Value added tax Essays & Research Papers

Best Value added tax Essays

  • Value Added Tax of the Philippines
    Value-Added Tax is a form of sales tax. It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services. 1. What is a VAT registered individual? * Any person or entity who, in the course of his trade or business, sells, barters, exchanges, leases...
    3,314 Words | 9 Pages
  • Value Added Tax - 362 Words
    Issues: » Impact of VAT on sales » Need to reform traditional tax regime » Hurdles in implementing new reforms Discuss how implementing VAT will impact various sectors in India. Implementation of VAT drugs Due to implementation of VAT there is a decrease in the price of the drug so the chemist who wanted to avoid incurring losses by having to sell the drugs at cheaper rates in case the purchased be before april 2005, were not sol by that date. Resorted to purchasing very low qty of...
    362 Words | 2 Pages
  • Value Added Tax - 3070 Words
    UNIVERSITI TEKNOLOGI MALAYSIA FACULTY OF MANAGEMENT Financial Management Value Added Tax; Goods and Service Tax ABDOLMABOOD FOOLADIVANDA | MH101017 | Prepared for Prof. Dr. Melati bt Ahmad Anuar April, 2011 1. Introduction VAT is a system in which the tax is collected on the value added to the goods at each stage of sales. The dealer selling the goods collects tax on the full price at which he sells the goods. At the end of a tax period he reduces from the tax so...
    3,070 Words | 12 Pages
  • Value added tax - 103730 Words
    A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. The purpose of VAT is to generate tax revenues to the government similar to the corporate income tax or the personal income tax. Who Are Required To File VAT Returns • Any person or entity...
    103,730 Words | 361 Pages
  • All Value added tax Essays

  • Value Added Tax - 1557 Words
    The Value-Added Tax: Is It Good for the United States? Michael D. Cobb BUS490 Business Policy Professor: Robert Brown May 29, 2011 The individual federal income tax system used in our country is currently extremely complicated. It is so complicated that the tax code started with about 400 pages long in 1913 to over 70k pages long today (CCH, 2010). It benefits higher income individuals leaving those that are at or below the poverty line in a struggle. Our...
    1,557 Words | 5 Pages
  • Value Added Tax - 1574 Words
    lue added tax abraham tuxley PROFESSOR PHYLIS ISLEY ECO 402 FALL 2012 STRAYER UNIVERISTY VALUE ADDED TAX Explain the concept of value-added tax (VAT). VAT is a tax in which it is applied to the difference between the business’s sales of goods and services and its purchases of goods and services. In other words, the businesses pay taxes on what they add to their goods...
    1,574 Words | 5 Pages
  • Value Added Tax - 327 Words
    Value added tax (VAT) in theory avoids the cascade effect of sales tax by taxing only the value added at each stage of production. For this reason, throughout the world, VAT has been gaining favour over traditional sales taxes. In principle, VAT applies to all provisions of goods and services. VAT is assessed and collected on the value of goods or services that have been provided every time there is a transaction (sale/purchase). The seller charges VAT to the buyer, and the seller pays this VAT...
    327 Words | 1 Page
  • Value Added Tax, badges of trade
    Under the self-assessment system the question of whether a business is, or would be trading, is decided initially by the owner itself. However, sometimes it is difficult to decide if the activities would be assessed to income tax or not. Badges of trade are important because can help analyse if the transaction should be taxed per Income Tax principals. First badge, called subject matter of the transaction, aim to analyse the natures of the goods involve in a transaction. That can help...
    2,600 Words | 8 Pages
  • Value Added Tax for Pcc and Ipcc
    VALUE ADDED TAX FOR PCC AND IPCC 1. Value added tax in short VAT, was a tax introduced as early as 1919 by Dr.Wilhelm Von Siemens in Germany as a tax on improved turnover. Professor Thomas.S.Adams suggested this tax in USA as a sales tax with a credit or refund for taxes paid by the producer on goods bought for resale or for use in production of goods. However till 1953 no country introduced VAT. In the year 1954 France introduced it and since then many countries have adopted this...
    1,602 Words | 6 Pages
  • Value Added Tax and Instructor Explanation
    1. Question : (TCO D) A residence in Brevard County has an assessed value of $150,000. Its owner qualifies for an old age exemption of $10,000 and a homestead exemption of $20,000. The property tax rate is $5 per $100 AV. What will be the property tax bill on this property? Student Answer: $7,500 $7,000 $6,500 $6,000 Instructor Explanation: @ Chapter 10. This owner has an adjusted (for exemptions) AV of $150,000-$30,000 = $120,000. If the tax rate is $5...
