a commodity. Tax constitute the major source of the government’s income Meaning of Tax The tax is compulsory payment to the Government by taxpayer without any expectation of some specified return. While paying tax‚ the tax-payer is not entitled to force the government to give something in return of the sum he has paid as tax. Characteristics of a Tax A compulsory payment: - Tax is not an optional payment by a citizen but a payment having legal enforcement behind it. Tax is levied by the
Premium Tax Indirect tax Taxation
Afghanistan’s state-building and reconstruction agenda. International experience suggests that the larger the tax gap (the difference between the taxes actually paid and what should be paid according to existing laws and statutes)‚ the more radical are the changes needed. With a tax gap on the order of 60%‚ Afghanistan needs to adopt a comprehensive strategy including revamping of the tax administration in order to obtain significant improvements in compliance. Based on the more detailed analysis
Free Tax Taxation
First Proportional Representational (PR) system promote democratic development and political participation more than other systems including majoritarian system. The majoritarian – PR contrast arise from the definition of democracy. Consequently‚ Majoritarianism argues that majorities should rule and minorities should oppose‚ but that definition is challenged by the PR model as that definition is considered a threat to the principles of democracy which based on inclusiveness not excluding minorities
Premium Democracy Government United States
QUESTIONS: (2-3) Little Books Inc. recently reported $3m of net income. Its EBIT was $6m‚ and its tax was 40%. What was its interest expense? ANSWER: Net Income $3 Million EBIT $6 Million Divided by 0.6 Less IBT $5 Million Income before Taxes $5 Million Interest Expense $1 Million **Interest Expense = $1M** (2-7) The Talley Corporation had a taxable income of $365‚000 from operations after all operating costs but before (1) interest charges
Premium Progressive tax Taxation Income tax
Kate Is a majoritarian or a proportional electoral system better? At the centre of the debate of choosing between majoritarian and proportional electoral system concerns the issue of trade-off between having representative versus effective‚ accountable government. Whereas majoritarian systems tend to produce more accountable‚ stronger‚ and stable government‚ they offer poor representativeness. In contrast‚ proportional representation providing highly representative government usually leads
Free Plurality voting system Elections
experience in different types and categories ‘Tax System’ especially Tax System of Bangladesh. During our working period‚ we tried to gather information from different sources like News Paper‚ web sites. But the NBR does not provide information in the web site directly and even it does not publish tax structure which is implemented in Bangladesh . So‚ we have taken much information about tax on the basis of our personal concept and view of Tax System of Bangladesh. To complete this report‚ we have
Premium Tax Progressive tax Taxation
QUESTION 1 Discuss the features of a good tax system and review the Malaysian income tax system in relation to those relevant features. Explain how you would bring about a better tax system‚ particular with reference to personal taxation‚ if you were given such an opportunity. Taxation means the government impose charges on the citizen and corporate entities in order to finance their expenditure. Taxation is use to encourage or discourage certain economic decision such as reduction in taxable personal
Premium Tax Progressive tax
complicated tax system in the United States‚ although everyone is affected by it daily. Whether it is taxes on income‚ housing‚ or sales‚ taxes are extremely prominent in our society and as the people being taxed we have a responsibility to understand the basic tax laws in the United States. Throughout this week in POLS 2302 I have learned about the tax system including how to advise others about tax brackets‚ marginal taxes‚ different types of taxes‚ and government involvement in the American tax system
Premium Tax Taxation in the United States Income tax
Income tax is defined as “tax levied by a government directly on income‚ especially an annual tax on personal income.” Traditionally‚ Texas has not imposed these taxes on the people. After reviewing the positives and negatives that come with income tax‚ I believe Texas should implement income tax. Texas has been labeled as a “regressive state” or a state that results in the wealthier people paying less in taxes than the poorer people. In the document Who Pays State Taxation?‚ it shows us that
Premium Tax Income tax Taxation in the United States
to the U.S. Tax System Both the American people and members of the Federal Government have long griped about the current U.S. Personal Income Tax System. Bush’s Advisory Panel for Federal Tax Reform stated that‚ “the complexity of our tax code breeds a perception of unfairness and creates opportunities for manipulation of the rules to reduce tax”.[1] The Tax Foundation estimates that $338 billion of time‚ energy‚ money‚ and other resources‚ are spent annually completing tax returns.[2]
Premium Tax Value added tax Taxation in the United States