Chapter 1 introduction & tax residence •Direct taxes – taxes paid directly to government (income tax ‚ RPGT) •Indirect taxes – taxes paid to government via 3rd party( sale‚service) •Income tax –scope of charge( S3 of ITA) has been modified by ‘’tax exempted’’ Income tax shall be charged for each y/a upon income of any person accruing in or derived from MY or received in MY from outside MY Income known as revalue gain( capital gain never go for inc tax Person=individual ‚ Co(chargeable
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The Sin Tax Bill (Senator Miriam Defensor Santiago) The Philippines has scandalously low taxes on two commodities that have been proven killers of individuals‚ destroyers of families and threats to national economic security: cigarette and spirits. At present‚ 25 million Filipino youth who are 18 years old are smokers. If they continue to smoke‚ half of them will die. Santiago is the principal author of Senate Bill No. 3249‚ “An Act restructuring the excise taxes on alcohol and tobacco products
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state that frequent flyer miles constitute compensation from the employer. The lack of substantial authority on the treatment of this benefit gives the client the ability to exclude this from his gross income without risk of understating his overall tax liability. The only ruling with specific relation to frequent flyer miles was Charley‚ (CA9‚ 7/24/96) 78 AFTR 2d ¶ 96-5171. In this case‚ Dr. Charley would instruct
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------------------------------------------------- Federal Library * ------------------------------------------------- Federal Source Materials * ------------------------------------------------- Code‚ Regulations‚ Committee Reports & Tax Treaties * ------------------------------------------------- Internal Revenue Code * ------------------------------------------------- Current Code * -------------------------------------------------
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| Tax Return Position | Axia College | | Kelli J Revel | 8/6/2012 | A look at how the tax laws are supported by its sources and a look at the secondary and substantial authorities. | Throughout the beginning of time there has always been a need for rules‚ kings and queens created new ones as there were needed. Rules are something that we as people live by‚ rules tell us how to live and give us guidelines in which we must follow. Taxes are kind of like rules for the financial world
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Milan‚ Italy (value $1‚200). The frequent flyer miles used to purchase the ticket were generated from Latrell’s business travel as a CPA. Latrell’s employer paid for his business trips‚ and he was not taxed on the travel reimbursement. Use an available tax research service to determine how much Income‚ if any‚ does Latrell have to recognize as a result of purchasing an airline ticket with Sky miles earned from business travel. IRS Announcement 2002-18 states that frequent flier miles earned for business
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An assignment on tax free and tax saving investment. Group 6 members: Oduwole femi moses 09aa08565 Offoma ruby 09aa08566 Ofodile nnamdi 09aa08567 Ogbebor iyayi evans 09aa08568 Ogodeton Kelvin 09aa08569 Ogubanjo oluwatobi 09aa08570 Ogunfuye oluwayomi 09aa08571 Ogunnbi eniola 09aa08572 Ogunjemilusi olorunfemi 09aa08573 Ojesanmi temitope 09aa08574 Okafor chioma 09aa08575 Okagbuzo uwaremeo 09aa08576 Okocha desmond 09aa08577 GROUP LEADER: OGODETON
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Basics of Direct Taxes(Income Tax Act) and Indirect Taxes(VAT‚ CST‚ Excise duty‚ Service Tax etc.‚) The Persons who are taxed are called “Assessees”. Assessees or “Person” under the Income Tax Act‚ 1961(as amended Yearly under the respective Finance Acts) are as follows:- 1) Individual 2) Hindu Undivided Family(HUF) 3) Firm or Association of Persons(AOP) 4) Joint Stock Company 5) Every other person Whether an Assessee is liable to be taxed and if so‚ on what income etc.‚ depends on the
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Progressive Income Tax Fairness The issue of federal income tax policy has been one of hot debate and controversy for many years. Discussions and arguments on the issue have been presented on the floors of Congress‚ in the United States Supreme Court‚ used by politicians as political platforms‚ broadcasted in televised debates‚ and discussed around the dinner table of American families of various socioeconomic backgrounds for years. The Federal Government of the United States of America‚ like any
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and human error in selecting decision responses are also prone. The research would like to propose an automated transaction and customer profiling software system that will handle what used to be done manually cut down time and avoid human errors by standardize decision selection. Computerize customer’s profile and services for record. The Transaction and Customer Profiling Software System that this proposed is composed of different capabilities for it to achieve the company’s
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