To Tax or Not to Tax - 1189 Words
To Tax or Not to Tax: The Problem of America
Money, like a cookie, is something everybody wants, and when it is gone a person blames everybody else for its absence; realizing later they were the one to consume it in the first place. Taxes, since the beginning of an organized economy, have been argued over for centuries. At the end of 2012 after surviving the “end of the world,” tax payers were faced with another apocalyptic situation, the Fiscal Cliff. It had the potential to raise taxes to...
1,189 Words | 4 Pages
To Tax Or Not To Tax - 1294 Words
Writing COMP – Han
To Tax or not To Tax
Two authors by the names of Paul Krugman and Fred E. Foldvary have varying opinions on the topic of taxing the rich. The debate they’re writing about is whether or not the US should increase the tax burden on the rich. Foldvary states in his “The Evil of Taxing the Rich” article that there are a lot of negative affects that would come along with taxing the rich. Mainly, he says the rich are paying a much larger percentage of...
1,294 Words | 4 Pages
Tax Administration and Tax Planning
A taxpayer's average tax rate is determined by dividing the total tax paid by the total income of the taxpayer.
Beginning in 2011, all paid tax return preparers must sign up with the IRS, pay a fee, and obtain a preparer tax identification number.
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.
At which of the following IRS...
907 Words | 5 Pages
Tax Evasion and Tax Audit
Definition of Tax Evasion:
Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability and includes in particular dishonest tax reporting, such as declaring less income, profits or gains than actually earned or overstating deductions,.
It is an illegal practice where a person, organization or corporation intentionally avoids paying his/her/its true tax liability.
Examples of practices...
259 Words | 1 Page
Tax Chargeability and Tax Return
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.
672 Words | 2 Pages
Tax Avoidance and Tax Evasion
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...
1,216 Words | 3 Pages
Tax Types of Tax - 5014 Words
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...
5,014 Words | 18 Pages
Tax Shelter & Tax Haven
Any method of decreasing taxable income in a payments to tax collecting entities, including state and federal government. The most common type of tax shelter is an employer-sponsored 401(k)plan.
a. Types of tax shelters
Some tax shelters are questionable or even illegal:
Offshore companies. A company which is incorporated outside the jurisdiction of its primary operations regardless of whether that jurisdiction is an offshore financial centre. Due to differing...
1,439 Words | 4 Pages
Tax Avoidance vs. Tax Evasion
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...
1,872 Words | 6 Pages
Tax Law - 7450 Words
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...
7,450 Words | 20 Pages
Tax System - 4842 Words
CHAPTER 4. MOBILIZING DOMESTIC REVENUES
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...
4,842 Words | 23 Pages
Income Tax - 1148 Words
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:
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....
1,148 Words | 4 Pages
Tax Evasion - 1213 Words
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...
1,213 Words | 4 Pages
Tax Avoidance - 34952 Words
towards a modern
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
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 [email protected]
fair tax: towards a modern tax system
34,952 Words | 120 Pages
introduction to tax - 323 Words
I. History of Taxation
II. Criteria for Evaluating a Tax Structure
Adam Smith -canons of taxation
III. Tax Structure
Incidence of tax:
IV. Major Types of Taxes
323 Words | 5 Pages
tax growth - 35524 Words
Please cite this paper as:
Johansson, Å. et al. (2008), “Taxation and Economic
Growth”, OECD Economics Department Working Papers,
No. 620, OECD Publishing.
OECD Economics Department
Working Papers No. 620
Taxation and Economic
Åsa Johansson, Chistopher Heady,
Jens Arnold, Bert Brys, Laura Vartia
JEL Classification: C33, H23, H24, H25, O40, O43
Organisation de Coopération et de Développement...
35,524 Words | 190 Pages
Tax Avoidance - 486 Words
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...
486 Words | 2 Pages
Tax Exemption - 709 Words
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...
709 Words | 2 Pages
Tax Exam - 941 Words
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?
941 Words | 3 Pages
Fedral tax - 546 Words
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...
546 Words | 2 Pages
Tax problem - 1034 Words
Homework 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...
1,034 Words | 4 Pages
Indirect Tax - 836 Words
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...
