An ad valorem tax is a tax based on the value of the incurred‚ like the value added tax‚ sales tax‚ property tax or inheritance tax. The value of the goods‚ services or properties is the basis for the tax collected. Specific tax on the other hand‚ is a tax based on the quantity produced. It is not a function of the value of the product being taxed. Cigarettes are a product being taxed in such category. The use of specific tax could have been a good idea since it is evident that even though
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FEATURES OF SERVICE TAX 1. Scope: It is leviable on taxable services ‘provided’ or ‘to be provided’ by a service provider. The services ‘to be provided’ in future are taxed only if payment in its respect is received in advance. Two separate persons required Payment to employees not covered: For charge of service tax‚ it is necessary that the service provider and service recipient should be two separate persons acting on ‘principal to principal basis’. Services provided by an employee to
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taken by the beneficiaries. In the tax of tax fraud the bond referred to here are actually non-existent and are never enforceable in the tax authorities decide to exercise the right to take the bond such as failure to pay an installment on a tax deficiency or tax return. Another criminal offense is the declaration that there are already permits that the taxpayer has procured from the local government and the cost of such permits is deducted in the income tax return as an
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Who did it? eBay avoided £ 50m in tax Starbucks paid less than 1% tax on its profit IKEA halved its tax bill Former Italian Prime Minister Bersculoni List goes on…. How do they do it? Special Purpose Entities (SPEs) Sister Company Round Tripping Tax havens Influencing audit committees Who is affected? Government Less of taxes Profits siphoned off to other countries Fiscal deficit General public Less spending from govt.‚ less benefits
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Individual Financial Statements Paper ACC/290 Principles of Accounting Professor: Bruce Geddus January 8‚ 2014 Introduction to financial accounting and it ’s my turn to identify the four basic financial statements and to describe them as well. In this financial statement paper I will also be describing the four financial statements‚ discuss how the four financial statements are useful to internal users such as managers and employees. And last I will discuss
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What is a Financial Crime? There is no internationally accepted definition of financial crime. Rather‚ the term expresses different concepts depending on the jurisdiction and on the context. In general‚ financial crime can refer to any non-violent crime that results in a financial gain to the perpetrators and loss to others or the state. It includes a range of illegal activities such as: • corruption (bribery‚ speed money‚ kickbacks etc.) • financial fraud (accounting‚ check‚ credit card‚ mortgage
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Junk Food tax is defined as“taxing less nutritional value food such as sugary pop while food with high nutritional value will not be taxed.” (Rupert Taylor‚ 2009). Junk Food is generally consumed by people with a wide range of ages‚ a majority of children‚ adults or even elderly love consuming junk food. It is likely to say that junk food contains quite a lot of fat and food additives which have low nutritional value and bad to our health. Research appears to show (Dr. Michael Booth‚ 2009) that the
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Internet Sales Tax Internet sales tax is topic that has been under heavy debate for over a decade. The tax proposal will have an impact on not only the consumer‚ but the provider‚ supply chain‚ e-commerce‚ and the economy as a whole. The National Bureau of Economic Research found that‚ “an imposition of sales taxes could reduce online spending by as much as thirty-percent. This thirty-percent reduction could cost companies as much as 54 billion dollars in lost sales.” ("Online Retailing to
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Channel Four News Team | Effects of Cigarette Tax In America | Cigarette Tax | | Justin Hochstetler‚ Rachel Krug‚ Robbie Mostek‚ Randi Westervelt | 12/5/2011 | | Cigarette Consumption What are the economic impacts of cigarette taxes on producers‚ consumers‚ and government in the United States? The motivation of the study is to find out whether cigarette taxes really decrease consumption. If they don’t‚ what are the possible alternative solutions to decrease consumption? Lastly
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of 20 years. 1. Assume that the before-tax required rate of return for Deer Valley is 14%. Compute the before-tax NPV of the new lift and advise the managers of Deer Valley about whether adding the lift will be a profitable investment. Show calculations to support your answer. 2. Assume that the after-tax required rate of return for Deer Valley is 8%‚ the income tax rate is 40%‚ and the MACRS recovery period is 10 years. Compute the after-tax NPV of the new lift and advise the managers
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