"Tax Evasion In The Philippines" Essays and Research Papers

  • Tax Evasion In The Philippines

    Tax evasion Definition Tax evasion is an unlawful practice which has the effect of reducing the government revenue needed for the provision of infrastructure, public services and public utilities. (Otosanya , 2009). Spicer (1975) also stated that, tax evasiontax 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 administration...

    Tax, Tax rate, Taxation 1213  Words | 4  Pages

  • Tax Evasion

    2. Why is there little tax evasion in Singapore or any other country of your choice? Is it because Singaporeans fear state punishment or because they are satisfied with the performance of the state? Or is there any other explanation? Which explanation(s) do you find most persuasive? Why? Tax evasion, the illegal negligence in taxpaying and misrepresentation of tax returns to reduce one’s tax liabilities, is at a low level in Singapore. With Singapore’s strong tax enforcement, Singaporeans fear...

    Corporate tax, Government, Singapore 2142  Words | 7  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 strategies...

    International taxation, Tax, Tax avoidance and tax evasion 1216  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...

    Income tax, Income tax in the United States, Internal Revenue Service 1872  Words | 6  Pages

  • Tax Evasion and Ethics

     Who did it?  eBay avoided £ 50m in tax  Starbucks paid less than 1% tax on its profit  IKEA halved its tax bill  Former Italian Prime Minister Bersculoni  List goes on….  How do they do it?  Special Purpose Entities (SPEs)  Sister Company  Round Tripping  Tax havens  Influencing audit committees Who is affected?  Government  Less of taxes  Profits siphoned off to other countries  Fiscal deficit  General public  Less spending from govt., less...

    Business ethics, Deficit, Government 291  Words | 3  Pages

  • Tax Evasion

    Introduction Just as death and taxes are certainties in this world, so are ways and means to minimize if not eliminate altogether one's tax liabilities.Attempts to escape the tax net may take any one of two forms: tax evasion and tax avoidance. Tax evasion may be defined as the act of reducing taxes by illegal or fraudulent means.1Common practices of tax evasion include: under-reporting of income, over-statement of expenses, use of fictitious receipts, the keeping of double sets of books, false...

    Income tax, Progressive tax, Regressive tax 361  Words | 2  Pages

  • Philippines Income Tax Rates

    Philippines Income Tax Rates Income of residents in Philippines is taxed progressively up to 32%. Philippines Income Tax Rate 32% Philippines Corporate Tax Rate 30% Philippines Sales Tax / VAT Rate 12% Taxable Income                                            Tax Rate PhP 0 - PhP 10,000:                     -                      5% PhP 10,000 - PhP 30,000:          PhP 500               10% PhP 30,000 - PhP 70,000:        ...

    Corporate tax, Income, Income tax 1230  Words | 4  Pages

  • Philippine Tax System Assessment

    TAX SYSTEM OF THE PHILIPPINES: ITS ASSESSMENT” I. INTRODUCTION Taxation: Defined As defined by Cooley, taxation is the process or means by which the sovereign, through its law-making body, raises income to defray the necessary expenses of government. It is expressed in another way as a method of apportioning the cost of government among those who in some measure are privileged to enjoy its benefits and must, therefore, bear its burdens. In order to finance the necessary expenses of the government...

    Corporate tax, Income tax, Indirect tax 2691  Words | 7  Pages

  • tax evasion

    A LONE FIGHT: BIR VERSUS TAX EVASION “Taxation is a game and tax evasion is a genuine sport in making profit” I. INTRODUCTION The distinction between tax avoidance and tax evasion is very clear in the academe. Tax books have often defined tax avoidance as an attempt to minimize the payment or altogether eliminate tax liability by lawful means, while tax evasion refers to the elimination or reductions of one's correct and proper tax by fraudulent means. The consequence of each case is also clear...

    Corporate tax, Income tax, Internal Revenue Service 4616  Words | 14  Pages

  • Tax and Agrarian Reform Beneficiaries

    Reform and Taxation in the Philippines In Partial Fulfillment of the Requirements Of Social Science 4 Economics with Taxation and Agrarian Reform By Dia, Mojahed D. ABSTRACT From the administrative and policy perspective, determination of magnitude of tax evasion and an analysis of tax evasion levels are imperative so that authorities may evaluate the success or failure of the enforcement mechanism. This article discusses several approaches to and estimates of tax evasion. Landownership problem...

