Accounting for Income Tax Under IFRS‚ Income Tax is taxes based on taxable profits‚ and taxes that are payable by a subsidiary‚ associate or joint venture on distribution to investors. U.S GAAP defines income tax as all domestic federal‚ state and local taxes based on income‚ including foreign income taxes from an entity’s operations that are consolidated‚ combined or accounted for under the equity method‚ both foreign and domestic. In IFRS‚ the guidance about accounting for income taxes
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David C. Albarillo MM21 MCIT(minimum corporate income tax) Under the CTRP‚ an MCIT equivalent to two percent (2%) of gross income is imposed beginning the fourth (4th) taxable year immediately following the taxable year in which such corporation started its business operations. The MCIT is imposed whenever such corporation has zero or negative taxable income or whenever the amount of the MCIT is greater than the regular corporate income tax due from such corporation. An MCIT equivalent to two
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The Illusion of the Capital Gains Tax Increase Policymakers and researchers have long been interested in how potential changes to the capital gains tax system affects the health of the overall economy. A capital gain is the increase in the value of a capital asset realized over its cost basis (Saxton). The lower tax rate for capital gains is the policy that the United States has followed from the inception of the income tax‚ a policy followed by almost every other advanced economy on earth. As numerous
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people who own a home based business or work from home have a home office. You can take advantage of numerous tax deductions due to having that designated space. Your home office must be use strictly for business. It must also be the place that you primarily do business from. In other words you cannot have an office outside of your home that is used for your home based business and still take tax deductions for your home office. When you are figuring the amount of
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community tax that is paid annually at the Barangay Hall. It is often rated at 5% of income. Value Added Taxes (VAT) In the Philippines‚ the rate of VAT is at 12%. With some additional VAT:[1] Cockpits and Cabarets: 18% Jai-Jalai and racetracks: 30% And with some exceptions:[1] Small Businesses: 10% Not VAT-registered businesses: 3-5% Excise taxes Alcoholic beverages‚ tobacco products‚ jewelry‚ petroleum products‚ mining and petroleum taxes‚ residence taxes‚ a head tax on immigrants
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The passing of a state income tax limit takes several different factors into discussion. The consequences of passing a state income tax need to be carefully deliberated before considering adoption. Many major actors in state politics affect the process of adopting an income tax limit as well. The state legislature has an important role in creating the tax and expenditure limit‚ while the state governor is able to use several different methods to veto or block the limit that the legislature suggests
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Local Government Tax Mobilization and Utilization in Nigeria: Problems and Prospects By Adenike .A. ADEDOKUN Senior Lecturer Dept. of Public Admin. & Local Govt. Studies The Polytechnic‚ Ibadan. NIGERIA. Contents • Introduction • Theoretical Framework • • • • Tax Mobilization Local Government Finance and Revenue Utilization Problems and Prospects Conclusion Historical Background • • • • • • • • • • Based on Indirect Rule *Local government Ordinance of 1916 *Centralised budget system
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Institute of Tax and Customs Administration Department of Tax Administration (MA. Program) Individual Thesis Paper on Tax Audit and Risk Management A thesis submitted to the Department of Tax Administration in Partial fulfillment of requirements for the Master of Arts By - Awoke Damtie (January 2014) Jannuary‚ 2014 Addis Ababa Ethiopia Table of contents Title
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“Income Tax Structure in Bangladesh and Taxation of a Non-Corporate Individual taxpayer” LETTER OF TRANSMITTAL Date: Prof. Y School of Business‚ Z University. Subject: Assignment on “Taxation on a Non-Corporate Individual taxpayer‚ Asst. Year 2014-2015. Dear Sir‚ It is my pleasure to submit the report of my assignment on “Taxation on a Non-Corporate Individual taxpayer‚ Asst. Year 2014-2015”. As an instructor and advisor to the report‚ you provided valuable insights to improve the
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role in the economic life of a developing country like Nigeria. Today Nigeria is indeed in need of effective and efficient tax system in order to generate enough revenue that will finance economic growth and development. There is the urgent need in the country to evolve new approach for handling various tax issue dealing with both compliance and planning work. The use of Tax in National development is increasing and further introduction of new technology will ensure its continued growth and influence
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