and the Bush Tax Cuts A and B” 1. The Tax Cut of 2008: * As a business person‚ would you have wanted your congressman to vote for the tax cut of 2008. As a business owner I would have wanted the tax cut of 2008. At this time the economy was stalling‚ we were still at war‚ and consumer spending was starting to slow. With the uncertainty of the future with a new president‚ I would have wanted the tax cut. After reading and learning about the impact that the 2008 tax cut had on revenues
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Value added tax (VAT) in theory avoids the cascade effect of sales tax by taxing only the value added at each stage of production. For this reason‚ throughout the world‚ VAT has been gaining favour over traditional sales taxes. In principle‚ VAT applies to all provisions of goods and services. VAT is assessed and collected on the value of goods or services that have been provided every time there is a transaction (sale/purchase). The seller charges VAT to the buyer‚ and the seller pays this VAT to
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based on yearly schedule. | | | | | 1.1.2 How aware I am that‚ an act valorem equivalent to fifteen percent (15%) of the net retail price of distilled spirits per proof and additional specific tax to twenty pesos per proof | | | | | How aware I am that‚ the specific tax of twenty pesos of distilled spirits shall be increased by 40% every year effective on January 1‚ 2016. | | | | | 1.1.3 How aware I am that‚ sparkling wines and champagnes‚ regardless of proof
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An ad valorem tax is a tax based on the value of the incurred‚ like the value added tax‚ sales tax‚ property tax or inheritance tax. The value of the goods‚ services or properties is the basis for the tax collected. Specific tax on the other hand‚ is a tax based on the quantity produced. It is not a function of the value of the product being taxed. Cigarettes are a product being taxed in such category. The use of specific tax could have been a good idea since it is evident that even though
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Learning outcomes and assessments criteria. 1. Know the statutory responsibilities and right of the employees and employers within own area of work. 1.1 List the aspects of employment covered by law. Minimum wage‚ Health and Satety‚ Redundancy and dismissal‚ Discrimination‚ Data protection‚ Disability discrimination. 1.2 List the main features of current employment legislations. Health and Safety at Work Act 1974 It is the duty of the employer to ensure it is safe for all staff to work in their
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Issues: » Impact of VAT on sales » Need to reform traditional tax regime » Hurdles in implementing new reforms Discuss how implementing VAT will impact various sectors in India. Implementation of VAT drugs Due to implementation of VAT there is a decrease in the price of the drug so the chemist who wanted to avoid incurring losses by having to sell the drugs at cheaper rates in case the purchased be before april 2005‚ were not sol by that date. Resorted to purchasing very low qty of drugs
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FEATURES OF SERVICE TAX 1. Scope: It is leviable on taxable services ‘provided’ or ‘to be provided’ by a service provider. The services ‘to be provided’ in future are taxed only if payment in its respect is received in advance. Two separate persons required Payment to employees not covered: For charge of service tax‚ it is necessary that the service provider and service recipient should be two separate persons acting on ‘principal to principal basis’. Services provided by an employee to
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A value added tax (VAT) is a form of consumption tax. From the perspective of the buyer‚ it is a tax on the purchase price. From that of the seller‚ it is a tax only on the value added to a product‚ material‚ or service‚ from an accounting point of view‚ by this stage of its manufacture or distribution. The purpose of VAT is to generate tax revenues to the government similar to the corporate income tax or the personal income tax. Who Are Required To File VAT Returns • Any person or entity who
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Effectiveness of ‘fat tax: The effectiveness of the fat tax Elasticity: when consumer is changing pattern of buying according to the change in price‚ eg. When its espcial they tend to buy more and if the price rises they don’t want a lot and if they don’t need they don’t even buy it. Inelasticity: when consumers buy products that they need the most and even if the price rise they buy it. Basic needs products‚ and if the prise is low they don’t buy more than what they need. The link between
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Channel Four News Team | Effects of Cigarette Tax In America | Cigarette Tax | | Justin Hochstetler‚ Rachel Krug‚ Robbie Mostek‚ Randi Westervelt | 12/5/2011 | | Cigarette Consumption What are the economic impacts of cigarette taxes on producers‚ consumers‚ and government in the United States? The motivation of the study is to find out whether cigarette taxes really decrease consumption. If they don’t‚ what are the possible alternative solutions to decrease consumption? Lastly
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