14. 1 – How Taxes Work Key Concepts - Govt. provides certain public goods that generally are not provided by the market (street lightning‚ highways‚ law enforcement and the court system. - Tax: a mandatory payment to a govt - Revenue: govt. income from taxes and other sources - Nontax sources include borrowing and lotteries - Benefits-Received Principle: 1. holds that people who benefit directly from public goods should pay from them in proportion to the amount of benefits received.
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Tax Law Design and Drafting (volume 2; International Monetary Fund: 1998; Victor Thuronyi‚ ed.) Chapter 15‚ The Pay-As-You-Earn Tax on Wages 15 The Pay-As-You-Earn Tax on Wages Koenraad van der Heeden Although undeniably useful in immediately strengthening collections‚ ....withholding does not obviate the need to strengthen the tax administration itself. —Richard M. Bird and Milka Casanegra de Jantscher I. Introduction Although all withholding taxes aim to tax income when it is
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business ones. The advantage is the ease with which it can be establish and the lack of regulations governing it. Partnership: Business owned by two or more persons who are personal responsible for all its liabilities. The partners pay personal income tax on their share of these profits. Each partner has unlimited liabilities for all the business’s debts. Corporations: Business owned by stockholders who are not personally liable for the business‘s liabilities. A corporation is legally distinct
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Briefly explain background of Malaysian tax system. The main source of income for the Government in Malaysia depend on the tax revenue. In 1910‚ Straits Settlements (Singapore‚ Malacca‚ Penang) Legislative Council introduce a draft bill for imposing a tax on income‚ but faced strong opposition from tax-paying public. So‚ proposal s to introduce income tax were stated as to "fund the Imperial War Expenditure"‚ not to raise revenue. The public agreed. Then‚ War Tax Ordinance was introduced‚ in force
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2013-14 has been spent by me on the education of my _______(no.) child / children. The amount of Rs.____ therefore‚ qualifies for exemption under section 10(14) of the Income Tax Act‚1961 read with rule 2BB of the Income Tax Rule‚ 1962‚ while computing estimated salary for the purpose of deduction of tax under section 192 of the Income Tax Act‚ 1961 and accordingly I request to exclude the same from the amount of taxable salary. Dated : Signature ________________ Name of employee
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ASSESSABLE INCOME: RESIDENCY‚ DERIVATION AND SOURCE 1.0 INTRODUCTION 1.1 Section 6-5: The Pivotal Section of Assessable Income 2.0 RESIDENCY 2.1 Who is a Resident for Taxation Purposes? 2.2 Test 1: The Resides Test 2.3 Test 2: The Domicile Test 2.4 Test 3: The 183 Day Test 2.5 Test 4: The Superannuation Test 3.0 DERIVATION OF INCOME 3.1 Derivation is a Timing Concept 3.2 Cash v Accruals Basis 3.3 Income from Personal Exertion 3.4 Trading (Business) Income 3.4.1 Lay-by Sales
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an impact in a “trickle-down” effect from the government to businesses and finally to households. Decrease in Taxes When the Government decides to reduce taxes‚ the tax typically assumed to see the reduction is the income tax. “According to the Internal Revenue Service (IRS)‚ approximately
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economic policies‚ many of which had long term effects (both positive and negative impacts) on the lives of its people. The crucial policies that the government of the country adopted over time are – Fiscal policy‚ Monetary policy‚ Income distribution strategy‚ Government policy‚ Tax policy‚ Trade policy‚ etc. The impacts of these policies have had widespread effects on various macroeconomic variables of the country. Various surveys and reports show that the economic growth has not been as expected. Growth
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Accounting Profession? By an eHow Contributor ? Accounting has been around for centuries. The Romans had a modern tax system complete with sales tax‚ land tax and a flat rate citizen tax. The Roman Empire employed tax collectors that kept track of collections through a rudimentary accounting system. Today‚ accounting is a career. Most U.S. colleges and universities offer tax or accounting degrees at the bachelor’s‚ masters and doctorate levels. Double-Entry Accounting Modern
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federal income tax purposes‚ taxpayers must also use LIFO for fnancial reporting purposes (herein referred to as the LIFO conformity requirement). The use of LIFO for fnancial reporting purposes is not permitted under International Financial Reporting Standards as promulgated by the International Accounting Standards Board (IFRS). As a result‚ a conversion from US generally accepted accounting principles (GAAP) to IFRS likely will eliminate a taxpayer’s ability to use LIFO for federal income tax purposes
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