direct Tax is the tax, which is paid directly by people to the government, while indirect tax is the tax, which is paid indirectly by people to the government. Income Tax is paid directly to the government therefore it is a direct tax while excise duty is paid by people to the manufacturer who pays it to the government, therefore it is an indirect tax. The Constitution of India (COI) has given power to levy tax to central and state government...

July 28, 2012 TAX FILE MEMORANDUM FROM: SUBJECT: MegaCorp, Inc. IRS Audit Notice Today I met with MegaCorp to discuss the IRS audit notice they received regarding the reporting of $5million in damages paid to Ideas, Inc. FACTS: MegaCorp purchased all of the assets of Little, Inc. MegaCorp also acquired some of Little’s Liabilities which included an alleged patent violation by Ideas Inc. MegaCorp agreed it would be legally responsible for any judgment that Little would have to pay Ideas. A...

PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13) INTRODUCTION HISTORY OF INCOME-TAX: 1. India’ trust with income tax dates back to 1859 when James Wilson, Finance member in the Council of India, came to the country to establish the tax structure, a new paper currency and to remodel the finance system. 2. A bill imposing tax on profits from property, professions, trades and offices was passed by the Legislative Council of India. It received the assent of the Governor General on...

MINISTRY OF FINANCE -------- SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- No: 123/2012/TT-BTC Ha Noi, July 27, 2012 CIRCULAR GUIDANCE ON THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF LAW ON ENTERPRISE INCOME TAX NO.14/2008/QH12 AND GUIDELINES ON IMPLEMENTATION OF DECREE NO.124/2008/ND-CP DATED DECEMBER 11, 2008, DECREE NO.122/2011/ND-CP DATED DECEMBER 27, 2011 OF THE GOVERNMENT DETAILING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF LAW ON...

TAXATION LAW INTERNAL ASSIGNMENT – II Case Analysis: R.S. Joshi, STO, Gujarat & Ors. Vs. Ajit Mills Ltd & Anr. Citation: AIR1977SC2279 Prof-in-charge: Prof Ashutosh Naik By- Swathi. A.P III BBA LLB ‘A’ Roll No. 23 Symbiosis Law School Ph: 7798627663 Name of the case: R.S. Joshi, STO, Gujarat & Ors. Vs. Ajit Mills Ltd & Anr. Citation: AIR 1977 SC 2279: (1977) 4 SCC 98: 1977 SCC (Tax) 536 Decided On:...

FINAL WEALTH TAX Accepting the recommendations of N. Kaldor to introduce “integrated direct tax system” in India, Wealth Tax Act, 1957 was enacted. The Act was amended from time to time. The major objective of wealth tax has been attainment of equity objective of tax policy because wealth is considered as the major source of inequalities. The wealth taxation in India is applicable to all citizens of the country and is also called the wealth tax act, 1957. This is also considered to be direct...

Measuring the deadweight cost of a tax system is difficult. You cannot observe all the valuable things that are not made or done but would have been if not for taxes. But economists are clever, and estimates have been made (I will spare you the methodological details). Most put the deadweight cost of raising £1 of tax revenue at between 20 and 50 pence. The dead-weight loss of taxation is the loss of output which would have occurred in the absence of the tax – a loss of economic welfare above...

MANILA, Philippines (3rd UPDATE) - The Aquino government has made giant steps in what his predecessors tried but failed to do: pass a sin tax reform bill at the House of Representatives, inching closer to enacting it into law. The popular and determined government put its weight behind a piece of legislation that rests at the heart of industries where politics and economics traditionally intersect: sin taxes. On late Wednesday, June 6, a reform bill on the most crucial element that makes "sin"...

Q _ Tran Nam Quan: Blue Bui Minh Tri Quy : Task 1: Which of the following items are income: Rent from a residential rental property rented by a young family? yes, ordinary income under sec. 6-5 A birthday gift ? No A dividend from BP? Yes, Statutory income under sec.44(1) ITAA 1936 Wages and Salaries from your employer? Yes. Ordinary income under sec 6-5 Bank Interest Received? Yes, Ordinary income under sec 6-5(2) Your boss takes you out to dinner? No An allowance paid...

A. General Principles CONCEPT, NATURE AND CHARACTERISTICS OF TAXATION AND TAXES CIR v. Cebu Portland Cement Co. • The Court of Tax Appeals ordered the Commission of Internal Revenue (CIR) to refund to Cebu Portland Cement Co. about P350k+, w/c represented overpayments of ad valorem taxes on cement produced and sold by it. • CIR opposed the ruling, claiming that it had a right to apply the overpayment to another tax liability of Cebu Portland – sales tax on a manufactured product...

Contents TAX LEG: ITAA1936 [eg. S6(1)], ITAA1997 [eg. S6-5], FBTAA 1986, GST Act 1999. Topic 2 – Jurisdiction to Tax taxable payable Tax Payable (s4-10 ITAA1997)= (Taxable income * Tax Rate) – Tax Offsets (Tax/Financial Year = I July – 30 June) – Income tax payable on a year-by-year basis s3-5 ITAA97. Taxable income (s 4-15 ITAA) = Assessable Income less Deductions Assessable Income (s6-1) = Ordinary income (s6-5) and Statutory income (s6-10) but not Exempt income (s6-15)....

MODULE 9 – OTHER INCOME/DEDUCTIONS – FUNDAMENTALS & INTEGRATION Other income/deduction – Fundamentals Text Coverage – Chapter 9 You are NOT responsible for the following paragraphs: 9,030 9,040 – 9,060 9,090 – 9,090.40 9,095 – 9,095.70 9,120 – 9,130 9,140 – 9,155 9,310 9,395 9,400 9,405 – 9,410 9,415 – 9,415.40 9,420 – 9,430 9,490 – 9,515 9,520 9,530 Retiring allowances and other payments on termination of employment Support receipts and payments Registered education...

Soda Tax: The Beginning of the End The government plans to tax sugary drinks to lower consumption and reduce obesity rates. It is a tax that is justified, because a high majority of its consumers are obese and our government believes they should step in and do something about it. There are positive aspects of a soda tax, but it would also be a violation of freedom of choice, with many other red flags as well. The government simply, has too much involvement with our personal lives. Placing...

Tobacco tax: good for health, good for government finances Tobacco use kills over 5 million people each year and is the largest single preventable cause of premature death.1 Tobacco is very costly to society through high costs to treat tobacco-induced disease or through loss of productivity as a result of the premature deaths. But governments have a tool to combat the costs of tobacco use — tobacco taxation. Higher tobacco prices decrease consumption and encourage people to quit...

Question 14-4 Internal Revenue Code Section 351 permits shareholders of a corporation to defer recognition of a gain or loss on the transfer of assets to the corporation. The transfer of property may be made when a new corporation is formed or may reflect additional capital contributions to an existing corporation. Without Section 351, a sole proprietorship or a partnership would have difficulty adopting the corporate form of organization for legal and/or tax purposes because the transfer of...

Tax havens – main Best Tax Havens Tax haven is considered to be a country which has no taxes or low taxes levied on individuals and corporations. Each year tax havens attracts loads of clients who are drawn in by the possibilities of reducing taxes on their capital. Most of the world’s tax havens are also offshore financial centers and together they create business structures and other such services which clients can use knowing that they have the advantage of saving on taxes....

With respect to the prepaid income from services which of the following is true? The treatment of prepaid income is the same for tax and financial accounting. An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year ^^^answer The effects of a below-market loan for 450,000 made by a a corporation to its chief The corporation has imputed interest income and compensation expense. As a...