concepts”. Section 6-5 contains rules for “resident” and “non-residents”. The rules are: Resident - gross income derived from all sources in or out of Australia; Non resident - gross income derived from all sources in Australia only. In examining whether an amount is income according to ordinary concepts‚ the courts have tended to weigh up of a number of factors which are considered to characterise income. These concepts are discussed below: As mentioned above‚ Section 6-5
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on Indirect Tax 1. Multiple Choice Questions (1) Excise duty can be levied on those goods which are a) Manufactured in India b) Sold in India a) Removed from the factory b) None of the above (2) Dutiable goods means a) Goods are subject to Central Excise duty b) Goods which are exempted from excise duty c) Non excisable goods d) Goods not at all mentioned in the Central Excise Tariff (3) Place of Removal under Central Excise means a) Removing the goods from the place of
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Tax case: Taxes and Growth 3‚ The average growth rate of U.S. economy over time is 3.4% The trend is slightly downward. 7‚ the correlation of political party of the president and GDP growth is -0.277811979‚ which indicates a strong relation. The correlation of Top individual marginal tax rate and GDP growth is 0.218935712‚ which indicates a strong relation as well. 8‚ what I am surprised is that the top individual marginal tax rate does have a strong relation with GDP growth. Before
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SIN TAX MANILA‚ Philippines – President Benigno Aquino III signed the Sin Tax reform bill into law Thursday‚ saying it was an early Christmas gift for Filipinos. “Today we sign‚ finally‚ a law that will serve as an early Christmas gift for millions of Filipinos‚” Aquino said in Filipino. “We aim to make health benefits available for all‚ regardless of wealth‚ the life of Filipinos is sacred‚” he said. The Sin Tax Bill aims to raise additional revenues by increasing taxes in so called “sin products”
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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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TAX HAVENS DEFINING Tax Havens • Def 1:A tax haven is a country or territory where certain taxes are levied at a low rate or not at all. • Def 2: Tax haven or fiscal paradise are terms used to refer to a jurisdiction which enables its foreign residents or companies to reduce their tax liabilities from their homelands. • Def 3: "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of‚ and exploit‚ a worldwide
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Taxes ►What are taxes? Payment required by a government upon income earned by individuals‚ businesses and other taxable entities that is unrelated to any specific benefit or service received from the government Types of taxes: Property taxes Sales taxes Gas taxes Payroll taxes ►Progressive/graduated tax Generally‚ rates increase as income increases ►Federal income taxes ►FORMULA: ►Income (very broadly inclusive) ►LESS: Exclusions (income not subject to taxation) ►EQUALS Gross income ►LESS:
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......................................................... Second Marker Comments ………………………………………………………………… ………………………………………………………………… ………………………………………………………………… ………………………………………………………………… ………………………………………………………………… ………………………………………………………………… Layout Total FEFM: Module INT0006 Hand in: Tuesday 26th March at 11.30am Uni Student Number I certify that this assignment is all my own work INTO Number Signature INT0006: INTRODUCTION TO ACCOUNTING AND FINANCE SUMMATIVE ASSIGNMENT: MARCH 2013
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II. Criteria for Evaluating a Tax Structure Adam Smith -canons of taxation Equality Convenience Certainty Economy III. Tax Structure Tax base: Tax rates: Incidence of tax: Examples: Income $10 $20 $30 $3 (30%) $6 (30%) $9 (30%) $3 (30%) $7 (35%) $12 (40%) IV. Major Types of Taxes Property Taxes Transaction Taxes Death Taxes Gift Taxes Income Taxes Employment Taxes Other U.S. Taxes V. Formula for Federal Income Tax on Individuals Figure
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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 passed
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