    1,215 Words | 5 Pages
  • Improved Value-Added Tax Processes
    South African Revenue Service Lehae la SARS, 299 Bronkhorst Street, Muckleneuk, 0181 Private Bag X932, Pretoria, 0001, South Africa Tel.: +27 422 4000, Fax.: +27 422 5181 Dear Vendor IMPROVED VALUE-ADDED TAX PROCESSES AND PROCEDURES Since April 2011 SARS has been introducing changes to Value-Added Tax (VAT) that are aimed at improving its systems, simplifying processes and enabling compliance. The first changes to VAT were implemented in April 2011 and included the following: • The...
    993 Words | 3 Pages
  • Recording Product Value Added Tax
    ABSTRAK Nama : Fajar Suryanegara Program Studi : Ilmu Administrasi Fiskal Judul Skripsi : Tinjauan Terhadap Penetapan Dasar Pengenaan Pajak Nilai Lain Atas Produk Rekaman Skripsi ini membahas penetapan Nilai Lain sebagai Dasar Pengenaan Pengenaan Pajak atas produk rekaman ditinjau dari asas-asas pemungutan pajak produktivitas penerimaan, kepastian hukum, dan kesederhanaan. Penelitian ini adalah penelitian kualitatif dengan desain deskriptif analisis. Hasil penelitian ini jika ditinjau...
    284 Words | 2 Pages
  • Value Added Tax and Total Sales Tax
    Unit 3 Assignment 1: Homework Short Answer 5, 6 p. 71 5. What two things must you normally specify in a variable declaration? You must specify the variable type and identifier. 6. What value is stored in uninitialized variables? Some languages assign a default value as 0 to uninitialized variables. In many languages, however, uninitialized variables hold unpredictable values. Algorithm Workbench Review Questions 3-10 p.71 3. Write assignment statements that perform the following...
    748 Words | 4 Pages
  • Value Added Tax: Its Implication on Government Revenue
    Contents Page Title page i Certification ii Declaration iii Dedication iv...
    9,333 Words | 35 Pages
  • Accounting Aspect of Value Added Tax in Bangladesh
    Accounting Aspect of Value Added Tax in Bangladesh Term Paper On Accounting Aspect of Value Added Tax in Bangladesh Prepared By : Name : Md. Mahmudul Hassan Roll : University Roll : Class Roll : Supervisor’s Name and Designation Mr. Md Nurajjaman Assistant professor Department of Accounting Govt. B.M College, Barisal Date of Submission : OBJECTIVES OF THE STUDY LEARNING OBJECTIVES After studying you shall be able to understand :...
    1,650 Words | 8 Pages
  • The Value Added Tax and Targeted Budget Cuts as a Means to Reduce the Federal Deficit
    The Value Added Tax and Targeted Budget Cuts as a Means to Reduce the Federal Deficit Travis W. Hall Ashford University Political Science Capstone Arthur Piervincenti September 11, 2012 The Value Added Tax and Targeted Budget Cuts as a Means to Reduce the Federal Deficit Deficit spending is a government action in which the amount of its expenditures exceeds that of its revenues. In other words, the government spends more money than it receives from its citizens through taxation....
    2,151 Words | 6 Pages
  • Impact of Value-Added Taxation on Indian Economic System
    IMPACT OF VALUE-ADDED TAXATION ON INDIAN ECONOMIC SYSTEM A tax is “a backbone of every country to meet their social obligations”. Value Added Tax (VAT) is a general consumption tax assessed on the value added to goods and services. It is a general tax that applies, in principle, to all commercial activities involving the production and distribution of goods and the provision of services. India has a well-developed tax structure with clearly demarcated authority between Central and...
    690 Words | 2 Pages
  • Tax Law and Sales Tax
    Week 3 paper help Here is some guidance on the week 3 paper that I think will help. Also, please contact the tutors if you need help as an additional layer of support. The tutoring information is posted in another announcement. Question #1 - 300 words · Ellen wants to secure her images, content and products from being stolen. · Discuss how effective/or not effective copyrighting will be to protect her ideas and products. · Discuss intellectual property...
