Definition of Tax ; The word ‘tax’ has been derived from the French word ‘taxe’ and the Latin word ‘taxare’ which means ‘to charge’. Tax is a contribution exacted by the state. It is a non-penal but compulsory and unrequited transfer of resources from the private to the public sector‚ levied on the basis of predetermined criteria. According to P. E. Taylor‚ “ Taxes are compulsory payment to government without expectation of direct return in benefit to the taxpayer. According to
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There is a very clear distinction between tax avoidance and tax evasion from academic publications. Tax books have defined tax avoidance as “the lawful minimization of tax liability through sound financial planning techniques‚ while tax evasion is the “unlawful attempt to minimize tax liability through fraudulent techniques to circumvent or frustrate tax laws”. The consequences of either action are also clear. The former is not punishable by law while the latter is. However‚ the lines between evasion
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THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF LAW ON ENTERPRISE INCOME TAX NO.14/2008/QH12 AND GUIDELINES ON IMPLEMENTATION OF DECREE NO.124/2008/ND-CP DATED DECEMBER 11‚ 2008‚ DECREE NO.122/2011/ND-CP DATED DECEMBER 27‚ 2011 OF THE GOVERNMENT DETAILING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF LAW ON ENTERPRISE INCOME TAX Pursuant to the Law on Enterprise Income Tax No. 14/2008/QH12 dated June 03‚ 2008; Pursuant to the Tax Administration Law No. 78/2006/QH11 dated November 29‚ 2006; Pursuant
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Introduction Just as death and taxes are certainties in this world‚ so are ways and means to minimize if not eliminate altogether one’s tax liabilities.Attempts to escape the tax net may take any one of two forms: tax evasion and tax avoidance. Tax evasion may be defined as the act of reducing taxes by illegal or fraudulent means.1Common practices of tax evasion include: under-reporting of income‚ over-statement of expenses‚ use of fictitious receipts‚ the keeping of double sets of books‚
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taxed is always an issue. The current tax system that the United States uses contains several flaws. First of all‚ it is very complex. It is comprised of many various variables that can create loopholes. These loopholes can cause two equal income families to be paying very different tax rates. In fact‚ there are 480 different types of tax forms (Website). The current tax system is also very unfair for the wealthy. Because it is a progressive tax‚ it is higher for people who have higher
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Service Tax Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years‚ service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government
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Definition of Tax “Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer” According to section 2 (62) of the ITO (Income Tax Ordinance) 1984: “Tax means the income tax payable under ordinance and includes any additional tax‚ excess profit tax‚ penalty‚ interest‚ fees or other charges leviable or payable under this ordinance.” Characteristics of Tax i. Tax is a payment to the government by the people. ii. Payment of taxes is non-penal
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SC 2279: (1977) 4 SCC 98: 1977 SCC (Tax) 536 Decided On: 31.08.1977 Bench: 7 Judge Bench consisting of the following Justices of the Supreme Court of India: Chief Justice M. Hameedullah Beg.‚ Justice N. L. Untwalia‚ Justice P. N. Bhagwati‚ Justice P. S. Kailasam‚ Justice S. Murtaza Fazal Ali‚ Justice V. R. Krishna Iyer and Justice Y. V. Chandrachud. Brief facts of the case: The case dealt with the constitutionality of a certain pattern of sales tax legislation‚ calculated to counter
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Soda Tax: The Beginning of the End The government plans to tax sugary drinks to lower consumption and reduce obesity rates. It is a tax that is justified‚ because a high majority of its consumers are obese and our government believes they should step in and do something about it. There are positive aspects of a soda tax‚ but it would also be a violation of freedom of choice‚ with many other red flags as well. The government simply‚ has too much involvement with our personal lives. Placing a
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the same with no support‚ extra-curricular activities. The tax didn’t change anything for our schools. Our books still old and falling apart. People from Pepsi quit their job because they thought they weren’t getting paid enough. The soda tax should affect their paycheck. This is really an outrage and it is affecting not only the jobs at Pepsi Co. also it is effecting the stores who are not selling as much sodas and juices due to the tax. This affects the peoples’ families as well because the operations
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