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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EXEMPTIONS Rate of service tax restored to 12% As per section 66‚ the charging section under earlier regime‚ rate of service tax was 12% of the value of taxable services. However‚ the rate of service tax was reduced to 10% vide Notification No. 8/2009 ST dated 24.02.2009. With effect from 01.04.2012‚ Notification No. 02/2012-ST dated 17.03.2012 rescinded the said notification and the rate of service tax was restored to 12% for the period between 01.04.2012 to 30.06.2012. With effect from 01.07.2012‚ new
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and levies. It seems that government might have to collect more money either through VAT (Value Added Tax) or from direct taxes. In Bangladesh VAT introduced in 1991 by replacing the sales taxes is still known as the vital reform in Bangladesh revenue structure. The remaining potential sector is the income taxes sharing almost all taxes coming through direct sources. Tax base is too narrow and the tax law is full of exemptions and allowances. Agriculture sector provides employment for around 60percent
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Tax Law Assignment According to the Act Gross Income is defined as ‚ in relation to any year or period of assessment‚ means‚ in the case of any person‚ the total amount‚ in cash or otherwise‚ received by or accrued to or in favour of such person during such year or period of assessment from a source within or deemed to be within Namibia‚ excluding receipts or accruals of a capital nature‚ but including‚ without in any way limiting the scope of this definition‚ such amounts (whether of a capital
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sparked debate about the merit of an explicit ‘fat tax’‚ aimed at either taxing foods according to their fat content or‚ more practically‚ taxing certain foods with a high fat content. Discuss the implications and effectiveness of a fat tax for reducing the consumption of high-fat foods? There are many implications and effectiveness of a fat tax an example of this is the ‘fat tax’ has now been enforced by some airlines (such as Samoa Air). ‘Fat tax’ is a dynamic efficiency as it is a new innovation
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overdrawn [you have taken more out of your account than you had in it] you are%in the red (as opposed to in the black or in credit). Sometimes the bank may lend you money - this is called a bank loan. If the bank [or building society] lends you money to buy a house‚ that money is called a mortgage /’mo:gid3/. When you buy [or purchase more formally] something in a shop‚ you usually pay for it outright but sometimes you buy on credit. Sometimes you may be
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I. INTRODUCTION Unemployment is the condition of willing workers lacking jobs or "gainful employment". In economics‚ unemployment statistics measure the condition and extent of joblessness within an economy. A key measure is the unemployment rate‚ which is the number of unemployed workers divided by the total civilian labor force. The unemployment rate is also used in economic studies and economic indexes such as the Conference Board’s Index of Leading Indicators. Unemployment in an economic sense
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Disagreement on Tax for Fatty Foods There is an important question that has been brought out to many people’s attention. The question is should the government imply a tax for fatty foods? In the article titled‚ "why a fat tax will have no effect on obesity levels” Lefever state‚ “Taxes on smoking and drinking do not change the behavior of nicotine addicts or alcoholics.” (Why a fat tax). Lefever is trying to say with this is no matter what is done to prevent something as long as a person wants
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With social network on the rise‚ and the large amount of young people that take part in social networking‚ there is question as to whether or not social media should be part of our education system. Propenents of social media point out the benefits of social media in regards to educational tools‚ and increased student engagement‚ while critics of social networking focus on subject like privacy‚ time‚ and miscommunication. Pros of Social Networking Today’s students are increasingly using
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Cellphone market penetration in the U.S. approaches 9 in 10 citizens. Jupiterimages/Brand X Pictures/Getty Images The cellphone is one of the defining technologies of the early 21st century‚ with a December 2012 Pew Internet study showing that more than 87 percent of American adults own at least one. While the negative societal consequences of cellphones have been well documented‚ it ’s also true that they can bring many benefits. Mobile technology allows users to interact with family‚ friends
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