836 Words | 2 Pages
Wealth Tax - 2040 Words
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...
2,040 Words | 6 Pages
Sin Tax - 1148 Words
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"...
1,148 Words | 4 Pages
Tax and Income - 7630 Words
Q _ Tran Nam Quan: Blue
Bui Minh Tri
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...
7,630 Words | 23 Pages
Tax Cases - 93391 Words
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...
93,391 Words | 243 Pages
tax notes - 15836 Words
TAX LEG: ITAA1936 [eg. S6(1)], ITAA1997 [eg. S6-5], FBTAA 1986, GST Act 1999.
Topic 2 – Jurisdiction to Tax
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)....
15,836 Words | 53 Pages
tax module - 1059 Words
MODULE 9 – OTHER INCOME/DEDUCTIONS – FUNDAMENTALS & INTEGRATION
Other income/deduction – Fundamentals
Text Coverage – Chapter 9
You are NOT responsible for the following paragraphs:
9,040 – 9,060
9,090 – 9,090.40
9,095 – 9,095.70
9,120 – 9,130
9,140 – 9,155
9,405 – 9,410
9,415 – 9,415.40
9,420 – 9,430
9,490 – 9,515
Retiring allowances and other payments on termination of employment
Support receipts and payments
1,059 Words | 15 Pages
soda tax - 1134 Words
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...
1,134 Words | 3 Pages
tobacco tax - 1129 Words
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...
1,129 Words | 7 Pages
Income tax - 929 Words
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...
929 Words | 3 Pages
Tax Havens - 19660 Words
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....
19,660 Words | 60 Pages
Essay on Tax - 333 Words
Tax is a fee charged by the government on a product, income activity. Unlike most transfers wich are voluntary, taxes are mandatory. It is mandatory because no one would have injective to contribute. The verb to "tax" appears in English usage as early as ca.1290. The word comes from the olde french "taxe" which is after the Latin "taxere". The noun "tax" appears in English sometime before 1327.
Taxes can be divided to:
If tax is...
333 Words | 2 Pages
Gst Tax - 2164 Words
Goods and Services Tax- Australia
To uphold a country's political and economical stability, governments often implement policies. There are many different types of policies that a government would implement to stabilize their country. However, one significant policy that almost every country uses is tax. In particular, Australia and Canada use a value added tax known as the Goods and Services Tax (GST). Australia's GST policy was introduced by the Howard government and went into effect on...
2,164 Words | 6 Pages
Tax Havens - 2795 Words
One of the major ways to evade taxes is through the use of tax havens. When most people think of a tax haven, a tropical island where corporations and the rich hide their money from the government is typically what comes to mind, but that isn’t always the case. There are many separate definitions and lists of what constitutes a tax haven, but perhaps the most widely accepted is the criteria put forth by the Organization for Economic Co-Operation and Development. The OECD focused on...
2,795 Words | 8 Pages
tax avoidance - 2260 Words
The goal of report is going to analysis the facts and use appropriate information to conclude whether there has been a tax avoidance arrangement, and also to outline the effect on a taxpayer if the tax avoidance arrangement exists. In order to meet the goal, this report followed steps from Draft Interpretations Statement to prove my opinions.
BG 1, YA 1, GA 1 of Income tax 2007,
Penny and Hooper v Commissioner of Inland Revenue (2011) 3 NZTR 21-014.
Ben Nevis Forestry...
2,260 Words | 6 Pages
Tax Gaps - 835 Words
Tax Gap Concepts
The IRS has defined the concepts of a gross tax gap and a net tax gap. The IRS defines the gross tax gap as the difference between the aggregate tax liability imposed by law for a given tax year and the amount of tax that taxpayers pay voluntarily and on time for that year.
Net tax gap as the amount of the gross tax gap that remains unpaid after all enforced and other late payments are made for the tax year.
Reasons for Tax Gap in Pakistan
The tax gap analysis revealed...
835 Words | 3 Pages
Tax in Bangladesh - 695 Words
Tax refers to a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services and transactions. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot...
695 Words | 2 Pages
tax fairness - 382 Words
Hong Kong taxation characteristics
Hong Kong taxation has the following characteristics:
1) Territorial source concept: the income taxes will be charged when the income comes from Hong Kong source.
