Question 1(A): Briefly review the tax system in Malaysia A tax is a financial charge or other levy imposed upon a taxpayer that known as an individual or legal entity by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxation is a compulsory levy that the government of a country will finance their expenditure by imposing charge to the persons‚ individuals‚ businesses and other bodies to allows the government provide money needed for them
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made. 1. The statutory requirements for tax compliances are listed below: * 9% of wages and salaries is to be calculated as superannuation for every quarter * 4.75% is payroll tax of wages and salaries for every quarter * Worker compensation is 2% of salaries and wages for every quarter * For every quarter the company tax is 30% of net profit before taxes. Current Liabilities: GST: Goods and service tax is a value added tax of 10% in most services and goods‚ it is imposed
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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
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removed from the tax base by law Deductions- subtracted from the tax base rather than fully excluded. Flat tax- one single rate applied to the entire tax base. Progressive tax- rates increase as tax base increases. (Federal income tax) Tax credit- authorized deduction in gross tax liability Real and personal property taxes- Real (real estate) Personal (difficult to enforce because property is easily concealed or moved‚ with the exception of vehicles which must be registered) Excise tax- imposed on
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10(34). This includes deemed dividend under sections 2(22)(a) to (d). This is because such dividend attracts dividend distribution tax @ 12.5% in the hands of the company. (2) The TDS provisions under this section are attracted only in respect of deemed dividend referred to in section 2(22)(e)‚ if such dividend exceeds Rs. 2‚500 in a year. (3) The rate of deduction of tax in respect of such dividend is 20% plus surcharge‚ if applicable‚ plus education cess. (4) Under the proviso to section 194‚
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PROJECT FRINGE BENEFIT TAX SUBMITTED BY PRIYANK JAGAWANSHI 08B088 priyankjagawanshi@gmail.com 2008-2013 VII SEMISTER SUBMITTED TO Mr. CHAMARTI RAMESH KUMAR ASSISTANT PROFESSOR OF LAW 1|P a ge CONTENTS ACKNOWLEDGEMENT 3 ABSTRACT 4 INTRODUCTION 5 FRINGE BENEFITS TAX (FBT) 6 LEGISLATION AND STATUTORY REGULATIONS 8 EXEMPTIONS IN FRINGE BENEFITS TAX 10 ABOLITION OF FBT – REASONS 11 IMPACT OF ABOLITION OF FRINGE BENEFITS TAX 14 CONCLUSION
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A Case for lower Corporate Tax Submitted by Student -201204997 on 11th of march 2013 Executive Summary •Policy Makers in the United Kingdom may as well take notice and acknowledge that lower corporate tax can give essential profits to business competiveness without fundamentally hurting the medium-term budget viewpoint. Several countries lately have reduced or plan to reduce their corporate tax rates in order to stimulate investment‚ create jobs and promote faster economic growth
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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 claim for refund. The period of specific taxes
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University of Dhaka. Here at BASIC Bank‚ I was assigned to work at Loans and advances Division of BASIC Bank‚ Moulvibazar Branch‚ Dhaka‚ Mr.Khan Iqbal Hasan‚ Assistant General Manager and In-charge‚ was my supervisor. The title of the report is “Credit Operations and Risk management Practices of BASIC Bank Limited” which was assigned by my supervisor of the said bank. My faculty advisor Md. Dewan Mahboob Hossain‚ Assistant Professor‚ Department of Accounting & Information Systems‚ University of
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pros and cons of the Bush Tax Cut Outline Intro: Introducing the topic and explaining it. Main Body 1: Discussing different pros of the Bush Tax Cut. Highlighting key positive differences that came from the Bush Tax Cut. Main Body 2: Discussing different cons of the Bush Tax Cut. Highlighting key negatives that came from the Bush Tax Cut. Conclusion: Discussion of the results of the legislation then and now. Several momentary income tax relief methods set by former
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