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 -
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Levy for public purpose. To levy a tax means to impose or to charge or to collect a tax from those to whom it is addressed. Technically however‚ to levy is to pass on laws or ordinances imposing a tax or duty upon specific group of taxpayers. Under this concept‚ the impelling reason for the imposition of the tax must be the welfare of the public‚ in general. This follows that the proceeds from such imposition shall inure to the benefit of the public. In one case‚ a certain imposition was successfully
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relevance of Adam’s Smith canons and justify what other attributes I believe a good tax system should have. Formally‚ tax is defined as an involuntary fee enforced by the government in order to finance its activities. However‚ some perceive tax as the price we pay to live in a civilised society and it is a fundamental part of any developed economy. (Oliver Wendell Holmes) From my point of view‚ the purpose of tax is to fund the government‚ incentivise certain behaviour in order to achieve economic
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Smokers and the tax The fallacy in the proposed higher tax on cigarettes is the belief that the number of smokers will be reduced if the price of the smoke goes up beyond their reach. This may well be true if there were no cheaper and better-tasting substitutes which are taxed. However‚ there are a lot of reasons for smokers should pay a health tax. First‚ smoking is unhealthy. Therefore‚ people should care about themselves and think about other people around them. Smoking cause a lot of diseases
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“Fat Tax” Not a Panacea “Obesity now contributes to the death of more than 360‚000 Americans a year. The incidence of childhood obesity is now at epidemic level. Alarm bells are going off all over the place. But our government has done virtually nothing.”- Tom Harkin. Obesity is a medical condition in which excess body fat has accumulated to the extent that it may have an adverse effect on health‚ leading to reduce life expectancy and/or increased health problems (Wikipedia). To cut that number
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Tobacco tax: good for health‚ good for government finances Tobacco use kills over 5 million people each year and is the largest single preventable cause of premature death.1 Tobacco is very costly to society through high costs to treat tobacco-induced disease or through loss of productivity as a result of the premature deaths. But governments have a tool to combat the costs of tobacco use — tobacco taxation. Higher tobacco prices decrease consumption and encourage people to quit Increasing
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Carbon tax is an environmental tax levied on the carbon content of fuels. It is a form of carbon pricing. Carbon is present in every hydrocarbon fuel ‚ such as coal‚ petroleum‚ and natural gas. It is then released as carbon dioxide (CO2) when they are burnt. In contrast‚ non-combustion energy sources—wind‚sunlight‚ hydropower‚ and nuclear—do not convert hydrocarbons to CO2. CO2 is a heat-trapping "greenhouse" gas. Scientists have debated and discussed the potential effects on the climate system of
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Ch. 12 Taxable Income and Tax Payable for Corporations I. Calculation of Net Income For Tax Purposes and Taxable Income - Corporations follow the applicable ordering rules of Section 3 in computing NITP Net Income for Tax Purposes Less: Div C deductions Taxable Income Most of the Div. C deductions for corporations are DIFFERENT from the Div. C deductions for individuals. Div C deductions for Corporations: 1. Charitable
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MEMORANDUM TO: Dr. Green FROM: Kecia Carter DATE: November 28‚ 2010 RE: Tax Memo #1/Gambling Activities Issue #1 Dr. Green is a practicing physician in Chicago who‚ as an avid blackjack and slot machine player‚ travels to Las Vegas bi-weekly to gamble. He would like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business
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Petersan Tax Return Teri A Burris Federal Income Taxes I ACC 401 Gary Tate 1 April 2013 In order to properly prepare a tax return‚ there should be a complete list of the correct documentation in order to facilitate In this case Harold and Sarah Petersan; the forms will be a varied depending on their information. Harold and Sarah Petersan is a married couple living in California‚ with one dependant. Both husband and wife
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