Taxation Essays & Research Papers

[Name]: YuPei [TP Number]: TP024726 [Intake Number]: UC2F1303AF {FI} [Subject Code]: Introduction to Taxation [Lecturer’s name]: KHO GUAN KHAI [Assignment title]: Individual Assignment [Date of Submission]: 31st May 2013 Context Introduction…………………………………………..1 Personal Income Tax ……………………………..1 Tax rate……………………………………………......3 Tax relief ……………………………………………....4 Personal income tax relief……………………..5 Tax rebate…………………………………………….. 7 Taxable income and tax liability‘s...

LWB364 INTRODUCTION TO TAXATION LAW SEMESTER 1, 2011 LINA TERRESA BUI 1 Lina Terresa Bui RESIDENCE 2 Lina Terresa Bui STATE THE ISSUE The issue which arises on the facts is whether the [taxpayer] is a resident for tax purposes. BACKGROUND The general jurisdictional rules provide:   Residents are assessed on their ordinary income and statutory income from all sources (ss 6-5(2), 6-10(4) ITAA97) Foreign residents are assessed on their ordinary income and statutory income from...

LAWS7012 | Business Taxation Assignment – Semester 2 | 2013 Important Facts to Note 1. The assignment is worth 40% of the assessment in this course. 2. The assignment has 2 questions, each worth 20 marks. 3. You must submit your assignment before 4.00pm on Thursday, 12 September 2013. 4. Students must submit their assignment electronically via the Turnitin link [LAWS7012 | 2013 – Semester 2] in the Assignment Submission folder in the Assessment area of the course website in Blackboard....

 Taxation Requirement 1 Part 1 (a) Explain what is meant by “income by ordinary concepts”. a) Ordinary income (s6-5) is an element of Assessable income. In the context of the Income Tax Assessment Act 1936 and ITAA 1997 assessable income is made up of Ordinary Income and Statutory Income. Assessable income includes income according to ordinary concepts which is called ordinary income s6-5(1). Legislatures and courts...

PAPER F6 TAXATION (UK) P R A C T I C E & R E V I S I O N K I T FA 2012 BPP Learning Media is the sole ACCA Platinum Approved Learning Partner – content for the ACCA qualification. In this, the only Paper F6 Practice and Revision Kit to be reviewed by the examiner:      We discuss the best strategies for revising and taking your ACCA exams We show you how to be well prepared for your exam We give you lots of great guidance on tackling questions We show you how you can build your...

Introduction As far as we know, the corporation tax rate in United State of America is high. It is one of the highest corporation rates in the developed world which reach to 35%. In order to reduce the tax burden and make them more profitable, more and more American corporations choose to stash their cash overseas, since the developing countries such as China use tax incentives to attract foreign firms to support economic growth. Launching business in the developing countries become the...

Question 1. One of the important concepts in Canadian taxation is integration. Discuss the mechanisms built into the Canadian tax system for Canadian controlled private corporations to allow for integration. In your discussion, include the taxes put into the system to prevent deferral, the dividend gross-up and dividend tax credit prior to 2014 and for tax years after 2013. Discuss both investment income and business income. Question 2. Memo To: Staff Accountant From: Manager...

Taxation in the Philippines From Wikipedia, the free encyclopedia Jump to: navigation, search This article needs more links to other articles to help integrate it into the encyclopedia. Please help improve this article by adding links that are relevant to the context within the existing text. (May 2013) Taxation An aspect of fiscal policy Policies[show] Government revenue Tax revenue Non-tax revenue Tax law Tax bracket Tax threshold Exemption Credit Deduction Tax shift Tax cut Tax holiday...

Chapter 2 of the Book Income tax only works in developed countries – Australia has a heavily reliance on income tax. Tax = [(assessable income – deductions) x rate] – offsets ( note there is a order for these) –payg(w) (at the very end +- any levies) Taxable Income e.g. the medicare levy is based on your taxable income. Note: The tax free threshold for a resident for part of the year is calculated through a special formula. (pg71 of text book)...

Taxation and the Internet With the rising popularity of online shopping, many state governments are growing more and more concerned with the lack of proper law governing taxation. A typical, traditional purchase requires payment of state sales tax at the point of sale but with online purchasing this location is nonexistent. Since buyers and sellers are located anywhere in the world is becoming increasingly harder to establish law requiring the payment of sales tax. Regardless, many states...

Table of Contents Chapter 1 1 Theoretical considerations about 1 taxes and fees 1 1.1. General Considerations about Taxes and Fees 1 1.2. Direct taxes 3 1.2.1. Profit Taxes 4 1.2.2. Salary (payroll) taxes 6 1.2.3. Dividend taxes 7 1.2.4. Local taxes 8 1.3. Indirect taxes 9 1.3.1. Value Added Tax 11 1.3.2. Duty 13 1.3.3. Excise 14 Chapter 2 – S.C. Sarten S.R.L. 16 Company presentation 16 2.1. Short history 16 2.2....

