The tax system currently enforced in Zimbabwe under the authority of the Income tax Act Chap 23.06 with Acts like the Capital Gains Act Chap 23.01‚ Finance Act Chap 23.04 and the Excise duties Act as complimentary. The system evolved from traditional ideologies perpetuated from pre pre-colonial era up to now. The incidence of tax from a traditional perspective occurred from as far as the Rozvi State who was allowed
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foreign investors in their venture of the desirable areas of business‚ defined in the annually-prepared Investment Priorities Plan(IPP). The BOI is mandated through the Omnibus Investments Code (or Executive Order 226) to encourage investments through tax exemption and other benefits in preferred areas of economic activity specified by the BOI in IPP. The IPP‚ formulated annually by the BOI‚ through an inter-agency committee‚ and approved by the President‚ lists the priority activities for investments
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References: 3. GOB (Government of Bangladesh): Income Tax Manual‚ Part I–Income Tax Ordinance‚ 1984 and Income Tax Manual‚ Part II–Income Tax Rules‚ 1984.
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Reliability and relevance in gaining or producing AI => in the course of Herald Times Weekly v FCT – natural consequence of income producing activity • Taxpayer owner and publisher of an evening newspaper • Claimed deduction for damages and legal expenses to defend and sttle defamation actions • Deemed relevant – the thing which produced the assessable income was the thing which exposed the taxpayer to the liability or claim • Cannot be excluded simply because the obligation to
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International Tax Lesson 1 – Taxation Principles – Residence and source Corporations Agenda • Residence and Source as principles of taxation • Special case 1: The Hong Kong case • Example of tax planning based on the principle of source • Special case 2: the USA case Agenda • Residence and Source as principles of taxation • Special case 1: The Hong Kong case • Example of tax planning based on the principle of source • Special case 2: the USA case Introduction • Taxation for
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Default Position(what the rules would be without Sub C)Under Code section 1001‚ when there is a transfer of property in exchange for other property‚ the transferor recognizes gain or loss in the difference between:The FAIR VALUE of the property received‚ AND His ADJUSTED BASIS (determined under Code section 1012) in the property transferred EXAMPLE OF DEFAULT POSITION X has land worth $400‚000 and in which he has basis of $150‚000. X transfers the land to Corp in exchange for 100 shares of Corp
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AGRICULTURE IN PAKISTAN INTRODUCTION The Agriculture sector uninterrupted engages in recreation of Pakistanis economy since independence. In the early time period it considered a dominant sector but due to the declining its performance due to the political‚ social‚ environmental and climate conditions its production yield goes down gradually and now it is the second largest sector in Pakistan. It accounting for over 21% of GDP‚ 45% of total labour force engaged with this sector. Around 63% of country
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rate structure: 15% 25% 34% $0 - $50‚000 $50‚001 - $75‚000 $75‚001 - 100‚000 There is an added tax of 5% for income between $100‚000 and $335‚000. There is also an additional added tax of 3% on income between $15 million and $18 1/3 million ($18‚333‚333.33). 1-1. William B. Waugh Corporation—Corporate Income Tax Sales Cost of Goods Sold + Operating Expenses Operating Profits Dividend Income Less 70% Exclusion Interest Expense S-T Capital Gain Selling Price Cost L-T Capital Gain Selling Price
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then Commissioner of Internal Revenue Guillermo Parayno‚ Jr. as respondents. CREBA assails the validity of the imposition of minimum corporate income tax (MCIT) on corporations and creditable withholding tax (CWT) on sales of real properties classified as ordinary assets. CREBA argues that the MCIT violates the due process clause because it levies income tax even if there is no realized gain. CREBA also seeks to nullify Sections 2.57.2(J) (as amended by RR 6-2001) and 2.58.2 of RR 2-98‚ and Section
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compulsory questions Q1 – Income Tax Q2 – Corporation Tax Q3 – Capital Gains Tax / Chargeable gains Q4 & Q5 – Any other area of the syllabus Minimum of 10 marks on VAT INCOME TAX COMPUTATION AND PROPERTY INCOME Income tax overview • Tax year 6 April – 5 April • 2010/11 • Calculate taxable income for tax year • Calculate income tax thereon Taxable income Income assessable Profits from a trade‚ profession or vocation (other income) Basis of assessment Tax adjusted profits of the accounts
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