2) Scheduler system: the income is taxed under different separate headings: which is property tax, salaries tax, profit tax and stamp duty. The taxpayer also can select the personal assessment to assess their total income in order to pay tax.
3) Direct assessment: the taxpayers need to pay their...
382 Words | 2 Pages
Tax and Money - 32485 Words
CHAPTER 3 – INTERDEPENDENCE BETWEEN MAJOR SECTORS, MARKETS AND FLOWS IN THE MIXED ECONOMY
STUDY UNIT 1
Production, Income and Spending
*Identify the three major flows in the economy
Production – occurs and generates income
Income - earned
Spending – Buy available goods and services
*Distinguish between a flow and a stock
(Box 3-1 Stocks and Flows)
Measured at a particular point in time
NO time dimension
Has a Time dimension – only measured over a period
32,485 Words | 140 Pages
tax memo - 697 Words
September 10, 2014
SUBJECT: Brett and Kathy
Brett and Kathy’s filing status used to be married, filing jointly. Although both of Brett and Kathy want to get divorce, they have not divorced considering financial pressure and their three children. From 2014, Brett begins to contribute more than Kathy do to support the home and their children. Also they want to file income tax returns separately. Thus Brett believes he can claim...
697 Words | 2 Pages
Tax return - 1260 Words
Income Tax Return Assignment
You have your own CPA tax practice and you are greeted with new clients: Albert and Jenny Cunningham and their two children. You meet with them and they give you the information shown below. They would like you to prepare their tax return for 2013. They would like to file married filing jointly.
NOTE: Reference to the “current tax year” below for the taxpayers, Albert and Jenny, it is for the calendar year 2013.
Albert and Jenny Cunningham (both 42...
1,260 Words | 7 Pages
Service Tax - 4013 Words
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...
4,013 Words | 10 Pages
Tax and Money - 595 Words
Money - buying, selling and paying
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...
595 Words | 2 Pages
Tax Outline - 21019 Words
FEDERAL INCOME TAXATION OUTLINE
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
Alimony and separate maintenance payments
21,019 Words | 70 Pages
Regressive Tax - 572 Words
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...
572 Words | 2 Pages
Tax Essay - 1018 Words
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...
1,018 Words | 3 Pages
Income Tax - 1636 Words
NAME: OGODETON KELVIN OKIEMUTE
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………….’
1,636 Words | 5 Pages
Tax Evasion - 6415 Words
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...
6,415 Words | 18 Pages
Tax Cheatsheet - 1379 Words
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...
1,379 Words | 8 Pages
Income Tax - 4860 Words
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%. 
Residential status, Scope of taxable income & Charge
Charge to Income-tax
Whose income exceeds the maximum amount, which is not chargeable to the income tax, is an...
4,860 Words | 14 Pages
Tax Refund and Federal Income Tax
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
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...
584 Words | 2 Pages
tax reform - 1449 Words
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...
1,449 Words | 5 Pages
Tax and Revenue - 8210 Words
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...
8,210 Words | 28 Pages
Tax Structue - 1717 Words
Assignment 4: Tax Structure
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...
1,717 Words | 5 Pages
Tax Research - 7114 Words
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...
7,114 Words | 23 Pages
Tax Note - 7467 Words
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
No terminal loss when land + building are sold
P of D building = lesser of:
7,467 Words | 28 Pages
Tax Incident - 2792 Words
2. Review of literature
2.1 The incidence of sin taxes
2.2 The incidence of tax on pure rent in a small open economy
2.3 Tax incidence in bargaining
2.4 The general equilibrium incidence of environmental taxes
2.5 The tax system incidence on unemployment: A country specific analysis
for the OECD economies:
2.6 Tax and subsidy incidence equivalence theories: experimental evidence
from competitive markets
2.7 Tax incidence under...
2,792 Words | 9 Pages
Income Tax - 1081 Words
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...
1,081 Words | 5 Pages
Sin Tax - 294 Words
Sin Tax: Form Your Own Opinion
Use complete sentences and save this form to KSpall’s folder on 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)...
294 Words | 2 Pages
sin tax - 434 Words
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.
I. Sin Tax
434 Words | 2 Pages
The Flat Tax - 492 Words
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...