Progressive taxation rates are unethical and need to be changed. The media likes to say the rich need to pay their fair share and I will show that if everyone paid the same percentage of their income without all the loopholes the current tax system has the government would be better off. This is an ethical issue that needs to be addressed by our current and future leaders to help eliminate the extraordinary amount of debt our country currently has to reimburse. Utilitarianism is that an...

TAXATION AND FISCAL REGULATIONS IN NIGERIA INTRODUCTION The Nigerian Tax System has undergone significant changes in recent times. The Tax Laws are being reviewed with the aim of repelling obsolete provisions and simplifying the main ones. Under current Nigerian law, taxation is enforced by the 3 tiers of Government, i.e. Federal, State, and Local Government with each having its sphere clearly spelt out in the Taxes and Levies (approved list for Collection) Decree, 1998. Of importance at this...

Introduction Double taxation arises when an individual or business acquiring income in a foreign country is required to pay taxes on that income in both the foreign country as well as the country of origin. For example, an American company operating in a developing country, in the absence of a tax treaty between the two countries may have to pay a withholding tax to the government of the developing country, as well as corporation tax to the United States government (Howard, 2001, p. 259). The...

Unfair Taxation: Why Should the Few Support the Many? Ricky Wiggins Strayer University Professor Priscilla Patten English 215 Research and Writing 5 May 2012 Unfair Taxation In the economy today a large number of Americans do not pay Federal Income Tax. This is not fair to the citizens who are required by law to pay taxes. Why should only half of the country bear the burden of paying taxes to support the United States? Every person living in America needs to stand up, take...

Taxation 1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on individuals. *a. True b. False 2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals. a. True *b. False 3. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%....

I. Introduction to the tax systemThe laws governing taxation in the Philippines are contained within the National Internal Revenue Code. This code underwent substantial revision with passage of the Tax Reform Act of 1997. This law took effect on January 1, 1998.Taxation is administered through the Bureau of Internal Revenue which comes under the Department of Finance. The chief executive of the Bureau of Internal Revenue is the Commissioner who has exclusive and...

Inadequate and stagnant revenue yield relative to GDP: We can see the status of the ratio of tax revenue to GDP of Bangladesh in the following table for last 7years (Source: Bangladesh Economic Review-2010). Revenue as % of GDP | 2003-04 | 2004-05 | 2005-06 | 2006-07 | 2007-08 | 2008-2009 | 2009-2010 | Total Revenue | 10.6 | 10.6 | 10.8 | 10.5 | 11.1 | 11.2 | 11.5 | Tax Revenue | 8.5 | 8.6 | 8.7 | 8.3 | 8.8 | 9.0 | 9.3 | Non-tax Revenue | 2.1 | 2.0 | 2.1 | 2.2 | 2.3 | 2.2 | 2.2 |...

UNSW THE UNIVERSITY OF NEW SOUTH WALES AUSTRALIAN SCHOOL OF BUSINESS SCHOOL OF TAXATION & BUSINESS LAW TABL 5551 - TAXATION LAW SAMPLE CLASS TEST QUESTIONS 2013-14 Summer Semester Note: You must bring this document to Seminar 8 This document contains copyright material. The document was written by Dale Boccabella with contributions from Tom O’Sullivan, in the School of Taxation & Business Law for the private use of students undertaking the Taxation Law course at UNSW. No other...

Name : Rakibul Hasan ID : 2011010000251 Batch :27th “H” Report on Taxation The contribution of income tax is playing a pivotal role in the economic development of Bangladesh Development of Bangladesh has taken various measures to modernize the tax system. “Tax is an expense which is payable by an individual on the basic of his or her level of income” In general tax is imposed earning capacity. In 1984 an industrial...

Research Problem 1 Federal Taxation Research Problem 1 1. Discuss the different types of interests and the IRS rule related to the deductibility of each type for tax purposes. Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. There are different types of interests, including investment interest, qualified residence interest, student loan interest, and personal interest, which are either deductible or nondeductible. Personal...

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. Taxes are also imposed by many administrative divisions. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid labour). A tax may be defined as a "pecuniary burden laid upon individuals or...

Which of the following is not practicing before the Internal Revenue Service? A. Preparing the tax return, furnishing information at the request of the IRS, or appearing as a witness for a taxpayer. B. Communicating with the IRS for a taxpayer regarding the taxpayer's rights, privileges, or liabilities under laws and regulations administered by the IRS. C. Preparing necessary documents and filing them with the IRS for the taxpayer whose tax returns were prepared by a different practitioner. D....

Taxation in India The Indian Tax Structure is quite elaborate, with clear distinction in authority between Central, State and local governments. The taxes levied by the Central government are on income (other than tax on agriculture income which would be levied by the state government), customs duties, central excise and service tax. The State government levies Value Added Tax (VAT), sales tax in states where VAT is not applied, stamp duty, state excise, land revenue and tax on professions....

