Lecture 2 : Jurisdiction to Tax Taxable Income Tax Payable [s4-10 ITAA97] : (Taxable income x Tax Rate) – Tax Offsets Financial Year 1 July : 30 June Tax Offsets [s13-1 ITAA97] Social security benefits Dividends (franking credits) etc Taxable Income [s4-15 ITAA97] : (Assessable Income – Deductions) Assessable Income [s6-1] compromises Ordinary Income [s6-5] and Statutory Income [s6-10] but not Exempt Income [s6-15] Deductions include General Deductions [s8-1] and Specific Deductions
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Business Tax: Reading Week Notes The Robin Hood Tax * The idea behind the RHT is to generate hundreds of billions of dollars * That money could be used to kick-start the US economy and get America back on its feet * The RHT = 0.5% tax on Wall Street transactions * Benefits: * It won’t affect the vast majority of Americans * It’s easy to enforce * It’s tough to evade * It taxes those who are to blame for the global financial crisis‚ rather than
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rendered. _________________ d. Mia pays alimony of $12‚000 to Bill. _________________ e. Rex‚ who is self-employed‚ contributes $1‚000 to his pension plan. _________________ f. April (the landlord) pays expenses of $500 associated with her rental property. _________________ 2. eBook eBook eBook eBook eBook eBook eBook eBook eBook eBook eBook eBook eBook eBook Discussion Question 6-5 Deductions for and from AGI (LO. 1) Classify each of the following expenditures as a deduction for AGI
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Philippines Income Tax Rates Income of residents in Philippines is taxed progressively up to 32%. Philippines Income Tax Rate 32% Philippines Corporate Tax Rate 30% Philippines Sales Tax / VAT Rate 12% Taxable Income Tax Rate PhP 0 - PhP 10‚000: - 5% PhP 10‚000 - PhP 30‚000: PhP 500 10% PhP 30‚000 - PhP 70‚000:
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Germany ’s Tax Structure and System German Basic Law The power to impose taxes is divided between the federal government and the provinces‚ determined by German basic law (Taxation in Germany‚ 2000). Germany follows the principle of world wide taxation for individuals and also corporations (Your Tax in Germany‚ 2005). Non-residents are taxable only on income received from German companies. Germany also has about thirty varieties of non income taxes that are imposed on such things as lotteries
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Sciences Vol. 2. No. 7. November 2012 Issue. Pp. 150 – 156 Tax Evasion and Avoidance Practices in Some Selected Corporate Firms of Bangladesh Mohammad Zahid Hossain Bhuiyan* The present study is based on a total number of 9 (Nine) tax appeal cases and opinions of a total number of 32(thirty two) respondents belonging to relevant tax officials and tax practitioners. The main reason of selecting the topic is the large scale prevalence of the tax evasion and avoidance crimes in Bangladesh which adversely
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Income Taxation‚ 2010-2011 Ed. CHAPTER 10 INDIVIDUALS: DETERMINATION OF TAXABLE INCOME AND TAXES PAYABLE Review Questions 1. Briefly explain the difference‚ for individuals‚ between net income for tax purposes and taxable income. 2. Explain the difference between an allowable capital loss and a net capital loss. 3. Describe the tax treatment of net capital losses. 4. Explain how a non-capital loss is created and how it is treated for tax purposes. 5. Is it always
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movable or immovable property and taxes on the total amount of wages or salaries paid by enterprises. 3. The existing taxes to which this Agreement shall apply are: |(a) |in Singapore : | | |the income tax | | |(hereinafter referred to as "Singapore tax");
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What is Stamp Duty Land Tax? Stamp Duty Land Tax (SDLT) is generally payable on the purchase or transfer of property or land in the UK where the amount paid is above a certain threshold (£40‚000 or more). In addition most UK land and property transactions must be notified to HM Revenue & Customs (HMRC) on a Stamp Duty Land Tax return within a certain time limit - even if no tax is due. What value is SDLT charged on? Stamp Duty Land Tax (SDLT) may be payable when property or land is bought or
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is a qualifying loss item to arrive at AI. From 01/01/09‚ allow 250% deduction. Unutilized donation can be carried forward for a maximum of 5 YAs. 3. Singapore Sourced Dividends ~ paid by SR Company Effect from 1/1/08‚ all SGP sourced div. will be governed under é 1-tier corporate tax system exempt in é hands of é S/H (NT‚ less out) Income Tax Computation for YA 2012 Net accounting profit Less: Non-taxable income previously credited Add: Expense charged but not deductible Less: Expense
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