    280 Words | 2 Pages
  • Tax Audit - 6291 Words
    How to Conduct Tax Audit – Part 1 Analysis of Certain Clauses Audit under Section 44AB of the Income Tax Act By Raman Jokhakar, Chartered Accountant Objective To understand the purposes of this Form To learn nuances of the clauses To understand audit risk To effectively carry out attestation To document adequately To disclose standard notes, limitations and stands To know inter links between clauses To be aware of important stands taken by Courts To understand the objective of...
    6,291 Words | 55 Pages
  • introduction to tax - 323 Words
    Chapter 1 I. History of Taxation 1861: 1894: 1909: 1913: II. Criteria for Evaluating a Tax Structure Adam Smith -canons of taxation Equality Convenience Certainty Economy III. Tax Structure Tax base: Tax rates: Incidence of tax: Examples: Income $10 $20 $30 $3 (30%) $6 (30%) $9 (30%) $3 (30%) $7 (35%) $12 (40%) IV. Major Types of Taxes Property Taxes Transaction Taxes Death Taxes Gift Taxes Income Taxes Employment Taxes Other...
    323 Words | 5 Pages
  • Indirect Tax - 836 Words
    Measuring the deadweight cost of a tax system is difficult. You cannot observe all the valuable things that are not made or done but would have been if not for taxes. But economists are clever, and estimates have been made (I will spare you the methodological details). Most put the deadweight cost of raising £1 of tax revenue at between 20 and 50 pence. The dead-weight loss of taxation is the loss of output which would have occurred in the absence of the tax – a loss of economic welfare above...
    836 Words | 2 Pages
  • Gst Tax - 2164 Words
    Goods and Services Tax- Australia To uphold a country's political and economical stability, governments often implement policies. There are many different types of policies that a government would implement to stabilize their country. However, one significant policy that almost every country uses is tax. In particular, Australia and Canada use a value added tax known as the Goods and Services Tax (GST). Australia's GST policy was introduced by the Howard government and went into effect on...
    2,164 Words | 6 Pages
  • Tax return - 1260 Words
    Income Tax Return Assignment You have your own CPA tax practice and you are greeted with new clients: Albert and Jenny Cunningham and their two children. You meet with them and they give you the information shown below. They would like you to prepare their tax return for 2013. They would like to file married filing jointly. NOTE: Reference to the “current tax year” below for the taxpayers, Albert and Jenny, it is for the calendar year 2013. Albert and Jenny Cunningham (both 42...
    1,260 Words | 7 Pages
  • Essay on Tax - 333 Words
    Adam TAX Tax is a fee charged by the government on a product, income activity. Unlike most transfers wich are voluntary, taxes are mandatory. It is mandatory because no one would have injective to contribute. The verb to "tax" appears in English usage as early as ca.1290. The word comes from the olde french "taxe" which is after the Latin "taxere". The noun "tax" appears in English sometime before 1327. Taxes can be divided to: - Direct - Indirect If tax is...
    333 Words | 2 Pages
  • Service Tax - 4013 Words
    Indirect Tax Introduction 1. 2. 3. 4. 5. 6. With the economics growth Govt. Expenditure Increases. The only sources of revenue for the Govt. is taxes With increases in expenditure Govt. has been increasing taxes dividing To the extend 135% of custom duty levied & it becomes matter of gossiping. India become member of GATT & entered in to WTO agreement. This agreement restricted custom duty & created a wide gap in the Govt. revenue & Govt. Expenditure & there for it become compulsory to impose...
    4,013 Words | 10 Pages
  • Maldives Tax - 2996 Words
    Tax in Maldives Over the few years Maldives economy has grown very much. Various opportunities have been open to investors and small scale business, in Maldives and the income that the government get also has increase in the past years. The tax has also effects many house holds and business. With the changes of laws and regulations there are many new taxes and royalties that are taken in from the public and the business organization. In this essay I am going to highlight the effects of...
    2,996 Words | 9 Pages
  • Indirect tax - 1186 Words
     Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them, indicate whether they need to register for VAT immediately, or monitor turnover and register later. Tick ONE box on EACH line. Register now  Monitor and register later  A A new business with an expected turnover of...
    1,186 Words | 10 Pages
  • Tax Planning - 31844 Words
    A PROJECT REPORT [pic] Tax planning Submitted to Ms. Indu Gupta Shahjahanpur In partial fulfilment of the requirement for the award of the degree of Master of Business Administration In Finance Management...