United International College Hong Kong Taxation Assignment 1 Answer the following questions. 25 marks each. 1. David’s salaries tax for year of assessment 2010/11 were due as follows: 1st instalment $10,500 due on 2 January 2012 2nd instalment $4,000 due on 4 April 2012. However David failed to pay the 1st instalment by the end of January 2012. What actions will be taken by Inland Revenue Department to recover the tax from David? Ans. When the tax was overdue after...

P R E N T I C E H A L L’ S F E D E R A L TA X AT I O N 2013 Individuals EDITORS THOMAS R. POPE University of Kentucky KENNETH E. ANDERSON University of Tennessee CONTRIBUTING AUTHORS D. DALE BANDY University of Central Florida LEANN LUNA University of Tennessee N. ALLEN FORD University of Kansas TIMOTHY J. RUPERT Northeastern University ROBERT L. GARDNER Brigham Young University CHARLENE HENDERSON Mississippi State University RICHARD J. JOSEPH Hult...

1. Briefly explain background of Malaysian tax system. The main source of income for the Government in Malaysia depend on the tax revenue. In 1910, Straits Settlements (Singapore, Malacca, Penang) Legislative Council introduce a draft bill for imposing a tax on income, but faced strong opposition from tax-paying public. So, proposal s to introduce income tax were stated as to "fund the Imperial War Expenditure", not to raise revenue. The public agreed. Then, War Tax Ordinance was...

The significance of taxation. Today, the tax subsidy is major feature of the U.S. health care market. Results suggest that the tax subsidy increased the growth of group insurance, particularly among union members and employed persons. This is a critical effect because group insurance is not only less expensive than individual insurance, but it is also easier to obtain, and households with access to group health insurance are far more likely to purchase health insurance coverage than those...

ACCT 330 – TEST 2 CHAPTER 6 – DEDUCTIONS AND LOSSES Criteria for deducting business and investment expenses – must be… * Related to a profit-motivated activity of the taxpayer * Ordinary, necessary, and reasonable in amount * Properly documented * An expense of the taxpayer Expenditure is not deductable if it is… * A capital expenditure * Expense related to tax-exempt income * Illegal or in violation of public policy, or * Specifically disallowed by tax law...

Chapter 14 Commodity Taxation Reading • Essential reading – Hindriks, J and G.D. Myles Intermediate Public Economics. (Cambridge: MIT Press, 2005) Chapter 14. • Further reading – Diamond, P.A. and J.A. Mirrlees (1971) ‘Optimal taxation and public production 1: Production efficiency and 2: Tax rules’, American Economic Review, 61, 8—27 and 261—278. – Madden, D., (1995) ‘An analysis of indirect tax reform in Ireland in the 1980s’, Fiscal Studies, 16, 18—37. – Murty, M.N. and R. Ray...

------------------------------------------------- TAXATION August 2011 Multiple Choice. Identify the letter of the choice that best completes the statement or answers the question. 1. Which of the following is not subject to tax as a corporation? (A) Business partnerships. (B) Insurance companies. (C) Joint stock companies. (D) General professional partnership. 2. A partnership formed by persons for the sole purpose of exercising their...

OVERVIEW OF TAXATION IN PAKISTAN TAXATION REPORT SECTION: C DATE OF SUBMISSION: NOV 6TH, 2012 NAMES OF GROUP MEMBERS: FIZZAH SIDDIQUI (9886) MAIMONA MOBEEN Executive summary INTRODUCTION The constitution empowers the Federal Government to collect taxes on income other than agricultural income, taxes on capital value, customs, excise duties and sales taxes. The Central Board of Revenue (CBR) and its subordinate departments administer the tax...

w 页码，1/2(W) Taxation of Individuals and Business Entities 2011, eBook - 1st 2/e Content Chapter1: An Introduction to Tax Who Cares About Taxes and Why? LO1 A clear understanding of the role of taxes in everyday decisions will help you make an informed decision about the value of studying taxation or pursuing a career in taxation. One view of taxation is that it represents an inconvenience every April 15th (the annual due date for filing federal individual tax returns without...

Sta. Maria, Oel Angel BSBA – Marketing III February 15, 2014 Law in Income Taxation Mrs. Gosom Business Income Tax – A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public....

Presumptive Taxation A presumptive or imputed tax is generally a proxy for the standard tax. It is applied when the tax base is too small or hard to verify, due to limited administrative resources, or improper accounting practices. According to a definition by Ahmed and Stern (1991), “The term presumptive taxation covers a number of procedures under which the ‘desired’ base for taxation (direct or indirect) is not itself measured, but is inferred from some simple indicators which are more...

System of Taxation A tax system used in the United Kingdom in which income levels are divided into different classifications for determining tax rates. Each income classification represents a different source of income such as business profits, capital gains, employment income, entitlements, that is taxed according to the specific provision of the Tax Act to which it applies. http://www.businessdictionary.com/definition/schedular-system-of-taxation.html A progressive tax is one in which...

BICOL UNIVERSITY COLLEGE OF BUSINESS, ECONOMICS AND MANAGEMENT DARAGA, ALBAY CASAUL, EUGENE B. BSBA MM II Reaction paper Regarding taxation issues The individual income tax consists of taxes on compensation income (from employment), business income, and passive income (interests, dividends, royalties, and prizes). In 1998 compensation income tax rates were restructured into 6 bands with...

