of Malaysia. Recently‚ Government Malaysia was implementation to change the service system and sale system tax to Good Service Tax system (GST) start from third quarter in 2011. GST is Value-Added tax (VAT)‚ there is tax on all taxable of goods and services in a country except those specially exempted goods and services. The implement of the GST is to substitute the sales and service tax which has been used in the country for several decades. It also can help government to reduce it’s to fall back
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Government spending and taxation policies Hong Kong is a free port of less tax and low tax rate. The tax must to pay for enterprise only pay the profit tax every year. The normal rate of Profits Tax is 16.5% for corporations and 15% for unincorporated businesses. More companies have been attracted to invest in Hong Kong. Hong Kong does not impose value-added tax (VAT)‚ goods and services tax (GST) or sales tax. The price of products can be listed lower than other countries. In 2013/14 Hong
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gov.bd/ 3.Bangladesh Bank 4.Income Tax Ordinance 1984 http://bdlaws.gov.bd/pdf_part.php?id=672 Bangladesh-Taxes VAT act 1991: http://www.sai.uni-heidelberg.de/workgroups/bdlaw/1991-a22.htm TAX SYSTEM OF BANGLADESH Major heads of tax-revenues of Bangladesh are as follows: A. Taxes on Income and Profit 1. Income tax-Companies 2. Income tax-Other than Companies B. Taxes on Property & Capital Transfer 1. Estate Duty and Gift Tax 2. Wealth Tax 3. Narcotics Duty 4. Land Revenue
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VALUE ADDED TAX What is Value Added Tax (VAT)? It is a tax on consumption levied on the sale‚ barter‚ exchange‚ or lease of goods or services in the Philippines and on the importation of goods into the Philippines. It is an indirect tax‚ as provided in Section 105 of the NIRC. It is an indirect tax meaning the amount of tax may be shifted on the buyer‚ transferee or lessee of the goods‚ property‚ or services. The Code provides that the tax may be shifted to the consumer‚ most if not at all
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from the public. It is called value added tax (VAT) in some countries. The GST will create a crucial new revenue source for the Government. To many of us‚ however‚ the GST promises higher prices for goods and services. The Government took the first step in its promise not to burden the people by exempting a few basic essentials from the tax. To further prepare for GST‚ we need to understand the tax and how it works. Here is some essential information on the impending tax regime. How will GST affect
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Start-Up Guide For Small e-Businesses Edited by Dr. Richard Rand Associate Professor of Accounting Tennessee Technological University Content Prepared by Sarah Bush Lori Dyer Heather Eberhart Sarah Lynn Farley Stephanie Flatt Leah Gillen Mia Harper Natausha Hill Jacqualene Hite Jennifer Ledbetter Alex Lee Ashley Martin Brad Martin Angela Mason John Reel Dan Scott Josh Stone Scott Waller Emily Wheeler Wanda Wilder Meredith Wilmore Published in Cooperation with Tennessee
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– Electronic audits are completed much faster than traditional‚ manual audits. Company personnel and tax auditors spend less time working on the audit. •It saves paper – Electronic tax auditing reduces the amount of paper normally needed during the audit. •It is less disruptive to business – Electronic audits permit tax auditors to work at the tax office most of the time. Computer-assisted tax audit techniques reduce on-site audit time. In this way‚ there is minimal interference with the normal
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foreign investors in their venture of the desirable areas of business‚ defined in the annually-prepared Investment Priorities Plan(IPP). The BOI is mandated through the Omnibus Investments Code (or Executive Order 226) to encourage investments through tax exemption and other benefits in preferred areas of economic activity specified by the BOI in IPP. The IPP‚ formulated annually by the BOI‚ through an inter-agency committee‚ and approved by the President‚ lists the priority activities for investments
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* 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years‚ 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years. * Exemption from minimum alternate tax under section 115JB of the Income Tax Act. * External commercial borrowing by SEZ units upto US $ 500 million in a year without any maturity restriction through recognized banking channels. * Exemption from Central Sales Tax. * Exemption from
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comes through the tax revenue or through the taxation of indigenes personal incomes and income to corporate institutions. In Ghana‚ revenue to the government is gotten mainly through the tax system; and the Internal Revenue Service (IRS) under the ministry of finance and economic planning of the republic of Ghana is tasked with the function of administering taxes. Income tax administration started in the then gold coast in September 1943‚ with the passing into law of the income tax ordinance No. 27
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