Ali-Nakyea of WTS Nakyea & Adebiyi (Tax Attorneys & Solicitors) Introduction The FIFA world cup Fiesta in South Africa came to a very successful end on Sunday‚ 11 July 2010. It has been hailed‚ and rightly so‚ by most football pundits as one of the most successful international sporting events organized by an African Country. Once again Ghanaian footballers made us proud by putting in their best to get to the quarter finals. Hopefully‚ they can improve on this splendid performance
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Tax Credits [Name of the Writer] [Name of the Institution] Tax Credits Purpose of Tax Credits A Tax Credit is a specific amount that is subtracted from the accumulated amount of tax paid by a tax payer to the State. The tax credits can be settled in terms of income tax‚ property tax and VAT. It can also be settled for the purpose of recognizing the taxes that are already settled in form of subsidies or are paid for the purpose of encouraging investment in economy
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Income Tax Reckoner 1. Rates of Income Tax Individuals & Charitable Trust‚ General* Up to ` 2.00 Lacs ` 2.00 - ` 5.00 Lacs ` 5.00 - ` 10.00 Lacs ` 10.00 Lacs & above Senior Citizen (60 to 79) Up to ` 2.50 Lacs ` 2.50 - ` 5.00 Lacs ` 5.00 - ` 10.00 Lacs ` 10.00 Lacs & above Very Senior citizen (80 and above) Up to ` 5.00 Lacs ` 5.00 - ` 10.00 Lacs ` 10.00 Lacs & above AY: 2013-14
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Singapore already start adopting a one-tier corporate tax system effect from 1 January 2003. In Malaysia‚ it is referred as the ‘single tier’ system. The government allowed a six-year transitional period to enable companies with unutilized dividend franking credits to pay franked dividends. From 1 January 2008‚ all resident companies in Singapore will come under the one-tier system. Meanwhile‚ other countries including Hong Kong‚ Ireland and also Malaysia are adopting the one-tier system effective from 1
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To: Diane M. Comi‚ J.D.‚ LL.M. From: Sam Smith Date: September 14‚ 2014 Re: Medical Expense Deduction under IRC 213 for Swimming Pool FACTS The taxpayer‚ Susan‚ suffers from severe osteoarthritis in both knees and has a hard time living comfortably. Susan has taken many precautions to better her health including: cortisone injections‚ painkillers‚ physical therapy‚ and arthroscopic surgery. Being that this is a hereditary disease‚ the doctors predict that it’s only going to get worse. The key to
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Income statement The income statement or the profit and loss account as it is also called measures reports how much profit (wealth) has the business generated over a period of time. To measure profit the total generated revenue over a period must be identified. Revenue is a measure of inflow of economic benefits arising from the operations of the business. These benefits will either result in an increase of assets such as cash or amounts owed to the business by the customers or a decrease
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The passing of a state income tax limit takes several different factors into discussion. The consequences of passing a state income tax need to be carefully deliberated before considering adoption. Many major actors in state politics affect the process of adopting an income tax limit as well. The state legislature has an important role in creating the tax and expenditure limit‚ while the state governor is able to use several different methods to veto or block the limit that the legislature suggests
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national income …………………………………………………3 1.2. Overview of issues of National income in the world………………………………………3 SECTION 2……………………………………………………………………………………5 2.1. Definition of national income ………………………..........................................................5 2.2. Factors that determine national income…………………………………………………...6 2.3. Methods to measure national income………………………………………………………6 2.4. Treatment of national income from abroad………………………………………………...8 2.5. Uses of national income statistics
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business plans to continue operating in the future and issue financial statements each year. 9. The dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 10. After closing entries have been journalized and posted‚ all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. 12. Closing
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4-1 4 Income Statement Usefulness Predicting future performance. 4-2 Evaluate past performance. Help assess the risk or uncertainty of achieving future cash flows. Income Statement Limitations Companies omit items that cannot be measured reliably. 4-3 Income is affected by the accounting methods employed. Income measurement involves judgment. Income Statement Quality of Earnings Companies have incentives to manage income to meet or
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