    Manila, Mindanao, Philippines 854  Words | 3  Pages

  • To What Extent Does Tax Evasion Affect the Society

    To what extent does tax evasion affect the society? Word counts: 1510 words Introduction: The importance of the revenue to a country is well known in the world. The global financial system has more interconnections now than at any other time in history. (Simser.J, 2008, p.131). Tax evasion is one of most common crimes that damage the order of revenue. This is closely affecting the market economy and daily lives. Normally, most commentators consider tax evasion profoundly unethical...

    Capitalism, Economic system, Economics 1596  Words | 5  Pages

  • Cigarette Tax in the Philippines

    An ad valorem tax is a tax based on the value of the incurred, like the value added tax, sales tax, property tax or inheritance tax. The value of the goods, services or properties is the basis for the tax collected. Specific tax on the other hand, is a tax based on the quantity produced. It is not a function of the value of the product being taxed. Cigarettes are a product being taxed in such category. The use of specific tax could have been a good idea since it is evident that even though...

    Cigarette, Consumption tax, Regressive tax 1138  Words | 4  Pages

  • Philippine Donor's Tax Return

    (To be filled up by the BIR ) DLN: Republika ng Pilipinas Kawanihan Kagawaran ng Rentas Internas Pananalapi Donor’s Tax Return 2 Amended Return? Yes No 3 No. of Sheets Attached 4 BIR Form No. 1800 July, 1999 (ENCS) ATC Fill in all applicable spaces. Mark all appropriate boxes with an “X”. 1 Date of Donation (MM/DD/YYYY) D N 0 1 0 Part I Background Information 6 RDO 7 Telephone 5 TIN Code Number (Donor) 8 Donor's Name(For Individual)Last Name,First Name,Middle Name/(For Non-Individual)Registered...

    Donation, Internal Revenue Code, Property 1880  Words | 7  Pages

  • Tax Evasion in Pakistan (Small Business Sector)

    Tax Evasion in Pakistan (Small Business Sector) INTRODUCTION The development of any nation depends on the amount of revenue generated by the government for the provision of basic services to the nation. One major source of generating this revenue is taxation. According to Azubike (2009) tax is a major source of government revenue all over the world, including Nigeria. Income Tax Act of 1922: prevalent in undivided India was adopted by the Government of Pakistan as its Income Tax Law. Income...

    Corporate tax, Income tax, Internal Revenue Service 2297  Words | 7  Pages

  • Tax Evasion

    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 payment of tax by the people...

    Income tax, Progressive tax, Tax 6415  Words | 18  Pages

  • Tax Evasion and Tax Compliance

    empirical research on tax evasion, delineating the variety of factors affecting noncompliance and examining possible remedies. Particular emphasis is placed on the institutional and procedural rules governing the tax enforcement policy. JEL classification: K34 Keywords: Tax Enforcement, Compliance, Taxpayer’s Behavior, Tax Gap 1. Introduction Tax evasion is said to occur when individuals deliberately fail to comply with their tax obligations. The resulting tax revenue loss may cause...

    Income tax, Progressive tax, Risk aversion 3277  Words | 16  Pages

  • Taxation In The Philippines

    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 Tax advantage...

    Financial transaction tax, Income tax, International taxation 562  Words | 3  Pages

  • Taxation In The Philippines

    Karen Joy Madrio Juan January 24, 2015 Grade 9 – Davao Sir Daryl D. Dela Cruz Business Math: ASSIGNMENT # 1 Taxation in the Philippines Taxation It is the inherent power by which the sovereign state imposes financial burden upon persons and property as a means of raising revenues in order to defray the necessary expenses of the government It is the imposition of financial charges or other levies , upon a taxpayer (an individual or legal entity) by a state such that failure to pay...

    Corporate tax, Income tax, Internal Revenue Service 1306  Words | 4  Pages

  • Tax Avoidance

    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 and avoidance have...