Computing Taxable Income 1. Tax Payable You will find this rule in …| Tax is payable on a person’s taxable income|Australia’s Tax Law decrees that every year ending 30 June, most people in Australia (and this includes companies) have to pay tax on an amount which the Tax Law calls the person’s “taxable income.” This amount – the person’s “taxable income” for that year – is the end result of a much longer series of steps which the Tax Law prescribes in detail.|s. 4-1| ||| Tax payable...

A. Part I Tax: Federal Basic Tax 38% x TI (-) Abatement 10% x Canadian TI (-) SBD (CCPC): 17% of Least of ▪ ABI (Canadian, CY, Net of Loss) ▪ Adjusted TI ▪ Business Limit (500,000) (+) Additional Refundable Tax (CCPC) 20/3% of Least of - AII - SBDQ (-) GRR: 11.5% (TI – SBDQ – AII – MPPDQ) (-) MPPD: 11.5% of Least of - ▪ M&PP – SBDQ ▪ TI – SBDQ - AII (-) Tax Credits: ▪ Foreign Tax Credit (Tax paid abroad) ▪ Fed....

INTRODUCTION TO TAXATION Unlike most transfers, which are voluntary, taxation is compulsory. That’s needed because of free-rider problem (no one will have injective to contribute) Modern taxes are monetized (individuals provide just money) Tariffs are taxes imposed on imported goods. Tariffs protect domestic producers. Taxes can be divided to: • direct • indirect Direct taxes are individual income tax, payroll tax (used to finance social) security, corporation income...

The role of taxation in the transformation of the Japanese Economy Introduction Before the Meiji restoration under the feudal Tokugawa Shogunate, taxation was mainly a tool for warfare and military power. The system was highly regressive and pressed lightly on the rich and profit-earners. It was calculated to preserve a very unequal distribution on incomes and to stimulate the accumulation of private capital. This tendency somehow continued and was magnified before W.W.II when direct...

 Subject: Taxation Topic: Advantages Of Direct Taxes & Impacts Of Indirect Taxes on Corporate sector By: Vrushika Sheth Introduction on Tax 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...

Canons/Principles of Taxation By Adam Smith: Adam smith, the father of modem political economy, has laid down four principles or cannons of taxation in his famous book "Wealth of Nations". These principles are still considered to be the starting point of sound public finance. Adam Smith's celebrated cannons of taxation are: (1) Cannon of equality or ability, (2) Cannon of certainty, (3) Cannon of convenience, and (4) Cannon of economy. (1) Canon of equality or ability: Canon of...

Solution to Assignment Problem 15-9 Facts: Ms. Morgan is the sole shareholder in her own CCPC The company qualifies for the SBD and its total tax rate is 15% Ms. Morgan’s tax rates are 29% Federal plus 12% provincial (= 41% total tax) Any dividends paid out by Ms. Morgan’s company are non-eligible dividends The provincial dividend tax credit is 25% of the gross-up NIFTP of the business is $170,000, after deducting her salary of $84,000 Objective: Ms. Morgan wishes to receive...

Chapter 1—Federal Income Taxation - An Overview MATCHING Match each term with the correct statement below. a. Average tax rate b. Effective tax rate c. Horizontal equity d. Marginal tax rate e. Progressive rate structure f. Proportional rate structure g. Regressive rate structure h. Tax avoidance i. Tax evasion j. Vertical equity 1. A tax rate that increases as the tax base increases. 2. A tax rate that decreases as the tax base increases. 3. Fraudulent...

ALLOWABLE DEDUCTIONS - A SEC. 34. Deductions from Gross Income. - Except for taxpayers earning compensation income arising from personal services rendered under an employer-employee relationship where no deductions shall be allowed under this Section other than under subsection (M) hereof, in computing taxable income subject to income tax under Sections 24 (A); 25 (A); 26; 27 (A), (B) and (C); and 28 (A) (1), there shall be allowed the following deductions from gross income; (A) Expenses. -...

INTRODUCTION WHAT IS TAX? A tax is 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 payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name." In other words, Tax is imposition...

Philippine Local Government Taxation Local government units, by virtue of the 1987 Constitution and the Local Government Code of 1991, otherwise known as Republic Act 7160 have been given the power to raise certain taxes. Power to Create Sources of Revenue (Sec. 129) • Each local government unit (LGU) has thepower to create its own sources of revenue and to levy taxes, fees, and charges • The grant of power to create sources of revenue is consistent with the basic policy of local...

Executive Summary This memorandum is intended to communicate the deferred tax issues of Lucent Technologies Inc. on the basis of analysis of the veracity of the situation according to the reporting framework’s guidelines to anticipate unfavorable implications that had been resulted due to poor performance of the company over the past years. The Financial Accounting Standards Board (FASB) is the recognized body for making pronouncements as Generally Accepted Accounting Principles (GAAPs) in...