492 Words | 2 Pages
Maldives Tax - 2996 Words
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...
2,996 Words | 9 Pages
Tax Aggressiveness - 823 Words
“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 ...
823 Words | 1 Page
Tax Administration - 2381 Words
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...
2,381 Words | 7 Pages
Tax Reforms - 1507 Words
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,...
1,507 Words | 5 Pages
Tax Reform - 1577 Words
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...
1,577 Words | 4 Pages
Tax and Reagan - 1587 Words
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...
1,587 Words | 5 Pages
Tax Shield - 1425 Words
| | |
|PROGRAMME |Presessional Courses |
| | |
|CLASS |Reading and Study...
1,425 Words | 8 Pages
Tax Avoidance - 835 Words
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...
835 Words | 3 Pages
Tax Petition - 2370 Words
United States Tax Court
Miles and Jack Vineyards, Inc.
Commissioner of Internal Revenue,
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...
2,370 Words | 10 Pages
Sin Tax - 3907 Words
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,...
3,907 Words | 12 Pages
Tax Revenue - 5758 Words
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: [email protected]
Economics Department, University of Port Harcourt Port Harcourt, Rivers State, Nigeria. E-mail:...
5,758 Words | 21 Pages
Zakat and Tax - 3367 Words
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...
3,367 Words | 10 Pages
Tax Fraud - 1674 Words
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...
1,674 Words | 5 Pages
Tax Law - 7952 Words
Basis for Allowable Deductions
Professor Dr. Dhiman Chowdhury
Course Code # 4201
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,...
7,952 Words | 22 Pages
Tax Compliance - 4781 Words
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...
4,781 Words | 14 Pages
Service Tax - 11827 Words
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...
11,827 Words | 55 Pages
Service Tax - 7737 Words
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...
7,737 Words | 26 Pages
Direct Tax - 3310 Words
ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)
IJMBS Vol. 2, ISSue 2, AprIl - June 2012
Assessee Perception towards Direct Tax Code (DTC)
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...
3,310 Words | 9 Pages
Coroporation Tax - 1068 Words
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....
1,068 Words | 4 Pages
Tax and Gearing - 709 Words
W22Extra: Tax and Gearing: More Questions
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...
709 Words | 4 Pages
Tax Planning - 31844 Words
Ms. Indu Gupta
In partial fulfilment of the requirement
for the award of the degree of
Master of Business Administration
31,844 Words | 106 Pages
About Tax - 3156 Words
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...
3,156 Words | 10 Pages
Indirect tax - 1186 Words
This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions.
(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.
Monitor and register later
A new business with an expected turnover of...
1,186 Words | 10 Pages
Tax in Bangladesh - 8837 Words
A Simplified Taxation System for Maximization of Government Revenue
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....
8,837 Words | 28 Pages
Tax of Bangladesh - 9578 Words
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...
9,578 Words | 31 Pages
tax avoidance - 291 Words
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...
291 Words | 1 Page
Tax Paper - 1097 Words
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) |
c) Realized gain is recognized to the extent of...
1,097 Words | 5 Pages
Service Tax - 46796 Words
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: [email protected] 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...
46,796 Words | 135 Pages
Impact of Tax - 2066 Words
THE IMPACT OF INCOME TAX RATES (ITR) ON THE ECONOMIC
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,...
2,066 Words | 6 Pages
Tax Avoidance - 1529 Words
* Part A: Tax Avoidance and evasion
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...
1,529 Words | 5 Pages
Service Tax - 410 Words
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...
410 Words | 2 Pages
Tax Accounting - 10214 Words
1.461-4(d)(1) through (6)
1.461-4(g)(1) through (7)
1.461-5 (a) through (c)
Garber Abbey B [[email protected]]
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...
10,214 Words | 26 Pages
Definition of Tax - 3014 Words
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.
3,014 Words | 10 Pages
Tax Administration - 6291 Words
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...
6,291 Words | 22 Pages
Tax Laws - 52851 Words
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...
52,851 Words | 148 Pages
Indirect Tax - 814 Words
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 -...
814 Words | 3 Pages
Tax Is Theft - 532 Words
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...
532 Words | 2 Pages