    Tax, Tax avoidance, Tax avoidance and tax evasion 2177  Words | 6  Pages

  • Effects of Tax Evasion

    International Tax and Public Finance, 7, 177–194, 2000. c 2000 Kluwer Academic Publishers. Printed in The Netherlands. Decomposing Revenue Effects of Tax Evasion and Tax Structure Changes ARINDAM DAS-GUPTA* oldmonk87@yahoo.com Gokhale Institute of Politics and Economics, B MCC Road, Pune 411004, Maharashtra, India IRA N. GANG gang@economics.rutgers.edu Department of Economics, Rutgers University, New Brunswick, NJ 08901-1248 USA Abstract This paper proposes a method for evaluating the impact...

    Income, Income tax, Progressive tax 9101  Words | 26  Pages

  • Tax Evasion in Developing Countries

    Tax Evasion in Developing Countries Term Paper (Development Economics) DSE According to Swiss Coalation of Development Organisations, harmful tax practices is leading to a loss of at least USD 50 billion a year for the Developing Countries. This amount is equivalent to the amount required by the World Bank and UNDP to achieve its Millenium Development Goals.It is also equivalent to the annual official aid given by the OECD countries to Developing Countries. And the tax burden is ultimately...

    Audit, Monotonic function, Order theory 2771  Words | 9  Pages

  • Tax Evasion and Avoidance Practice

    Vol. 2. No. 7. November 2012 Issue. Pp. 150 – 156 Tax Evasion and Avoidance Practices in Some Selected Corporate Firms of Bangladesh Mohammad Zahid Hossain Bhuiyan* The present study is based on a total number of 9 (Nine) tax appeal cases and opinions of a total number of 32(thirty two) respondents belonging to relevant tax officials and tax practitioners. The main reason of selecting the topic is the large scale prevalence of the tax evasion and avoidance crimes in Bangladesh which adversely...

    Corporate tax, Income tax, Progressive tax 2972  Words | 9  Pages

  • Tax 2 Cases

    FACTS: Private respondent (Atlas) mining corporation, organized and existing under and by virtue of the laws of the Philippines, operates a concession in Toledo City, Cebu. It actually used and/or consumed tax paid extra gasoline and diesel fuel for the mining operation purchased on various dates from Mobil Oil Philippines. On July 19, 1978 Atlas filed with the CIR a written claim for tax credit. There being no action taken on its claim for refund on July 21, 1978, petitioner filed the instant judicial...

    Corporate tax, Income tax, Progressive tax 1498  Words | 5  Pages

  • Tax Avoidance

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

    Balance sheet, Income tax, Tax 1529  Words | 5  Pages

  • Tax Evasion & the Black Economy

    TAX EVASION It is the general term for efforts by individuals, corporations, trusts and other entities to evade taxes by illegal means. 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. Tax evasion is an activity commonly associated...

    Consumption tax, Crime, Economics 2318  Words | 8  Pages

  • tax evasion. a case

    A case on tax evasion by Anurag Kashyap Introduction Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions. Tax evasion is an activity...

    Income tax, Indirect tax, Progressive tax 5382  Words | 15  Pages

  • Why Is There Little Tax Evasion in Singapore? Why Do Most People Pay Taxes to the State?

    Singapore, tax evasion is extremely low and it is almost impossible to escape from tax. Tax is a measure primarily imposed to raise revenue so that the government can meet its responsibility to provide for the general welfare and defense of its citizen as well as pay its debt(A.Segal). There are many types of taxes that are imposed on Singaporeans and foreigners who are staying in Singapore. Some examples are like income tax, consumer tax (GST ), property tax and road tax that apply...

    Corporate tax, Income tax, Progressive tax 1904  Words | 6  Pages

  • tax matters

    Chapter 6 Tax matters 1、 Why have tax? The Collins Concise English Dictionary (1992. P 1383) defines the wordtax” as: “a compulsory financial contribution imposed by a government to raise revenue, levied on income or property, on the prices of goods and services, etc. and to levy a tax on (persons, companies, etc.)” (Clinton Alley, 2008). there are several reasons can explain the existence of tax: The main function of taxation is the fiscal one. It is through fiscality that taxes play their...