    31,844 Words | 106 Pages
  • About Tax - 3156 Words
    Introduction Taxes are the major source of mobilizing internal resources of an economy. Bangladesh revenue structure has been burdened by taxes from indirect sources for long time and usually characterized by heavy import and excise duties. To cope with the challenge due to globalization, government of many such countries has to cut down such duties and levies. It seems that government might have to collect more money either through VAT (Value Added Tax) or from direct taxes. In Bangladesh VAT...
    3,156 Words | 10 Pages
  • Indirect Tax - 814 Words
    Indirect Tax Indirect taxes include value added tax, a range of excise duties on oil, tobacco and alcohol and fuel duty. VAT is levied on the sale of goods by registered businesses. Businesses add VAT to the price they charge when they provide goods and services to business customers - and non-business customers. There are different VAT rates, depending on the goods or services that are being provided. At the moment there are three rates: standard rate – 20%, reduced rate - 5 %, zero rate -...
    814 Words | 3 Pages
  • Tax Administration - 6291 Words
    Over the years, taxation has been taken as a veritable source of funding public sector activities as well as bein g an econ omic tool for the management of the con sumption, in vestment, and pr od uction patterns. In most d eve lopin g countries, the imposition of various forms of taxes has been with out some for ms of feed back on the effectiveness/efficien cy of such taxes. This stud y attempts to appr aise the usefulness of the tax system in Nigeria, usin g Value Added Tax system...
    6,291 Words | 22 Pages
  • Tax Laws - 52851 Words
    Table of Contents GENERAL PRINCIPLES & LIMITATIONS Republic vs Cocofed GR 147062-64, 14 December 2001 Elements of a tax; coco-levy as tax FACTS: R.A 6260 was enacted creating the Coconut Investment Company (CIC) to administer the Coconut Investment Fund (CIF) which was to be sourced from a fund levied based upon every sale of copra. Charged with the collection of the fund is the PCA. One of the purposes of the law was to acquire a commercial bank in order to provide readily...
    52,851 Words | 148 Pages
  • Tax Types - 320 Words
    Tax is of two types Direct Tax and Indirect Tax. Direct Tax is the tax, which is paid directly by people to the government, while indirect tax is the tax, which is paid indirectly by people to the government. Income Tax is paid directly to the government therefore it is a direct tax while excise duty is paid by people to the manufacturer who pays it to the government, therefore it is an indirect tax. The Constitution of India (COI) has given power to levy tax to central and state government...
    320 Words | 2 Pages
  • TAX HARDCOPY - 5616 Words
    KC COLLEGE TOPIC: DEALERS UNDER MVAT ACT, 2002 SYBMS SEMESTER 4 PRESENTED BY: MOHAMMAD LUKMANI 31 AISHWARYA LUNIA 32 ALPESH MAJERI 33 RIYA MASHRU 34 AFTAB MERCHANT 35 ACKNOWLEDGEMENT We would like to thank our professor Ms.Farida Katrak for her invaluable guidance, suggestions and her constant support from the project’s budding stage to its current maturity. She has always provided a helping hand and shared her valuable technical guidance regarding the project. The smooth completion of the...
    5,616 Words | 20 Pages
  • Tax Essay - 2957 Words
    Business Taxation Introduction This report is divided into two main parts. In the first part, the badges of trade are considered and how they would be applied to Ali situation. In the second part, the principles of VAT, i.e. taxable persons, registration and deregistration, imports and exports, categories of supplies, different accounting schemes, and the administration of VAT, are discussed. I. Income tax is charged under the trading income provisions of Income Tax (Trading and Other...
    2,957 Words | 10 Pages
  • Tax Reflection - 294 Words
    Taxes are collected by the government from different people, establishments, organizations, companies and institutions all over the country. Well, some people thought that taxes are a burden to us but taxes do play an important role in our economy. As we all know the government is responsible for providing the people with several services that the people needs. From it, taxes help in financing the government in order to provide good services for the people. The services that the government...
    294 Words | 1 Page
  • E-Commerce and Sales Tax
    E-Commerce and Sales Tax 5/2/2012   Throughout the country, states are not collecting some or any taxes on online transactions. This debate has been brought to Congress, state, and local governments as to whether taxes should be imposed on online transactions as well as who should standardize online taxing. Research shows that the estimated revenue losses in excess of $60 billion alone from online transactions. This number is only to grow with increased use of ecommerce. (McClure 2000)...