China Taxation: Interpretation An Approach to Chapter 1An Overview of Taxation INTRODUCTION The People's Republic of China has established what is perhaps the most sophisticated and complex taxation system in the world today. This system of taxation has an impact on almost every business and investment decision. Decisions a business enterprise must make, such as the form it will take (i.e., sole proprietorship, partnership, or company), the scope and nature of its operations, and...

 HI5028 TAXATION INDIVIDUAL ASSIGNMENT 1 TABLE OF CONTENT QUESTION 1 3 FACTS 3 RELEVANT RULE/LAW 3 QUESTION 2 7 RELEVANT RULE/ APPLICATION 7 CONCLUSION 9 REFERENCES 10 QUESTION 1 Janet (taxpayer) residing in Australia is named as the sole beneficiary of a property (1.85 hectares) with a large homestead as a result of the death of a relative on 7/10/2010. The property is not used for commercial purposes and at the date of death, the property was valued at $1.45million. Settlement took...

This journal entry will focus on the import GST deferment scheme, (IGDS) among the schemes announced in Budget 2010. Currently, GST on imported goods is payable to Singapore Customs at the point of importation, unless Imports Relief Order has been granted or the goods are imported under one of various import GST suspension schemes. With effect from 1 October 2010, eligible GST registered importers can apply for the new Import GST Deferment Scheme. Qualifying conditions will include a good...

Taxation of foreign profits on companies Introduction In June 2007, HMRC released a discussion document titled ‘Taxation of foreign profits of companies'. The proposal covers widespread changes by the government to make the UK more competitive and attract capital investment to boost the economy. The changes to the taxation of foreign profits have been driven by pressure from business concerning the complexity of the UK tax system. The other main reason of the reform is the uncertainty...

Task one Issues: 1. Are activities relating to use of land a business or a hobby? 2. Are the amounts related to the land deductible or not under general rules? * the loan to purchase the land and interest expense * council rates and insurance in respect of the land * payment to develop plans for proposed building 3. If no, is there a “specific deduction” section? References: ITAA97 s8-1---general deductions: you can deduct from your assessable income...

` DEDUCTIONS GENERAL DEDUCTIONS s.8-1 -incurred in gaining or producing assessable income -necessarily incurred in carrying on a business Exclusions: - capital expense - private or domestic expenses - expenses incurred in producing exempt income - expenses which are specifically disallowed under the Act Others 1. Clothing and uniforms - protective, occupation specific uniforms, compulsory uniforms and embossed uniform 2. Home...

Research Paper No. 1929 Federalism, Taxation, and Economic Growth John William Hatfield January 2006 RESEARCH PAPER SERIES Federalism, Taxation, and Economic Growth John William Hat…eld Graduate School of Business Stanford University January 2006 Abstract We show that federalism will lead to higher economic growth. We present a model of endogenous growth where government services, funded by income and capital taxes, are a component of production. In this model a decentralized...

Business Taxation Agriculture Income Sec 2 (1A) of income tax 1961 act agriculture income means 1) Any rent or revenue derived from the land which is situated in India and used for agriculture activities. 2) Any income derived from such land by the agriculture person or by the process employed to make agriculture produce which can be fit for sale in the market. 3) Or any other income derived from any building provided that the: a) Building is on or on the immediate next to the...

Running head: TAXATION AND PRIVE CONTROL ON THE ECONOMY Taxation and Price Control on the Economy March 22, 2009 Taxation, a system of raising money to back our government, in which all governments require payments of money-taxes-from people. The government use tax money to pay for expenses that are well needed such as: the service of America soldiers, police officers service, hospitals and the list go on. Without taxes to fund its endeavors, the government could not exist. Is the tax...

CC3155 Taxation Tutorial 1 (2009/10 Semester 1) Suggested Answers to Tutorial Questions (Lecture 1) Overview of the Hong Kong Tax System and Administration A) Quiz 1. 2. 3. 4. 5. 6. 7. 8. F T T T F T E The chargeable person a) Salaries tax: person who has income from employment, office or pension deriving from HK, b) Property tax: owner of land/buildings in HK, and c) Profits tax: person who carries on a trade, profession or business in HK. 9. April 1st, March 31st,...

1. The assessability or otherwise to Jino and Anna of the annual bonuses paid by Darling Bank to them. Consideration of the proximity of services or employment relationship, the importance of the donor’s motive and the status of gratuitous payments are relevant in determining whether the bonuses received are assessable income. We can determine that the bonuses satisfactorily fulfil the requirement that for the bonuses to be assessable they must “come in”.(tenant v smith) Natural incidents...

Tax Notes: Capital Gains Capital property: depreciable property and any other property the disposal of which would result in a capital gain Capital gains = proceeds – ACB Taxable capital gain = capital loss and gain are taxed at a rate of ½ Capital losses are denied: depreciable property, personal use property, deemed dispositions (to the extend they exceed capital gains Disposition of Identical Properties (shares) Post V day pool (pre 1972) ( real estate property Median...