    Tax, Tax avoidance, Tax avoidance and tax evasion 889  Words | 2  Pages

  • The Philippines

    Demographics The national population of the Philippines is approximately ninety million people. The national language of the Philippines is Filipino, which is also called Tagalog. English is also spoken and understood throughout the country. English is the language for commercial and legal transactions. The Philippines is the third largest English-speaking country in the world. The major religion of the Philippines is Roman Catholicism. The Philippines is divided into three different geographical...

    Filipino language, Filipino people, Jollibee 1057  Words | 4  Pages

  • PHILIPPINES

    BACKGROUND Tourism is a major contributor to the economy of the Philippines, contributing 5.9% to the Philippine GDP in 2011. The country's rich biodiversity is the main tourist attraction of the Philippines. Its beaches, mountains, rainforests, islands and diving spots are among the country's most popular tourist destinations. The country's rich historical and cultural heritage is also one of the attractions of the Philippines. The Philippine tourism industry flourished in the 1970s and early 1980s but...

    Congress of the Philippines, Constitution of the Philippines, Corazon Aquino 985  Words | 3  Pages

  • Philippines

    Philippines * Known by many names in song and story. * Before Magellan’s arrival, Chinese traders called it “Mai” meaning “Land of Barbarians”. Pearl of the Orient Seas * The names which modern writers give. * The most romantic name of our country. * One of the beautiful land in the Far East. Philippines * Northernmost point: Y’Ami Isle 78 miles from Taiwan * Southernmost tip: Salvage Isle 34 miles from Borneo Philippines * An archipelago of 7, 107 islands. 2...

    Filipino language, Luzon, Manila 724  Words | 3  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. A) True B) False Beginning in 2011, all paid tax return preparers must sign up with the IRS, pay a fee, and obtain a preparer tax identification number. A) True B) False 22. Taxpayers who are unable to pay their taxes may enter into a payment plan with the IRS if the amount they owe is within certain limits. A) True B) False 23. At which of the following IRS...

    Income tax, Progressive tax, Proportional tax 907  Words | 5  Pages

  • Reaction for Sin Tax Bill of the Philippines

    Republic of the Philippines OCCIDENTAL MINDORO STATE COLLEGE Sablayan campus, Sablayan Occidental Mindoro Significant Role in Learning Structure of English for Communicative Competence (Term Paper) Midterm Project In Structure of English SUBMITTED TO: MR. Mario Sampilo Subject Instructor SUBMITTED BY: Mary Ann P. Bandera BSED 2A DATE: August 20, 2013 INTRODUCTION What is communicative competence?...

    Communication, Constructed language, English language 1107  Words | 4  Pages

  • TAX QUIZ 1 ANSWERS

    or less the same. F_____ 4. Theoretical justice means tax laws must be capable of convenient, just and effective administration. T_____ 5. A tax assessment could be done only after a tax return has been filed. T_____ 6. Assessment protest of the taxpayer should be completely complied with the submission of pertinent documents to support the taxpayer’s claim. F_____ 7. There is no prohibition of double taxation in the Philippines. T_____ 8. Taxation, like police power is restricted...

    Corporate tax, Property, Tax 1826  Words | 3  Pages

  • Taxation in the Philippines

    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 original...

    Corporate tax, Income tax, Indirect tax 2447  Words | 7  Pages

  • Philippines

    Philippines BUSN 105 10/14/2012 Amy Westbrook The Philippines is a cultural anomaly. Situated in the heart of South East Asia, the Philippines are quite unique among the nations situated around it. Being heavily influenced by Spain, Mexico, The United States and the Catholic Church add to its uniqueness. Inhabited by around 92 million people the culture of the Philippines is quite diverse. The majority are of ethnic Malay stock. However, unlike neighboring countries such as Malaysia...

    Asia, Catholic Church, Filipino people 1082  Words | 4  Pages

  • Tax Law

    Summarize the sources and objectives of modern income tax statutes. The primary source of US tax law is Congress. Power to initiate tax legislation is vested in the House of Representatives but all tax bills must pass both houses and be signed into law by the President. Many times the details of the legislation are not dictated by Congress, but left to the Treasury Department which adopts regulations (that have the force of law) to spell out the details as well as interpret the statutes and provide...

