are again making history: for the past 15 years‚ we have been trying to reform the tax structure of imposing excise tax on tobacco and alcohol products. After 15 long years‚ we have finally succeeded.” “As the people’s servant‚ I shall personally ensure that this government shall implement the Sin Tax Reform Act of 2012 in a transparent and accountable manner starting Jan. 1‚ 2013‚” he said. Starting today‚ the tax on cigarettes packed by hand‚ which comprise the bulk of tobacco products sold in
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the alcopops tax is to correct for the negative externalities which abusers of alcopops impose on society. Using diagram(s) discuss how a tax on alcopops can correct for negative externalities associated with excessive consumption of alcopops. In a publication by University of Southern Queensland (2008)‚ it defines that ‘excise taxes are taxes imposed on sellers of certain goods and services‚ and they are usually substantially higher tan sales tax on regular goods’. Moreover‚ ‘tax incidence is
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theft‚ though you may not have realized it. Because that’s exactly what the government has done. They’ve gathered a large group of people together to assert that they have the right to take one-third (or more) of your money and that you have no choice in the matter. Should you not give them your money‚ sanctions will be made. First‚ they send you a letter saying all the nasty things they’ll do to you if you don’t give them ‘their’ money. They may make a few phone calls. They may send someone to
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The federal income tax was established in 1913 and since then it has become so complex that it requires millions of Americans to seek professional help every year. In addition to that‚ an expensive federal bureaucracy is required to enforce and administer the tax. The tax law was created to provide programs and services to the people that people wouldn’t want to pay for themselves. And through the tax system‚ we pay for these services that the government provides us. As much as a tax system is needed
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Ordinary income Tennant v Smith‚ (money or convertible into money) An employee was given accommodation rent free by his employer. Was this ordinary income? • The employee could not sublet the accommodation to anyone else‚ therefore could not turn this accommodation into cash. • The Court said it was not ordinary income under s. 25(1) (now s.6-5) since the accommodation was not convertible into money. • Not ordinary income under s.6-5. FCT v Cooke & Sherden. (money or convertible into money) Soft
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Course: TA 322A‚ Section C1 Federal Income Taxation of Corporations and Shareholders I 1. Course Description This course analyzes the tax treatment‚ tax problems and tax planning techniques involving transactions between corporations and their shareholders: transfers to corporations; capital structure; dividends and other distributions; stock redemptions and liquidations; stock dividends and preferred stock bailouts; and provides an introduction to S corporations. Prerequisite TA 330.
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Income Inequality Gap Over the years America’s inequality income gap has been growing‚ between the rich and the poor. There are many reasons why this is happening. Andrew Carnegie‚ John Kenneth Galbraith and Joseph Stiglitz may agree with me‚ but believe there are different reasons why and how it should be dealt with. I would have to say that I agree that Galbraith’s idea is what is better for America now. In the essay “The Gospel of Wealth” Andrew Carnegie says that the rich should invest
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Finance Department of Revenue (Tax Research Unit) *** V. K. Garg Joint Secretary (Tax Research Unit) Telephone No. 011-23093027 Fax No. 011-23093037 E-mail: garg.vk@nic.in D. O. F. No 334/1/2012-TRU New Delhi‚ dated 16th March‚ 2012. Dear Sir/Madam‚ Subject: Union Budget 2012: Changes in Service Tax-reg. It is said that in matters relating to taxes‚ questions rarely change‚ but the answers do. Budget 2012 has‚ however‚ changed a number of questions relating to service tax. 2. No more will the most often-asked
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National income‚ by itself‚ doesn’t tell us very much about the standard of living in a country. The national income of India exceeds that of Canada but no on would claim that India was a better place to live for the typical member of the population. India’s is higher simply because the population is 1.2 billion‚ there is enormous public-sector spending and high inward investment because of high interest rates and so on. What is more important is national income per head of the population.
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3 DEALERS UNDER MVAT‚ 2002 6 4 INCIDENCE AND LEVY OF TAX 10 5 REGISTRATION 12 6 RATE FOR TAX APPLICABLE TO DEALERS 16 7 FILING OF RETURNS AND PAYMENT OF TAXES 17 8 RETURN FORMS AND PAYMENT OF TAX 19 9 REVISED RETURNS 20 10 TAX INVOICE 26 11 BIBLIOGRAPHY 28 INTRODUCTION ON MVAT This Act may be called the Maharashtra Value Added Tax Act‚ 2002. Maharashtra Value Added Tax (Levy and Amendment) Act‚ 2005. The system of Value Added Tax (VAT) has been implemented‚ in the State of Maharashtra
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