A key reform promoted by the IMF and World Bank was the restructuring of Uganda’s taxation regime. One of the intentions was to lower the dependence on trade taxes‚ which reduced incentives for production‚ and to rely instead on indirect taxes on goods and services. Indirect taxes provided an average of 79.8 percent of total revenue between 1990-1998. Taxes on income and profits have steadily increased from 9.8 percent of total revenue in 1989 to 15.2 percent in 1998. Yet‚ of total taxes‚ about 50
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Adam Smith’s Four Main Canons of Taxation ↓ A good tax system is one which is designed on the basis of an appropriate set of principles (rules). The tax system should strike a balance between the interest of the taxpayer and that of tax authorities. Adam Smith was the first economist to develop a list of Canons of Taxation. These canons are still regarded as characteristics or features of a good tax system. Adam Smith gave following four important canons of taxation. 1. Canon of Equity The principle
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Introduction Double taxation arises when an individual or business acquiring income in a foreign country is required to pay taxes on that income in both the foreign country as well as the country of origin. For example‚ an American company operating in a developing country‚ in the absence of a tax treaty between the two countries may have to pay a withholding tax to the government of the developing country‚ as well as corporation tax to the United States government (Howard‚ 2001‚ p. 259). The
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Explain the importance of trade‚ taxation and tribute in the Persian Empire. The Persian people called Darius a ‘merchant’ as an acknowledgement for his ability to renovate the administration and economy of the empire. The introduction of a number of schemes to promote the economy has led to an unprecedented prosperity in all parts of the empire which lasted for half a century. Darius introduced coinage and a uniform system of weights and measures to create a simple trade system. He also fixed
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Taxation in India The Indian Tax Structure is quite elaborate‚ with clear distinction in authority between Central‚ State and local governments. The taxes levied by the Central government are on income (other than tax on agriculture income which would be levied by the state government)‚ customs duties‚ central excise and service tax. The State government levies Value Added Tax (VAT)‚ sales tax in states where VAT is not applied‚ stamp duty‚ state excise‚ land revenue and tax on professions. Local
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International taxation International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries or the international aspects of an individual country’s tax laws. Governments usually limit the scope of their income taxation in some manner territorially or provide for offsets to taxation relating to extraterritorial income. Many governments tax individuals and/or enterprises on income. Such systems of taxation vary widely‚ and there are no
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Canons/Principles of Taxation By Adam Smith: Adam smith‚ the father of modem political economy‚ has laid down four principles or cannons of taxation in his famous book "Wealth of Nations". These principles are still considered to be the starting point of sound public finance. Adam Smith’s celebrated cannons of taxation are: (1) Cannon of equality or ability‚ (2) Cannon of certainty‚ (3) Cannon of convenience‚ and (4) Cannon of economy. (1) Canon of equality or ability: Canon of equality
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INTRODUCTION TO TAXATION Unlike most transfers‚ which are voluntary‚ taxation is compulsory. That’s needed because of free-rider problem (no one will have injective to contribute) Modern taxes are monetized (individuals provide just money) Tariffs are taxes imposed on imported goods. Tariffs protect domestic producers. Taxes can be divided to: • direct • indirect Direct taxes are individual income tax‚ payroll tax (used to finance social) security‚ corporation income tax
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Summary 1. Introduction 1.1 Area and population 1.2 Constitution‚ political culture and law 1.3 Key economic indicators 1.4 Banking and finance 1.5 Currency 2. Trends in tax policy 2.1 Personal income taxes 2.2 Corporate income taxes 2.3 Other business taxes 2.4 Value added taxes 2.5 Excises 2.6 Recurrent taxes on capital 2.7 Non-recurrent taxes on capital 2.8 Compulsory social security contribution paid to government 2.9 Environmental taxes 2.10 Other taxes 3. Main drivers of
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culture as given by Deal and Kennedy is the way things get done around here. However this definition is too narrow and therefore there is a need for a deeper definition as follows. Organizational culture is a concept developed by researchers to explain the values‚ psychology‚ attitudes‚ beliefs and experiences of an organization. Generally speaking‚ it is viewed as the shared norms and values of individuals and groups within an organization. Through this set of mutual understandings‚ organizational
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