ImRetiree Preference is towards 3% tax on retail sales. The ratio of tax distribution is most equitable in retail tax. I believe that every individual is responsible for contributing to the nation’s tax revenue despite age‚ but I believe that retirees should have the least contribution as they have already paid their dues to society from all the years they have previously worked. With this in mind‚ the retail tax is the fairest solution due to it being the most equal in distribution. Each group
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Tax evasion Definition Tax evasion is an unlawful practice which has the effect of reducing the government revenue needed for the provision of infrastructure‚ public services and public utilities. (Otosanya ‚ 2009). Spicer (1975) also stated that‚ tax evasion “ tax evasion result in a loss of tax revenues‚ impair the chances of realizing the distributional or equity goal of taxation‚ and if they become widespread‚ as they have in recent times‚ then more tax payer‚ may lose faith in the tax administration
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Service Tax Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years‚ service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government
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GHANA Introduction & Definition of taxation: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government [...] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation‚ but an enforced
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IMPACT OF TAX REFORMS SINCE 1991 Tax reform since 1991 was initiated as a part of the structural reform process‚ following the economic crisis of 1991. Direct Tax Reforms: 1. As per the recommendations of the TRC the personal tax brackets were only three‚ of 20‚ 30‚ and 40% starting in 1992–93. Financial assets were excluded from the wealth tax‚ and the maximum marginal rate was reduced to 1%. 2. Further reductions came in 1997–98‚ when the three rates were brought down further to 10‚ 20‚
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Carbon tax is an environmental tax levied on the carbon content of fuels. It is a form of carbon pricing. Carbon is present in every hydrocarbon fuel ‚ such as coal‚ petroleum‚ and natural gas. It is then released as carbon dioxide (CO2) when they are burnt. In contrast‚ non-combustion energy sources—wind‚sunlight‚ hydropower‚ and nuclear—do not convert hydrocarbons to CO2. CO2 is a heat-trapping "greenhouse" gas. Scientists have debated and discussed the potential effects on the climate system of
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electronic cigarettes and ban smoking tobacco. Cigarette smoking is responsible for more than 480‚000 deaths per year in the United States‚ including nearly 42‚000 deaths resulting from secondhand smoke exposure (CDC). Smoking cigarettes effects everyone around you and is more harmful than people think. The chemicals in cigarettes cause various types of deadly issues such as heart attacks‚ lung problems‚ and heart failure‚ and in worse cases‚ cancer. New studies are showing that electronic cigarettes are
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sparked debate about the merit of an explicit ‘fat tax’‚ aimed at either taxing foods according to their fat content or‚ more practically‚ taxing certain foods with a high fat content. Discuss the implications and effectiveness of a fat tax for reducing the consumption of high-fat foods? There are many implications and effectiveness of a fat tax an example of this is the ‘fat tax’ has now been enforced by some airlines (such as Samoa Air). ‘Fat tax’ is a dynamic efficiency as it is a new innovation
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e cigarettes Canada Eletronic Cigarettes: You Can Smoke Without Fire I asked my friends to go for e-cigarettes when they are willing to quit smoking. They confessed that they have never heard about such a thing. I was really surprised that even after a decade why people don’t know about e cigarettes Canada and its benefits. In the last couple of years its popularity is increasing as people are becoming health-conscious. The best part is that there is no smoke and you will get the real feel as your
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Justin Norman ECON 201: Short Paper 12/05/2012 Tax Reform There is effect when you talk about taxing a country as a whole and founding out that it actually helps or sometimes the functionality of the country to reform taxes as they weather away as time goes on. It was the unfair and demanding taxes the British put on the colonies in the 1700‚ as the American colonies were finding their identity and still under British rule‚ in which it lead to a Revolution. Nowadays‚ there is simply
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