Chapter 6 Tax matters 1、 Why have tax? The Collins Concise English Dictionary (1992. P 1383) defines the word “tax” as: “a compulsory financial contribution imposed by a government to raise revenue‚ levied on income or property‚ on the prices of goods and services‚ etc. and to levy a tax on (persons‚ companies‚ etc.)” (Clinton Alley‚ 2008). there are several reasons can explain the existence of tax: The main function of taxation is the fiscal one. It is through fiscality that taxes play their
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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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Finance Department of Revenue (Tax Research Unit) *** V. K. Garg Joint Secretary (Tax Research Unit) Telephone No. 011-23093027 Fax No. 011-23093037 E-mail: garg.vk@nic.in D. O. F. No 334/1/2012-TRU New Delhi‚ dated 16th March‚ 2012. Dear Sir/Madam‚ Subject: Union Budget 2012: Changes in Service Tax-reg. It is said that in matters relating to taxes‚ questions rarely change‚ but the answers do. Budget 2012 has‚ however‚ changed a number of questions relating to service tax. 2. No more will the most often-asked
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effect of state budget cuts on educations and to what extent they damage a school’s ability to function well. I tied this in with the month of may in Not Buying It‚ where Judith discovered the importance of public libraries and how they offer a multitude of services‚ especially when one needs these services free of charge. This correlates with my topic because budget cuts both to schools and libraries hurt academic performances tremendously‚ however state education budget cuts are my focus because
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Tax in Maldives Over the few years Maldives economy has grown very much. Various opportunities have been open to investors and small scale business‚ in Maldives and the income that the government get also has increase in the past years. The tax has also effects many house holds and business. With the changes of laws and regulations there are many new taxes and royalties that are taken in from the public and the business organization. In this essay I am going to highlight the effects of the
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Cut your spending Managing your spending‚ the money that goes out of your accounts each month‚ is a crucial first step in controlling your financial situation. If you’re in debt or not meeting your financial goals you can either cut your spending‚ boost your income or do both to find the extra money you need to improve. I believe that cutting spending is the most important step you can take to improve your financial situation because if you cannot control your spending it doesn’t matter how much
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TAX MANAGEMENT [pic] LESSONS FROM HISTORY Lessons From History [pic] Taxes are as old as recorded history. They are mentioned in ancient Sumer around 3‚000 B.C. Tithing‚ the practice of pledging ten percent of one’s wealth‚ was commonly practice among ancient peoples and still is used today by some religious groups in the United States. Rome collapsed when taxation reached fifty-two percent and when taxes imposed on the colonies reached twenty-three percent‚ that was considered
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GHANA Introduction & Definition of taxation: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government [...] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation‚ but an enforced
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Income Tax Return Assignment You have your own CPA tax practice and you are greeted with new clients: Albert and Jenny Cunningham and their two children. You meet with them and they give you the information shown below. They would like you to prepare their tax return for 2013. They would like to file married filing jointly. NOTE: Reference to the “current tax year” below for the taxpayers‚ Albert and Jenny‚ it is for the calendar year 2013. Albert and Jenny Cunningham (both 42 years
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TAX AVOIDANCE vs. TAX EVASION From the time taxes were first imposed on American citizens‚ people have been trying to find ways to escape paying them. While some taxpayers continue to find legal ways to avoid paying a portion of their taxes‚ others simply choose to evade taxes or not pay them at all. Avoiding taxes and evading taxes may sound like similar actions‚ but the two terms have very different meanings. Avoiding taxes can be accomplished though various legal means‚ whereas evading taxes
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