Taxation Project
Table of Contents
Chapter 1 1
Theoretical considerations about 1
taxes and fees 1
1.1. General Considerations about Taxes and Fees 1
1.2. Direct taxes 3
1.2.1. Profit Taxes 4
1.2.2. Salary (payroll) taxes 6
1.2.3. Dividend taxes 7
1.2.4. Local taxes 8
1.3. Indirect taxes 9
1.3.1. Value Added Tax 11
1.3.2. Duty 13
1.3.3. Excise 14
Chapter 2 – S.C. Sarten S.R.L. 16
Company presentation 16
2.1. Short history 16
2.2. Organizational Structure 17
2.3. Trading partners 20
2.4. Activity 21
Chapter 3 23
Case study – Monograph Accounting 23
3.1. Monograph accounting 23
3.2. Trial Balance 27
3.3. Balance Sheet 28
Chapter 1
Theoretical considerations about
taxes and fees
1 General Considerations about Taxes and Fees
The legal definition and the economic definition of taxes differ in that economists do not consider many transfers to governments to be taxes. For example, some transfers to the public sector are comparable to prices. Examples include tuition at public universities and fees for utilities provided by local governments. To tax (from the Latin taxo) 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. Tax[1] is a form of removal of part of income and / or assets of individuals and businesses to the state to cover public expenditure. This sampling is not necessarily on a non-refundable and non counterpaid directly from the state. Governments also obtain resources by creating money (e.g., printing bills and minting coins), through voluntary gifts (e.g., contributions to public universities and museums),by imposing penalties (e.g., traffic fines), by borrowing, and by confiscating wealth. From the view of economists, a tax is a non-penal, yet compulsory transfer of
Chapter 1 1
Theoretical considerations about 1
taxes and fees 1
1.1. General Considerations about Taxes and Fees 1
1.2. Direct taxes 3
1.2.1. Profit Taxes 4
1.2.2. Salary (payroll) taxes 6
1.2.3. Dividend taxes 7
1.2.4. Local taxes 8
1.3. Indirect taxes 9
1.3.1. Value Added Tax 11
1.3.2. Duty 13
1.3.3. Excise 14
Chapter 2 – S.C. Sarten S.R.L. 16
Company presentation 16
2.1. Short history 16
2.2. Organizational Structure 17
2.3. Trading partners 20
2.4. Activity 21
Chapter 3 23
Case study – Monograph Accounting 23
3.1. Monograph accounting 23
3.2. Trial Balance 27
3.3. Balance Sheet 28
Chapter 1
Theoretical considerations about
taxes and fees
1 General Considerations about Taxes and Fees
The legal definition and the economic definition of taxes differ in that economists do not consider many transfers to governments to be taxes. For example, some transfers to the public sector are comparable to prices. Examples include tuition at public universities and fees for utilities provided by local governments. To tax (from the Latin taxo) 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. Tax[1] is a form of removal of part of income and / or assets of individuals and businesses to the state to cover public expenditure. This sampling is not necessarily on a non-refundable and non counterpaid directly from the state. Governments also obtain resources by creating money (e.g., printing bills and minting coins), through voluntary gifts (e.g., contributions to public universities and museums),by imposing penalties (e.g., traffic fines), by borrowing, and by confiscating wealth. From the view of economists, a tax is a non-penal, yet compulsory transfer of