SIN TAX BILL MANILA‚ Philippines—A “sin tax” on cigarettes and alcohol dampened the New Year party spirit when it was introduced in the Philippines Tuesday‚ as part of a government bid to boost finances. Many stores started selling tobacco and drink at inflated prices before midnight‚ ahead of the official implementation of the tax hikes on January 1‚ hitting partygoers in the pocket. Tax on cigarettes will gradually be raised to P30 ($0.72) per pack by 2017‚ roughly doubling the current price
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Tax Return Worksheet Directions Review Gloria Ramsay’s tax return. Answer the following questions based on the information listed in her return. 1. Even though Gloria is single‚ her filing status is Head of Household. Why is Gloria able to file as head of household? Gloria is able to file head of house hold in this case because‚ she has a qualifying dependent. A qualifying dependent would be a closely related relative dependent that you have provided for maintaining a home for yourself
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conceived by Adam Smith to describe the self-regulating behavior of the marketplace.[1] The exact phrase is used just three times in Smith ’s writings‚ but has come to capture his important claim that individuals ’ efforts to maximize their own gains in a free market benefits society‚ even if the ambitious have no benevolent intentions. Smith came up with the two meanings of the phrase from Richard Cantillon who developed both economic applications in his model of the isolated estate.[2] He first
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Project: “The Ethics of Taxation Trilogy: Part II – The Buffett Rule and The Ethics of a Millionaire’s Tax” Course: Investments Instructor: William Callahan Summary Часть Алишера Problem This problem was discovered by famous investor and billionaire – Warren Buffet. In his situation‚ he informed us the main points of “millionaire’s tax”. He explained us‚ that in 2010 he paid tax rate of 17.4%‚ when other peoples who worked in office with less revenue paid much higher tax rate (between 33% and
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comprehend the tax implications and tax efficiency of the remuneration packages. Besides‚ I would like to recommend the most tax efficient remuneration package based on the proposed benefits by your employer and the legal ways to save tax in Malaysia. First and foremost‚ it is a good option to ask for a company car because the car given by your employer‚ Golden Berhad is regarded as benefit-in-kind (BIK). A company car is more beneficial for you (taxpayer) because the predetermined tax scale for cars
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business owners. John Smith‚ Esq.‚ a practicing attorney with offices near yours‚ walks in your office and wants advice from you relating to a recent influx of cash he received as a result of winning a large jury verdict on behalf of his client in a personal injury case. His wife Jane Smith accompanies him during your meeting because she has some additional tax planning advice to ask of you. ROLE: After reviewing John and Jane Smith’s points of view‚ it will be your turn as a tax professional to decide
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* Question 1 5 out of 5 points | | | An artist’s painting is not a capital asset when held by the artist.Answer | | | | | Selected Answer: | True | Correct Answer: | True | | | | | * Question 2 0 out of 5 points | | | Taxpayers are allowed to offset net short-term capital losses with net long-term capital gains.Answer | | | | | Selected Answer: | False | Correct Answer: | True | | | | | * Question 3 0 out of 5 points | | | Net short-term
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Fiona ‚ CPA candidate Las Vegas‚ NV July 3‚ 2013 Relevant Facts Sam and Barb Mendez are 100% owners of an S Corporation running information systems consulting business. The Mendez purchased a second home as a vacation home with cash for $375‚000 in year 2005. Unfortunately‚ in 2013‚ the house collapsed and caused a total loss on the home when its value was $280‚000 and the value of furniture and personal belongings inside the house was $50‚000. The homeowner’s policy will only cove 50% of the
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Singapore Withholding Tax Withholding Tax is a form of levy placed on payments made to non-resident tax entities including employees‚ business partners and overseas agents. In accordance with IRAS tax rules‚ a person has a legal obligation to withhold a percentage of the payment‚ when he makes payments of a specified nature under the Singapore Income Tax Act‚ to a non-resident‚ and hence the Withholding Tax. What is Singapore Withholding Tax? For tax purposes in Singapore‚ Inland Revenue Authority
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Week 2 – Residence and Source Residents: * Section 6-5(2) ITAA97 states that assessable income includes ordinary income derived directly/indirectly from all sources‚ in and out of Australia‚ during the income year. * Section 6-10(4) ITAA97 states that assessable income includes statutory income from all sources in and out of Australia. Non-residents: * Section 6-5(3) ITAA97 states that assessable income includes ordinary income derived directly/indirectly from all Australian sources
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