Indirect Tax Indirect taxes include value added tax‚ a range of excise duties on oil‚ tobacco and alcohol and fuel duty. VAT is levied on the sale of goods by registered businesses. Businesses add VAT to the price they charge when they provide goods and services to business customers - and non-business customers. There are different VAT rates‚ depending on the goods or services that are being provided. At the moment there are three rates: standard rate – 20%‚ reduced rate - 5 %‚ zero rate -
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are again making history: for the past 15 years‚ we have been trying to reform the tax structure of imposing excise tax on tobacco and alcohol products. After 15 long years‚ we have finally succeeded.” “As the people’s servant‚ I shall personally ensure that this government shall implement the Sin Tax Reform Act of 2012 in a transparent and accountable manner starting Jan. 1‚ 2013‚” he said. Starting today‚ the tax on cigarettes packed by hand‚ which comprise the bulk of tobacco products sold in
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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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Impact of the federal budget on the Australian economy To succeed you must; a) give a definition of the federal budget The federal budget is delivered in may of each year by the house of representatives and is delivered in two parts: government income/receipts (what the government earns) and government expenditure/outlays (what the government spends). The correct title to the budget is the Appropriation Bill 2006/07‚’ it is commonly referred to as the supply bill. The summary of the Appropriation
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----------------------- ITC PAY Basis SSI – entitled to receive‚ FSI – received in Sg Current a/c interest – accrues evenly over time Fixed Deposit interest – date of maturity 1. Net Acc profit (before dep & tax) Expense Deductible N.D Charge to P/L Nothing Add Not charged Minus Nothing Revenue Taxable N.T Credited to P/L Nothing Minus Not credited Add Nothing Add: 10(1)(a) income not credited to P/L Expense charged for Non 10(1)(a) Less: Non 10(1)(a) income credited
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“Fat Tax” Not a Panacea “Obesity now contributes to the death of more than 360‚000 Americans a year. The incidence of childhood obesity is now at epidemic level. Alarm bells are going off all over the place. But our government has done virtually nothing.”- Tom Harkin. Obesity is a medical condition in which excess body fat has accumulated to the extent that it may have an adverse effect on health‚ leading to reduce life expectancy and/or increased health problems (Wikipedia). To cut that number
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Smokers and the tax The fallacy in the proposed higher tax on cigarettes is the belief that the number of smokers will be reduced if the price of the smoke goes up beyond their reach. This may well be true if there were no cheaper and better-tasting substitutes which are taxed. However‚ there are a lot of reasons for smokers should pay a health tax. First‚ smoking is unhealthy. Therefore‚ people should care about themselves and think about other people around them. Smoking cause a lot of diseases
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Carbon tax is an environmental tax levied on the carbon content of fuels. It is a form of carbon pricing. Carbon is present in every hydrocarbon fuel ‚ such as coal‚ petroleum‚ and natural gas. It is then released as carbon dioxide (CO2) when they are burnt. In contrast‚ non-combustion energy sources—wind‚sunlight‚ hydropower‚ and nuclear—do not convert hydrocarbons to CO2. CO2 is a heat-trapping "greenhouse" gas. Scientists have debated and discussed the potential effects on the climate system of
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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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INCOME TAX Introduction : The income tax is administrated Income Tax Ordinance‚ 1984 and the Income tax Rules‚ 1984 as well as notification made under the Ordinance. The charge of tax of a person depends on its resident ship. Total world Income of a resident is charged to tax in Bangladesh. Where as a non-resident’s Bangladesh income is only charged to tax in Bangladesh. There are seven heads of income. The are salary‚ interest on security‚ house property‚ agriculture‚ business and profession
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