Exclusion of Services.............................................................................................. 5 C. Tax Cascading......................................................................................................... 6 D. Complexity.............................................................................................................. 7 3. Objectives of Tax Reform........................................................................................... 9 A. Basic Objectives
Premium Value added tax Taxation Tax
Malaysian Accounting Review‚ Vol. 10 No. 2‚ 13-25‚ 2011 TECHNICAL COMPARISON BETWEEN BUSINESS ZAKAT AND TAX ON BUSINESS INCOME IN MALAYSIA Rohila Awang Mohd Zulkifli 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
Free Tax Corporate tax Income tax
stability. However‚ its low tax-GDP ratio along with high expenditures and subsidies has hindered Pakistan in achieving that. The tax-GDP ratio has long been swinging around 10-11% (Exhibit 1). Moreover‚ debt servicing and high expenditure to curb terrorism have worsened the situation. Taxes are major instrument of fiscal policy through which country’s output and employment is changed to bring it closer
Premium Tax Value added tax Taxation
Introduction………………………………………………………………………………………..3 Value-Added Tax in the Caribbean………………………………………………………………………………………….4 Value Added Tax in the Bahamas: Reasons for Implementation…………………………………4 Debate over the Implementation of Value-Added Tax in the Bahamas…………………………..7 Suggested Alternatives to Value Added Taxation……………………………………………….13 Ensuring Maximum Yield of Value-Added Taxation…………………………………………...13 Conclusion……………………………………………………………………………………….16 References ………………………………………………………………………………………18 Introduction The value added tax is a kind
Premium Tax Value added tax
Advantage of gst the advantages included an effective‚ transparent and fair tax structure besides encouraging a shadow economy to be registered under the GST system. "It is a transparent tax as a business premises can show the tax imposed in the sales invoice while consumers will know exactly how much tax he or she is paying on the goods bought and services rendered‚" he told reporters after opening the office of international real estate consultants‚ Rahim & Co‚ here today. Ahmad said
Premium Value added tax Tax Taxation in the United States
for the first three months of 2012. Experts suggest that the answers lie within the tax system‚ to further improve the economy. The Goods and Services Tax (GST) in particular has come under the microscope of recent time‚ as to how changes to the GST could benefit Australia. Small tinkering’s to the current taxation system can definitely raise more revenue‚ but of just as much concern is the keeping of a simple tax system‚ ensuring revenue collection‚ and knowing what sort of stabilisation effects
Premium Tax Value added tax Income tax
Goods and service tax were first deliberated in 2005 with the intention to introducing it in 1st January 2007. However‚ it was withdrawn in the following year. In 2009‚ GST was revived with a proposed rate of 4% to replace current Sales Tax of 10% and Service Tax of 5% in a bid to diversify national revenues. However‚ the idea of GST still end up floating around as it has now been officially deferred. 2. Concept of GST Goods and Service Tax (GST)‚ also known as Value Added Tax (VAT)‚ is a broad
Premium Tax Value added tax Progressive tax
INTRODUCTION The Nigerian Tax System has undergone significant changes in recent times. The Tax Laws are being reviewed with the aim of repelling obsolete provisions and simplifying the main ones. Under current Nigerian law‚ taxation is enforced by the 3 tiers of Government‚ i.e. Federal‚ State‚ and Local Government with each having its sphere clearly spelt out in the Taxes and Levies (approved list for Collection) Decree‚ 1998. Of importance at this juncture however are tax regulations pertaining to
Premium Tax Value added tax Income tax
I. Introduction to the tax systemThe laws governing taxation in the Philippines are contained within the National Internal Revenue Code. This code underwent substantial revision with passage of the Tax Reform Act of 1997. This law took effect on January 1‚ 1998.Taxation is administered through the Bureau of Internal Revenue which comes under the Department of Finance. The chief executive of the Bureau of Internal Revenue is the Commissioner who has exclusive and original
Free Tax Taxation Taxation in the United States
& ASSOCIATES CHARTERED ACCOUNTANTS OFFICE: 572/5‚ RAILWAY ROAD‚ AMBALA CITY PH: 0171-2510542‚ 2511725(O&R)‚ 9416753577(M) E-MAIL: AJAYBH_572@REDIFFMAIL.COM FORM NO. 3CB [[See rule 6G(1)(b)] Audit Report under section 44AB of the Income Tax Act‚ 1961 in the case of a person referred to in clause(b) of sub-rule(1) of rule 6G We have examined the balance sheet as on 31st March 2010‚ and the trading & profit and loss account for the year ended on that date‚ attached herewith of M/S KARTAR
Premium Value added tax Balance sheet Tax