[pic] DOUBLE TAXATION RELIEF (BETWEEN THE FEDERAL REPUBLIC OF NIGERIA AND THE GOVERNMENT OF THE KINGDOM OF BELGIUM ORDER S.I. 15 1997 Commencement: 1st January, 1990. WHEREAS it is provided by section 45(l) of the Companies Income Tax Act, section 38(1) of the Personal Income Tax Act and section 61(l) of the Petroleum Profits Tax Act that if the Minister of Finance by Order declares that arrangements specified in the Order have been made with the Government of any country outside...

1.1 Introduction of the UK tax system There is a very long time before British tax becomes what it is now, which can be traced back to Ancient times when UK was a part of the Roman Empire. The uniform land tax in 1692 is the basis to the current British tax system; at that time, the land tax is a kind of direct tax and is the main source of government revenue. Before the end of 18th century in British, William Pitt announced income tax to cover the expenses on weapons in the preparation for the...

Double Taxation Avoidance Agreements (DTAA) The Double Tax Avoidance Agreements (DTAA) is essentially bilateral agreements entered into between two countries, in our case, between India and another foreign state. The basic objective is to avoid, taxation of income in both the countries (i.e. Double taxation of same income) and to promote and foster economic trade and investment between the two countries. The advantages of DTAA are as under. ADVANTAGES AND DISADVANTAGES OF DOUBLE TAXATION...

TABLE OF CONTENTS INTRODUCTION 2 PART 1 – INDIVIDUAL’S TAX RESIDENCY AND TAX ASSESSMENT 3 ADVICE TO MR. BASIL ON TAX POSITION AND THE ASSESSABILITY 5 PART – 2 ADVISE TO KUMAR 9 CONCLUSION 11 REFERANCE LIST 12 INTRODUCTION The issue in the first case is sit out about the Tax Residency of overseas employee working in Australia and Assessing the Taxable income and Tax liability in regards to Income Tax laws in Australia. It provides insides about Australian Taxation System...

TAXATION LAW & PRACTICE EXAM NOTES 2011 |PAGE INDEX | |Income |- Source |Page 3 | | |- Residency |Page 4 | | |- Dual Residents...

2013 BAR I. In its final adjustment return for the 2010 taxable year, ABC Corp. had excess tax credits arising from its over-withholding of income payments. It opted to carry over the excess tax credits to the following year. Subsequently, ABC Corp. changed its mind and applied for a refund of the excess tax credits. Will the claim for refund prosper? (6%) II. A group of philanthropists organized a non-stock, non-profit hospital for charitable purposes to provide medical services to the poor....

I. Introduction On hearing the word tax, what usually springs to mind are images of infrastructures, businesses and projects beneficial to the general welfare of the people, or more negatively, the idea of corruption and dirty tricks especially nowadays when numerous issues are colouring the taxation system of the country. With these, today, its importance seems to be overlooked and is viewed more negatively as a burden to the people. Currently, the individual income tax rate in the...

Abstract There is a definition of tax in the Webster's Dictionary--"...a compulsory payment of a percentage of income, property value, sales price, etc. for the support of a government". In theory the collection of taxation should be fair, simple, efficient and neutral. Australia inherited a convoluted and complex taxation structure from its British Colonial past. Australia's economy has become more dynamic, efficient and productive over recent decades. However, the tax system has only adapted...

Taxation Systems in Hong Kong According to the “Final Report to the Financial Secretary” prepared by the Advisory Committee on New Broad-based Taxes set up the Hong Kong Government in 2001, the definitions of three major taxation principles, efficient, effective, and equitable are explained in below. Efficient means a taxation system “must be operationally efficient to minimize compliance cost for taxpayers and administration cost for government”. Effective is defined as a system that is...

ASIGNACIÓN- LECCIÓN 2 Resuelve los problemas que se desglosan a continuación los cuales encontrarás al final del capítulo 1, páginas 36 a la 37: 1-5 Corporate taxes. Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2000 the firm earned $92,500 before taxes. a. Calculate the firm’s tax liability using the corporate tax rate schedule given in Table 3.4. b. How much is Tanto Supply’s 2000 after-tax...

TAX BRIEF IN THE MINING SECTOR OF GHANA 1.0 Introduction The mining sector is one of the major extractive industries in Ghana. It is estimated that the sector contributes about 41% of total export earnings and 5% of Ghana’s GDP. The sector is dominant with Foreign Direct Investment (“FDI”) with little local participation. 1.1 Legal Framework The Fiscal Regimes that regulate the sector in Ghana are: The Minerals and Mining Act, 2006 (Act 703) as amended The Internal Revenue Service...

E-commerce occurs in various forms and between various entities in the market. One among the question faced by nations is how to tax it. As the internet crosses the boundaries the main challenges are how can the basic requirements of physical presence and substantial nexus criteria of taxation can be met. The article tries to analyse the key issues in the area of e-commerce taxation. Article alarms the nation that if it is left untaxed it will give rise to a parallet economy. Every industry...