    1,248 Words | 4 Pages
  • progressive tax fairness - 1338 Words
    Progressive Income Tax Fairness The issue of federal income tax policy has been one of hot debate and controversy for many years. Discussions and arguments on the issue have been presented on the floors of Congress, in the United States Supreme Court, used by politicians as political platforms, broadcasted in televised debates, and discussed around the dinner table of American families of various socioeconomic backgrounds for years. The Federal Government of the United States of America, like...
    1,338 Words | 4 Pages
  • Gst: Government Service Tax
    I. INTRODUCTION It is generally perceived that the introduction of the Goods and Services Tax (GST) can facilitate a significant improvement in the overall tax administration and enable revenue authorities to introduce modern procedures based on voluntary compliance. GST is a consumption tax charged on a wide range of domestic & international products, goods and services. GST covers all types of goods & services sold to Malaysian & non-Malaysian residents also known as consumers...
    2,080 Words | 6 Pages
  • Tax Structure of Bangladesh - 1975 Words
    TAX STRUCTURE OF BANGLADESH Below is a table of tax revenue collection of Bangladesh government for the financial year 2005-06 and budget estimate for the financial year of 2006-07. Description Budget (2006-07) Budget 2005-06 (Revised) Increase/ (Decrease) in 2006-07 over 2005-06 (Tk) Increase / (Decrease) in 2006-07 over 2005-06 (%) Tax revenue: National Board of revenue(NBR Portion) Taxes on income and profit 8500 6960 1540 22% Value added Tax(VAT) 14729 12398...
    1,975 Words | 10 Pages
  • China tax guide - 4307 Words
    People’s Republic of China Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2012 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 6 3 Indirect Tax (e.g., VAT/GST) 8 4 Personal taxation 9 5 Other Taxes 10 6 Free Trade Agreements 12 7 Tax Authorities 13 © 2013 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member...
    4,307 Words | 28 Pages
  • Tax System of Bangladesh - 3225 Words
    Proceedings of the AABEA Biennial Convention, October 12th, 2002, Washington DC, USA Review of the Tax System in Bangladesh A Prerequisite for Industrial Growth T. A. M. Nurul Basher* E-mail: nurul-basher@betelco.com Abstract - This paper has been written to highlight the sustainable industrial growth problems being faced by the entrepreneurs in Bangladesh. There are multifarious problems for Industrial growth in Bangladesh but the major bottleneck is the adverse tax system. There exists...
    3,225 Words | 9 Pages
  • Alternative Minimum Tax - 309 Words
    Richard Thomas EK 21 - Macroeconomics Professor Bockino Alternative Minimum Tax (AMT) The Alternative Minimum Tax was originally designed at targeting wealthy persons with crafty tax advisors or a plethora of tax exemptions. What it is, is an alternative tax calculation providing income tax. When this number is calculated (The AMT) you compare your regular income tax and the newly derived AMT. If the AMT is higher then your regular income tax you're paying, you're required to make up...
    309 Words | 1 Page
  • Opposition to the Fair Tax - 1745 Words
    The FairTax Summary of Opinion – Oppose FairTax 1. Will transfer tax burden from upper class to middle class 2. Will negatively impact housing market and charities 3. Will create huge underground economy and will lead to higher rates on consumption than predicted 4. Will not abolish IRS, but rather require increased government monitoring to ensure tax compliance 5. Not enough evidence of practicality and beneficial results of FairTax to justify risks Pretty much everyone would agree that...
    1,745 Words | 4 Pages
  • Essay on Indian Tax Structure
    Trade & Commerce > Taxation System In India vxv India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income, which the State Governments can levy), customs duties, central excise and service tax. Value Added Tax (VAT), (Sales tax in States where VAT is not yet in force), stamp duty, State Excise, land revenue and tax on professions are levied by the...
    3,096 Words | 9 Pages
  • Individual Income Tax - 410 Words
    CH1 10. a) State Income - regressive b) Federal State Tax – Progressive (larger the state; larger the tax) c) Corporate & franchise tax - Progressive d) Property tax – Proportional (value of property is taxed at flat rate) e) State Sales Tax – Proportional 12. Who uses a) Property Tax – State Local b) Excise Taxes – All three (State, federal, and local) c) Sales – State and Local d) Income Tax – Federal, State, Local e) Employment – Federal, State, and...