    Court, Income tax, Income tax in the United States 1272  Words | 4  Pages

  • Deductions from Gross Estate Under Philippines Tax Rules and Singapore Tax Rules

    DEDUCTIONS FROM GROSS ESTATE UNDER PHILIPPINES TAX RULES AND SINGAPORE TAX RULES ADVENTIST UNIVERSITY OF PHILIPPINES PUTING KAHOY 2008 DEDUCTIONS FROM GROSS ESTATE PHILIPPINES TAX RULES Funeral Expenses For deaths occurring on or after January 1, 1998, the amount allowable as deduction shall be the lower amount between the actual funeral expenses (whether paid or unpaid) and five percent (5%) of the gross estate, but in no case to exceed two hundred thousand pesos (P200,000). Judicial...

    Afterlife, Balance sheet, Death 1878  Words | 7  Pages

  • Philippines

    Gonzales, N. V. M. (1998). Philippines. Paris: SOS Incorporated. Hicks, N. (1999). This is the Philippines. London: New Holland Publisher Ltd. Hicks, N. (2002). The magic of the Philippines. London: New Holland Ltd. Insight Guides. (2005). Singapore: APA Publications. Laya, J. & Castaneda, L. (1996). Prusisyon. Philippines: St. Pauls Press. Loop, H. & Carpentier, D. (2008). Central Philippines. Cebu: PDP Digital Inc. Yuson, A. (2003). The Philippines. Singapore: Tuttle Publishing...

    Filipino people, Philippines 777  Words | 4  Pages

  • Philippines

    Tourism in the Philippines Tourism in the Philippines is a major economic contributor to the Philippine economy. The Philippines is an archipelagic country composed of 7,107 islands. It offers a rich biodiversity with its tropical rainforests, mountains, beaches, coral reefs, islands, and diverse range of flora and fauna, making it as one of the megadiverse countries in the world. In 2012, the country attracted 4,272,811 visitors. History Philippine tourism flourished in the 1970s and early...

    Cebu, Luzon, Manila 1435  Words | 6  Pages

  • The Philippines

    Flag of Philippines There are three fields on the Philippine flag. The white equilateral triangle is on the hoist side, a band of blue at the top, and a band of red at the bottom. An eight rayed yellow sun at the center of the triangle. A small five pointed star is located at each corner of the triangle. General Emilio Aguinaldo, who the first President of the Philippines and a leader in the revolution against Spanish rule for Philippine, designed the Philippine flag. He did this while in exile...

    Emilio Aguinaldo, Luzon, Manila 2038  Words | 7  Pages

  • The Philippines

    Philippines: No Other Place But Up The Philippines is considered one of the fastest growing economies in Southeast Asia. As of 21st century, the country is a member in several international organizations’ including the APEC, Association of South East Asian Nations (ASEAN) and World Trade Organization (WTO). In addition the Philippines also have a lot of trading partners and trade agreements. Though, the Philippines have suffered negative balance of trade for many years. In January of 2013, the...

    Corazon Aquino, Human Development Index, International trade 1478  Words | 4  Pages

  • Tax Law and Accounting Paper

    Tax Law and Accounting Paper In today’s financial world, preparation and reporting of income taxes has become one among the other main reasons why individuals and businesses are keeping and maintain their financial records. However, there has been some controversy between tax laws and accounting under the General Accepted Accounting Principles (GAAP). Simply because IRS is not always agrees with GAAP’s principles and thus creates its own tax laws. This paper will discuss the objectives of modern...

    Corporate tax, Depreciation, Income tax 1300  Words | 3  Pages

  • Tax Law and Accounting

    Tax Law and Accounting As much as everyone hates the “T” word, taxes are an essential part of our society. Taxes pay for many of the services we are entitled to as citizens of the United States. Services like the military, Medicare, and welfare are all paid for with tax dollars. Taxes often fund things that stir up quite the controversy because of the service provided, but they are important nonetheless. There are different levels of taxes as well. There are Federal taxes, which cover what was mentioned...