SOUTHEAST UNIVERSITY BBA Program (Summer-2013) COURSE OUTLINE-TAXATION Course Objective: After successful completion of the course, students are expected to be able to: 1. understand the role of taxation in overall economic development of an economy 2. understand the place of taxation in overall fiscal policy of government 3. understand relevant provisions of the personal and corporate taxation rules in Bangladesh 4. independently assess the tax liabilities of personal...

CHAPTER TWO 2.0 LITERATURE REVIEW INTRODUCTION. Local government is faced with verities of difficulties to sources adequate revenue from federal, state government and internally generated revenue, such problems are cog wheel to the smooth running of local government administration. Revenue generation in Nigeria local government is principally derived from tax. Tax is a compulsory levy imposed by government individual and companies for the various legitimate function of the state Colaoye,...

Advanced Taxation Lecture 1 Indirect Taxation 2012 Dr Nakha Ratnam Somasundaram Advanced Taxation 1 Indirect taxation 2012 Dr Nakha Ratnam Somasundaram - Advanced Taxation 2 Indirect taxation • Indirect taxes consists of the following taxes: – – – – Sales tax Service tax Excise duty Customs duty • These taxes are collected by the Director General of the Royal Malaysian Customs. 2012 Dr Nakha Ratnam Somasundaram - Advanced Taxation 3 ROYAL MALAYSIAN CUSTOMS:...

Assessable income=ordinary income + statutory income. Ordinary income: income deriving from the courts (s6-5) Negative propositions: items that are not income by ordinary concepts: 1.Amounts not convertible into money :In Tennant v Smith (1892) free accommodation provided to a bank manager was held not to be ordinary income because building could not be sub-let and the benefit thereby converted to money. In FCT v Cooke & Sherden (1980) an incentive prize offered by a manufacturer was not...

Taxation Task one (A)(i) Mice Ltd property business profit for the year 31 March 2010 is £20,550 Period ended Year ended Year ended 31 March 31 March 31 March 2007 2008 2009 £ £ £ Trading profit 83,200 24,700 51,200 Property business profit 2,800 7,100 12,200 Gift aid donations (1,000) (1,500) – (ii) The company profits at the period 31march 2007 is £65,000. Also the company profits at 31 March 2008, is £24800 for nine month...

HONG KONG SHUE YAN UNIVERSITY BUS 405 TAX PLANNING Homework 2 Question 1 Mr. Herbert Lee, a Singaporean, is being offered a job from a U.S. based company, Gateway Corporation. According to the proposed employment contract, Mr. Lee will have to meet the management team in the US and sign the contract there. His job is to oversee and supervise the operations of the Corporation’s various affiliated companies in the Far East region, including Hong Kong. He is expected to travel...

Federal Taxation 2/10/2013 Questions: 21-2, 21-13, & 21-26 Problems: 21-53 & 21-63 Homework Week Six 21-2. What are the eligibility requirements that a corporation must meet in order to qualify under Subchapter S? Answer: In order to qualify under Subchapter S, a corporation must be a small business corporation. The following additional requirements must be met in order to be a small business corporation: 1. Must be a domestic corporation 2. Must have no more than 100...

E102411 - CTS 1997 No. 45 AGREEMENT BETWEEN CANADA AND THE UNITED REPUBLIC OF TANZANIA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL The Government of Canada and the Government of the United Republic of Tanzania desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital, have agreed as follows: I. SCOPE OF THE...

A part of the “darker side” of Washington is considered by the American public as interest groups. Even James Madison described them in the federalist papers he wrote in 1787 as “factions” that could be dangerous. The modern day hasn’t changed much. People today largely agree with Madison in how they view interest groups. What interest groups do, how they are supported, and what their stances are an interesting mix of controversy, clash, and representation. Interest groups are there to...

Principles of Business October 3, 2012 Worksheet 1 Instruction: Copy questions to your note book and answer all questions. Question 1 a) Define the term ‘taxation’. (2m) b) Distinguish between direct and indirect taxes. (4m) c) List two (2) examples of direct tax and briefly describe each (4m) d) List two (2) examples of indirect tax and briefly describe each (4m) e) Distinguish among the different forms of tax giving example. (6m) Question 2 Discuss three (3)...

DOUBLE TAX AVOIDANCE AGGREMENT SECTION 90 OF INCOME TAX 73 India has comprehensive Double Taxation Avoidance Agreements (DTAA ) with 79 countries. This means that there are agreed rates of tax and jurisdiction on specified types of income arising in a country to a tax resident of another country. Under the Income Tax Act 1961 of India, there are two provisions, Section 90 and Section 91, which provide specific relief to taxpayers to save them from double taxation. Section 90 is for taxpayers...

Aspen Falls Restaurants Project Description: In this project, you will modify a workbook to track taxes generated by restaurants in the Aspen Falls area. To complete the project, you will enter and format data, create formulas and functions, create and format a pie chart and a clustered column chart, apply conditional formatting, use Find and Replace to edit data, and finally create page footers. Instructions: For the purpose of grading the project you are required to perform the...

