Indirect Tax 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 -
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Basics of Direct Taxes(Income Tax Act) and Indirect Taxes(VAT‚ CST‚ Excise duty‚ Service Tax etc.‚) The Persons who are taxed are called “Assessees”. Assessees or “Person” under the Income Tax Act‚ 1961(as amended Yearly under the respective Finance Acts) are as follows:- 1) Individual 2) Hindu Undivided Family(HUF) 3) Firm or Association of Persons(AOP) 4) Joint Stock Company 5) Every other person Whether an Assessee is liable to be taxed and if so‚ on what income etc.‚ depends on the
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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: HTTP://WWW.CUSTOMS.GOV.MY INDIRECT TAXATION
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Direct Taxes: A Direct tax is a kind of charge‚ which is imposed directly on the taxpayer and paid directly to the government by the persons (juristic or natural) on whom it is imposed. A direct tax is one that cannot be shifted by the taxpayer to someone else. The some important direct taxes imposed in India are as under: Income Tax: Income Tax Act‚ 1961 imposes tax on the income of the individuals or Hindu undivided families or firms or co-operative societies (other tan companies) and trusts
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Nigeria Introduction Value Added Tax (VAT) was introduced in Nigeria in 1993 but became effective on 1 January 1994. VAT replaced the Sales Tax. VAT is governed by the Value Added Tax Act‚ Chapter V1‚ Laws of the Federation of Nigeria (LFN) 2004. The tax is administered by the Federal Inland Revenue Service (FIRS). Rates and scope Rates The standard VAT rate on goods and services is 5%. Value for VAT purposes includes customs duties‚ taxes‚ commission‚ transport‚ insurance and other charges
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An Unwritten Rule There are many rules that are followed in society today‚ whether they have been around for hundreds of years‚ or just natural instincts of kindness. They are not usually things people would get punished for if they did not follow‚ they are more of an act of respect. Things like holding the door open for people behind you‚ saying please and thank you‚ or not eating until everyone at the table has their food. These rules mostly come from what is taught to children at young age‚
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* We should follow the rules so that we can maintain peace and organization within our society‚ economy‚ and even our country. Without rules no one would be able to work together. * Two different kinds of people can be heard to utter that question‚ "Why have rules?" One of them does not believe in rules; the other believes in rules and adds a few more words to the question‚ "Why have rules‚ if you are not going to enforce them?" I would like to examine both sides of this argument. Many people
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Direct and indirect rule is a significant concept in Southeast Asian colonial history. It refers to the method of rule that colonial powers practiced on the Southeast Asian nations which they ruled. Definitions and Examples of Direct and Indirect Rule ‘Direct’ rule means relying on colonial administrators to run the colony‚ with little reliance on the locals‚ such as in the case of Burma since their annexation in 1886. Upon Burma’s annexation by the British‚ many of its political systems were
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DIRECT SPEECH INDIRECT SPEECH PRESENT TENSE PRESENT SIMPLE changes into PAST SIMPLE He said‚ “I write a letter” She said‚ “he goes to school daily” They said‚ “we love our country” He said‚ “he does not like computer” He said that he wrote a letter. He said that she went to school daily. They said that they loved their country He said that he did not like computer. PRESENT CONTINUOUS changes into PAST CONTINUOUS He said‚ “he is listening to the music” She said‚ “I am
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as Simple Rules’ and it was written by Kathleen M. Eisenhardt and Donald N.Sull. The aim is to show how the strategy of simple rule is used in complex business. Yahoo is the company that had successfully used simple rule strategy to be the internet’s top portal. Company can choose among three distinct approaches to strategy and it requires different skill sets and works best under different circumstances. There are five types of simple rules: how-to-rules‚ boundary rules‚ priority rules‚ timing rules
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