    410 Words | 2 Pages
  • Goods and Services Tax - 5122 Words
    K SYMBIOSIS INSTITUTE OF MANAGEMENT STUDIES Goods & Services Tax Report submitted to Dr. Dhirendra Deshpande in partial fulfillment for the degree of Masters in Business Administration Symbiosis International University, Pune Abstract: This report is an attempt to understand the impact of GST on Indian economy. The report defines Sales Tax and Value-Added Tax (VAT). It then looks at the Goods and Services Tax (GST) design in India which has been adapted to suit...
    5,122 Words | 15 Pages
  • Sin Tax 2012 Ph
    Republic Act No. 10351 H. No. 5727 S. No. 3299 Republic of the Philippines Congress of the Philippines Metro Manila Fifteenth Congress Third Regular Session Begun and held in Metro Manila, on Monday, the twenty third day of July, two thousand twelve. [REPUBLIC ACT NO. 10351] AN ACT RESTRUCTURING THE EXCISE TAX ON ALCOHOL AND TOBACCO PRODUCTS BY AMENDING SECTIONS 141, 142, 143, 144, 145, 8, 131 AND 288 OF REPUBLIC ACT NO. 8424. OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE...
    7,636 Words | 20 Pages
  • Explanation of Impact of Excise Tax
    |AN ACT INCREASING THE EXCISE TAX RATES ON PETROLEUM PRODUCTS, AMENDING FOR THE PURPOSE SECTION 148 OF THE | | |NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED | | |[pic] | | |Republic of the Philippines | | |HOUSE OF REPRESENTATIVES...
    6,479 Words | 30 Pages
  • Government Service Tax - 477 Words
    The GST input tax incurred by businesses is claimable as a credit if they make taxable supplies. This avoids the cascading tax effect of the current single-stage sales tax and service tax regime, which results in higher prices. Recognising the wide-ranging impact of GST, the Government has proposed an initial low rate of 4%, coupled with zero-rating and exemption of essential goods and services. Anti-profiteering legislation and other measures for qualifying persons in the...
    477 Words | 2 Pages
  • Goods and Service Tax - 7212 Words
    THE IMPACTS OF GOODS AND SERVICES TAX (GST) ON MIDDLE INCOME EARNERS IN MALAYSIA MOHD RIZAL PALIL1 MOHD ADHA IBRAHIM 2 Abstract The introduction of GST in Malaysia has called many arguments from various parties including academics, professionals and the nation (would become the taxpayers) on how GST affect goods pricesincrease or decrease. The consumers are worrying of the significant price increases on basic needs when the GST has fully implemented. With the relatively high living costs...
    7,212 Words | 22 Pages
  • • Flat Tax in Other Countries
    * Flat tax in other countries In a distinct development, former communist counties are leading a global tax reform revolution. For instance, Estonia was the first country which adopts a flat tax. The tax rate was a 26 percent in 1994, started after the collapse of the Soviet Union. Latvia and Lithuania followed shortly after Estonia using flat tax system in the mid-1990s. Latvia picked a 25 percent rate and Lithuania chose a 33 percent rate. Russia’s government discovered the benefit about the...
    376 Words | 1 Page
  • Origin of Service Tax - 767 Words
    Origin of Service Tax: Dr. Manmohan Singh, the then Union Finance Minister, in his Budget speech for the year 1994-95 introduced the new concept of Service Tax and stated that '' There is no sound reason for exempting services from taxation, therefore, I propose to make a modest effort in this direction by imposing a tax on services of telephones, non-life insurance and stock brokers.'' Service Tax has been introduced in order to explore new avenues for taxation and to bring more people into...
    767 Words | 3 Pages
  • Tax Law Exam Notes
    4 PRINCIPLES OF TAX INTRODUCTION TO TAX LAW A. Origins of Taxation - Taxation is not a modern concept, and dates back to the Roman Empire: ▪ Emperor Caligula set a disturbing trend as a tax collector by imposing taxes on food, court proceedings, wages of porters, prostitutes and even marriage. - 1770’s ( Pitt and Lord North believed that newspapers were luxury items and constituted appropriate fiscal targets. A stamp duty was placed on newspapers, which was later increased to...