E-COMMERCE AND TAXATION Thousands of businesses are selling goods and services through electronic commerce, including the Web and private electronic networks. Selling through electronic commerce is a rapidly growing channel for sales to both retail consumers and businesses. Since about one-quarter of all state and local revenue comes from sales, use, and gross receipts taxes, the state and local governments are eager to avoid losing any tax revenue to electronic commerce. Traditional...

ch13 Student: ___________________________________________________________________________ 1. In the United States, corporations are subject only to taxes imposed by the federal government. True False 2. The federal income tax deduction allowed for state income taxes paid decreases the cost of the state taxes. True False 3. If a corporation with a 35% marginal federal income tax rate pays $20,000 state income tax, the after-tax cost of the state tax is $13,000. True False...

A Study on the Taxation in HEG Ltd.” Dissertation submitted In Partial fulfillment for the Post Graduate Diploma in Business Management By Atul Kumar Rai Roll No.: GJUJUL08AC050 Batch 2008-2010 Under the Guidance of Mr. P.K.Jain DGM-Finance HEG Ltd. NSB SCHOOL OF BUSINESS B-II/1, MCIE, Delhi-Mathura Road, New Delhi-44 NSB SCHOOL OF BUSINESS B-II/1, MCIE, Delhi-Mathura Road, New Delhi CERTIFICATE This is to certify that the summer project report title “A study on Taxation...

Termination and Retirement 1. Superannuation (LUMP 2. Superannuation (INCOME STREAM 3. Employment Termination Payments Unused sick leave, excess over tax-free redundancy, “golden hand shakes”, severance pay Cn’t be rolled over to a super fund 4. Unused Leave Payments 5. Redundancy Tax free amount=$8806+[$4404x year of completed service] [s83-175] Excess amount taxed as ETP Small Business Concessions & Depreciating Assets N.B. 1.Identical materials or...

Everyone notices it. They struggle with it, fight to survive through it, and when push comes to shove, they end up paying it anyways. It is gas taxation. Taxes on gas hit wallets hard and drain bank accounts. The federal gas tax was a mere penny per gallon and first came into effect in 1932 as a temporary charge. Nine years later, the gas tax became permanent through the Revenue Act of 1941 in order to help fund the war effort and increased by half a cent per gallon. In 1959, President...

Model Paper GOVERNMENT COLLEGE UNIVERSITY, FAISALABAD QUESTION PAPER FOR EXTERNAL EXAMINATION B.Com. Part 2nd Course Code: BC-405 Annual -2012 Course Title: Business Taxation Time Allowed: 03:00 Hours Maximum Marks: 100 Roll No.………………. Pass Marks: 40% ________________________________________________________________ Note: marks Q. No.1 2001. Attempt any five questions including Q#8, which is compulsory. All questions carry equal Define and explain the following terms with reference to...

CHAPTER 1 INTRODUCTION TO TAXATION SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Effect of state and local taxes on decision making Unchanged 1 2 Tax structure Unchanged 3 3 Proportional versus progressive tax Unchanged 14 4 FICA and FUTA compared Unchanged 15 5 Use taxes Unchanged 4 6 Cumulative nature of the Federal gift tax Unchanged 6 7 Federal...

Chapter 12 Taxation and Income Distribution I. Impact of taxes on income distribution hard to determine because of tax incidence II. Tax Incidence a. Who actually pays a tax b. Legal Incidence – who is legally responsible for paying a tax c. Economic Incidence – who actually pays the tax d. Example – tax of $1 is placed on $10 item how is income distribution affected i. Price stays at $10 – income of seller...

Question 1 (50 marks) Cindy Loo Hoo was born on January 1, 1969. She resides at 543 Apple Crescent, Winnipeg, Manitoba, R2G 1A1. Her telephone number is (204) 277-7777 and her Social Insurance Number is 111 000 111. Cindy has the following income tax transactions for 2013: Cindy separated from her husband Ken, on May 1, 2013. They had been married for 10 years, and they parted on good terms. Cindy verbally agreed to pay $50,000 to Ken to allow him to buy household furniture and make a down...

MACC-650 Seminar in Federal Taxation Spring 2010 Team Research Project Presentation to John Smith KMCE & A GOLD Gold Group KMCE & A Gold LLC Lawrenceville, NJ Dear Mr. Smith, We have been requested to review and present to you our recommendations for the start of your new Pharmaceutical/Biotech Consulting Company. To begin, we would like to review the information that we have been given from you to KMCE&A. We understand that you have a background as a business...

Default Position(what the rules would be without Sub C)Under Code section 1001, when there is a transfer of property in exchange for other property, the transferor recognizes gain or loss in the difference between:The FAIR VALUE of the property received, AND His ADJUSTED BASIS (determined under Code section 1012) in the property transferred EXAMPLE OF DEFAULT POSITION X has land worth $400,000 and in which he has basis of $150,000. X transfers the land to Corp in exchange for 100 shares of...