WHAT IS TAX PLANNING ? Tax planning is an essential part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions‚ deductions rebates and allowances while ensuring that your investments are in line with your long term goals. Tax-planning amounts to making investments or contributions in line with prescribed guidelines that lead to reduction in tax liability. Simply put‚ the tax liability
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Tobacco tax: good for health‚ good for government finances Tobacco use kills over 5 million people each year and is the largest single preventable cause of premature death.1 Tobacco is very costly to society through high costs to treat tobacco-induced disease or through loss of productivity as a result of the premature deaths. But governments have a tool to combat the costs of tobacco use — tobacco taxation. Higher tobacco prices decrease consumption and encourage people to quit Increasing
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There is a very clear distinction between tax avoidance and tax evasion from academic publications. Tax books have defined tax avoidance as “the lawful minimization of tax liability through sound financial planning techniques‚ while tax evasion is the “unlawful attempt to minimize tax liability through fraudulent techniques to circumvent or frustrate tax laws”. The consequences of either action are also clear. The former is not punishable by law while the latter is. However‚ the lines between evasion
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the Africa Partnership Forum‚ 26-27 October 2006‚ Moscow‚ Baunsgaard‚ Thomas and M. Keen (2005)‚ “Tax Revenue and (or?) Trade Liberalization”‚ IMF Working Document 05/112‚ IMF‚ New York‚ www.imf.org/external/pubs/ft/wp/2005/wp05112.pdf. Bernstein‚ Thomas P. and Xiaobo Lu (2003)‚ Taxation without Representation in Contemporary China‚ Cambridge University Press‚ Cambridge. Bird‚ Richard M. (2007)‚ “Tax Challenges Facing Developing Countries: A Perspective from Outside the Policy Arena”‚ DFID‚ London
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Excise Taxes Definition of ’Excise Tax’ 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the Internal Revenue Service (IRS). 1. Excise taxes are considered an indirect form of taxation because the government does not directly apply the tax. An intermediary‚ either the producer or merchant‚ is charged and then must pay the tax to the government. These taxes can be categorized
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Executive Summary The purpose of this report was to analyze the ’alcopops’ tax with related economic theory and outline the main issue and identify the key stakeholders. Also‚ the report will provide solutions and alternate recommendations. This report is based on news article provided from teachers which are about ’alcopops’ tax. Findings portray that alcopops are especially popular among teenagers and the imposition of the tax is not effective for young people due to they can find other sustitubes
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The first thing to note when it comes to self-employed tax‚ SE tax‚ is that it only refers to Medicare taxes and Social Security benefits. Self-employed persons may be required to file other federal taxes based on the area they work in. Below you will find information into what is self-employed tax‚ who is required to pay it and how to go about paying this tax. The information below may not include everything you need to know; therefore‚ it should not be taken as all-inclusive because your specific
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Katricia Williams March 15 2009 Persuasive Memo Rewrite Memo To: Donee Williams From: Katricia Williams Date: March 15 2009 Re: Persuasive Memo So you are about to graduate from High school and are beginning to look for a school that is right for you. Well ask yourself this question “What about Morgan State University?” This a school that prides itself in being one of the most prestige schools in the state of Maryland. MSU is located in Baltimore city on the border of Towson.
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Definition of Tax ; The word ‘tax’ has been derived from the French word ‘taxe’ and the Latin word ‘taxare’ which means ‘to charge’. Tax is a contribution exacted by the state. It is a non-penal but compulsory and unrequited transfer of resources from the private to the public sector‚ levied on the basis of predetermined criteria. According to P. E. Taylor‚ “ Taxes are compulsory payment to government without expectation of direct return in benefit to the taxpayer. According to
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3 CHAPTER TAX DETERMINATION; PERSONAL AND DEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus‚ users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Status: Present Topic TRUE OR FALSE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Level of current income
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