Tax Alert 06/2013 2014 Mexican Tax Reform On September 8‚ the Executive Power filed before Congress the Economic Package for the 2014 fiscal year. The Economic Package includes not only the General Criteria for Economic Policy‚ the Federal Revenue Law and the Federations’ Expenditures Budget‚ but also a series of initiatives to modify current tax laws and even the enactment of new legislation. Among the highlights there are the amendments to Income Tax (ISR)‚ Value Added Tax (IVA)‚ the Special
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Companies A company is a distinct legal entity with its own income tax liability. It is a popular structure for business‚ offering limited liability and certain taxation advantages. The annual reporting requirements are much higher for a company structure. The owner of a small business can only take income from a company structure as wages (director’s fees) or dividends. If the company operates a motor vehicle for the use of the owner (director)‚ Fringe benefits taxation will apply.
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Research Problem 2 How Are These Fees Determined? Card processors normally charge taxpayers for convenience fees when they use their credit or debit card to pay taxes. Fees vary but average about 2.5 percent of the tax payment (IRS.gov). Are These Fees Themselves Deductible? Explain. Credit and debit card convenience fees charged for paying federal individual income taxes are deductible as miscellaneous itemized deductions subject to the 2% floor for taxpayers who itemize (RIA 16181 Tax Liability)
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A tax system is simply the collection of taxes in an economy. It is a sum of money paid by people or businesses to a government‚ to be used for public purposes. Taxes are raised through various means and the systems vary for each country. The main taxes in the UK‚ USA and Australia will be explained. Countries use the taxes they receive in different ways. Aims and targets of most countries vary‚ as does the amount of tax generated. Due to this‚ expenditure is prioritised and spent accordingly
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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 except for common commodities such as rice‚ flour & sugar. It is a broad-based tax imposed
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a profit of $ 1.00 for each cake which he sells and a loss (due to spoilage) of $0.40 for each cake he does not sell. Assuming that each cake can be sold only on the day it is made‚ find the baker’s expected profit for a day on which he bakes a. 3 of the cakes; b. 4 of the cakes; c. 5 of the cakes. 18. If a contractor’s profit on a construction job can be looked upon as a continuous random variable having the probability density For -1 < x < 5 elsewhere (x+1)
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ORACLE NO NAMES GL DATE OF CONTRACT REMARKS 1. 189573 OGUNTOBI‚ Dr. SAMSON OLUSEYI GL15 CONTRACT Terminates w.e.f 18th June‚ 2013 2. 189620 NWAJUAKU‚ Dr. CHIEDU NNAMDI GL14 CONTRACT Terminates w.e.f 24th December‚ 2013 3. 189988 ONI‚ Dr. (Miss) OMOTOLA OYEYEMI GL13 CONTRACT Terminates w.e.f 23rd April‚ 2014 4. 189661 D’ ALMEIDA‚ Dr. (Mrs.) TEMITOPE MONSURAT GL13 CONTRACT Terminates w.e.f 16th January‚ 2014 5. 163644 SADIQ-ONILENLA‚ DR. (Mrs
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topic has many world lawmakers scrambling to come up with a solution that will slow‚ if not terminate‚ severe consequences caused by global warming. One idea being considered is a carbon tax. This is "a fee intended to make users of fossil fuels pay for climate damage their fuel use imposes by releasing carbon dioxide into the atmosphere‚ and also to motivate switches to cleaner energy (What‚ 2016)". In other words‚ a short-term solution where both everyday people and large industries will have to
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In the article “Big fat tax is no gut buster” author Susie O’brien attacking the new tax on the fast food industry. By the opening slogan‚ “DON’T tax the big mac” she asserts her position on the tax. Written in bold the slogan immediately catches the eye and as it cleverly rhymes is very memorable. The author continues in cementing her standing on the issue by saying that a junk food tax is not the answer and the rhetorical question that‚ “why should reducing our weight start with our wallets?” Her
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BUSINESS/TAX RESEARCH ASSIGNMENT 1. For the Tax year 2004‚ is SK eligible to switch from the accrual to cash method of accounting under Rev. Proc. 2001-10? This revenue procedure applies to taxpayer with "average annual gross receipts" of $1‚000‚000 or less. Since SK ’s average annual gross receipt is greater than 1‚000‚000 for 2004 therefore SK is not eligible to switch from the accrual to cash method of accounting. ( Rev. Proc. 2001-10‚2001-1 CB 272) 2. For the tax year 2004‚ is SK eligible
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