    Corporate tax, Internal Revenue Service, Tax 1137  Words | 3  Pages

  • To Tax or Not to Tax

    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 outrageous...

    Deficit, Government debt, Money 1189  Words | 4  Pages

  • To Tax Or Not To Tax

    William Pittman 10/14/14 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 federal...

    Tax, Taxation, Working class 1294  Words | 5  Pages

  • Tax Shelter & Tax Haven

    Tax Shelter I. Definition 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 tax...

    Income tax, Offshore company, Progressive tax 1439  Words | 4  Pages

  • Taxation: Tax and Government Expenditure Policy

    Taxation refers to the act of a taxing authority actually levying tax. Taxation as a term applies to all types of taxes, from income to gift to estate taxes. It is usually referred to as an act; any revenue collected is usually called "taxes." The process whereby charges are imposed on individuals or property by the legislative branch of the federal government and by many stategovernments to raise funds for public purposes. 1. A tax (from the Latin taxo; "rate") is a financial charge or other levy...

    Deficit, Government debt, Public finance 833  Words | 4  Pages

  • Tax Administration

    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 replaced...

    Income tax, Indirect tax, Internal Revenue Service 2381  Words | 7  Pages

  • Tax Fraud

    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 the realm of tax fraud. Tax fraud can be...

    Fraud, Internal Revenue Service, Tax 1674  Words | 5  Pages

  • Tax Law & Accounting Paper

    Tax Law and Accounting Sue Abraham University of Phoenix Tax Law and Accounting The word "tax" did not become a household name until the late 1800's when congress created the nation's first income tax law. Prior to this law the government used tariff's and imported goods to help support the economy. However, in order to bring in more revenue to help cover the costs of the civil war the government had to make necessary reforms and re-establish tax law. The Revenue Act of 1862 (July 1, 1862...

    American Civil War, Depreciation, Income tax in the United States 921  Words | 3  Pages

  • Value Added Tax of the Philippines

    Value-Added Tax is a form of sales tax. It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services. 1. What is a VAT registered individual? * Any person or entity who, in the course of his trade or business, sells, barters, exchanges, leases goods...

    Consumption tax, Income tax, Indirect tax 3314  Words | 9  Pages

  • Wealth Tax

    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...

    Income tax, Progressive tax, Property 2040  Words | 6  Pages

  • Tax Planning

    Ninad J Panchakshari Mcom. FCA, Nashik 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. However in a broader sense tax planning is not to save the tax for current financial year but also make an effective...

    Family, Income, Income tax 813  Words | 4  Pages

  • Ngo in the Philippines

    The Philippines’ NGO Sector By: Joanna Moshman  Charity and welfare work in the Philippines dates back to the beginning of colonization.[1] The motivation behind Kawanggawa (“charity”) is based on the notion of Pakikipagkapwa, meaning “to holistically interact with others” and Kapwa, meaning “shared inner self.”[2] When charity and volunteer work are carried out, it is implied that there is “an equal status between the provider of assistance and the recipient,” as exemplified by Damayan—the...

    Civil society, Corazon Aquino, Ferdinand Marcos 1692  Words | 6  Pages

  • Tax Gaps

    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 that...

    Corporate tax, Income tax, Internal Revenue Service 835  Words | 3  Pages

  • Taxation: Tax on Income (Philippines)

    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. - (1) Ordinary and Necessary Trade, Business or Professional Expenses.- (a) In General. -...

    Capital asset, Capital gain, Depreciation 23539  Words | 66  Pages

  • Penalties and Offences in Tax

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  • Sin Tax

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  • Tax Havens

    TAX HAVENS DEFINING Tax Havens • Def 1:A tax haven is a country or territory where certain taxes are levied at a low rate or not at all. • Def 2: Tax haven or fiscal paradise are terms used to refer to a jurisdiction which enables its foreign residents or companies to reduce their tax liabilities from their homelands. • Def 3: "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide...

    British Virgin Islands, International taxation, Liechtenstein 937  Words | 4  Pages

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