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 to run their operation and to
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BTF5965 Taxation law Semester 1‚ 2015 Tutorial Questions Tutorial 1 | Week 2‚ commencing 9 March 2015 Question 1 a) What is a tax? b) What are the main tax policy objectives (or design criteria)? c) How are these policy objectives reflected in: i. the Commonwealth income tax system? ii. the Commonwealth Goods and Services Tax? d) What structural features do most tax systems have in common? e) What are the major forms of taxation administered by: i. The State of Victoria (and other Australian States)
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country (The Empowered Committee of State Finance Ministers‚ 2009). II. HISTORY OF TAX REFORMS IN INDIA The history of taxation dates back to time immemorial and it is not a recent development by any account. A thorough research on the history of taxation system shows that taxes were levied on either on the sale and purchase of merchandise or livestock. Further‚ the history of taxation suggests that the process of levying and the manner of tax collection were unorganized. But it suggests that all historical
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The lower tax rate for capital gains is the policy that the United States has followed from the inception of the income tax‚ a policy followed by almost every other advanced economy on earth. As numerous politicians continue to push for increased taxation of those who profit from capital gains‚ it is worth examining the effects of increases in the capital gains tax rate. Increases in the capital gains tax rate has had effects on economic growth‚
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Taxation is the major instrument in the hand of the modern Governments to raise finance to meet expenditure done on various public services. It is a compulsory obligation on the people and the payment of which is the legal duty of the citizens. It may be on their property‚ income and even it may be required to pay at the time of manufacturing and selling or purchasing a commodity. Tax constitute the major source of the government’s income Meaning of Tax The tax is compulsory payment to the
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and public transportation. A nation’s tax system is often a reflection of its communal values or the values of those in power. To create a system of taxation‚ a nation must make choices regarding the distribution of the tax burden-who will pay taxes and how much they will pay-and how the taxes collected will be spent. In Nigeria‚ the taxation system dates back to 1904 when the personal income tax was introduced in northern Nigeria before the unification of the country by the colonial masters
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was unequivocal‚ instantaneous and vehement. This made the political atmosphere very explosive hence the idea was abandoned. On 23rd February 1943‚ in a speech delivered to the Legislative Council‚ Governor Sir Burns proposed the introduction of taxation into Gold Coast. Although‚ not without protest from numerous groups notably from
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Tax & Taxation The term ’tax’ has been derived from the French word taxe and etymologically‚ the Latin word taxare is related to the term ’tax’‚ which means ’to charge’. Tax is an obligatory payment in the part of the citizen without the expectation of any direct benefit. Taxation is the obligation of non-penal‚ yet compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received. It is one of the
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Mokhtar Faculty of Management and Economics Universiti Malaysia Terengganu Abstract The focus of this paper is to demonstrate the technical comparison between business zakat and taxation. This paper aims to enhance the knowledge on the part of zakat assessment and the management of zakat as compared to the system of taxation in Malaysia. This is to minimise the misunderstandings that exist in paying zakat as an obligation and to enhance the responsibilities of a good citizen in paying taxes. Introduction
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PUBLIC FINANCE AND TAXATION BY CHILESHE M. PATRICK INTRODUCTION There are varying definitions of what public sector economics is and what topics it covers. In a layman’s language Public economics is the application of economics to the activities undertaken by the state. Black et al. defines public sector economics as “the field of economics which studies the nature‚ principles‚ and economic consequences of government expenditure‚ taxation‚ financing and the regulatory actions undertaken in
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