    24,181 Words | 84 Pages
  • A Tax Dilemma Assignment - 378 Words
    BUSINESS MATH A TAX DILEMMA ASSIGNMENT 11.1 CASE STUDY 20.2 – PAGES 736 – 737 Rita just finished completing her educational requirements to become a dental hygienist. She has been offered jobs in two different cities and is trying to determine which one she should accept. Both employers offer similar benefits and working conditions, but the jobs are in two different states. Rita will move to the state in which she accepts a position. The first position is in Pennsylvania. Rita would earn...
    378 Words | 2 Pages
  • US Tax Reform - 1056 Words
    Book Review: The benefit and the Burden Bruce Bartlett’s book The Benefit and The Burden is essentially a book that talks about the existing tax code in the United States and the reason(s) it is need of a reform. The author starts the book by briefly discussing the history of Federal Income Taxation in the United States starting from the post-American Revolution period at which time there was nothing called the income tax. In fact, income tax didn’t get introduced in the United States until...
    1,056 Words | 3 Pages
  • Income Tax in India - 5130 Words
    Income Tax Is not one Tax but an Aggregation Of Taxes Tax is a fee charge by the Govt. on any product income or activity. Taxes in India are of two types, Direct Tax and Indirect Tax. Direct Tax, like income tax, wealth tax, etc. are those whose burden falls directly on the taxpayer. The burden of indirect taxes, like service tax, VAT, etc. can be passed on to a third party. Income Tax is all income other than agricultural income levied and collected by the central government and shared...
    5,130 Words | 15 Pages
  • Goods and Service Tax - 4008 Words
    JUSTIFICATION OF GST There was a burden of "tax on tax" in the pre-existing Central excise duty of the Government of India and sales tax system of the State Governments. The introduction of Central VAT (CENVAT) has removed the cascading burden of "tax on tax" to a good extent by providing a mechanism of "set off" for tax paid on inputs and services upto the stage of production, and has been an improvement over the pre-existing Central excise duty. Similarly, the introduction of VAT in the...
    4,008 Words | 11 Pages
  • Tax Structure in Pakistan - 875 Words
    Tax structure of Pakistan TAX: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Some commentators have argued that "a direct tax is one that cannot be shifted by the taxpayer to someone else, whereas an indirect tax can be”. A income tax is a tax levied on the income of individuals or businesses (corporations...
    875 Words | 2 Pages
  • Tax Evasion & the Black Economy
    TAX EVASION It is the general term for efforts by individuals, corporations, trusts and other entities to evade taxes by illegal means. Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability and includes in particular dishonest tax reporting, such as declaring less income, profits or gains than actually earned or overstating deductions. Tax evasion is an activity commonly...
    2,318 Words | 8 Pages
  • State and Local Tax Outline
    Downloaded From OutlineDepot.com Outline Wednesday, September 28, 2011 8:09 PM State and Local Taxation Hellerstein Fall 2011 Chapter 1 1. a. INTRODUCTION Basic Info 1. Sales and Use Tax a. USE TAX 1. Tax on storage, use or other consumption in the sate of tangible personal property. 2. Assessed upon “tax free” personal property purchased by a resident of the assessing state for use, storage, or consumption of goods in that state regardless of where the purchase too...
    42,904 Words | 203 Pages
  • Direct Indirect Tax - 1839 Words
    Basics of Direct Taxes(Income Tax Act) and Indirect Taxes(VAT, CST, Excise duty, Service Tax etc.,) The Persons who are taxed are called “Assessees”. Assessees or “Person” under the Income Tax Act, 1961(as amended Yearly under the respective Finance Acts) are as follows:- 1) Individual 2) Hindu Undivided Family(HUF) 3) Firm or Association of Persons(AOP) 4) Joint Stock Company 5) Every other person Whether an Assessee is liable to be taxed and if so, on what income etc., depends on...
    1,839 Words | 7 Pages
  • Good & Services Tax - 494 Words
    A SUMMARY OF GOOD AND SERVICES TAX (GST) WHAT IS GST? Good and service tax is a direct tax code to be implemented by the government. It is a comprehensive indirect tax to be levied on manufacture, sale and consumption of goods as well as services at a national level. Integration of goods and services taxation would give India a world class tax system and improve tax collections. It would end the long standing distortions of differential taxation treatments of manufacturing and service sector....
    494 Words | 2 Pages
  • Tax Policy in Nigeria - 2265 Words
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