first tax was introduced in 1904 in the northern region by Lord Types of Taxes 1. Direct Tax 2. Indirect Tax Direct taxes in Nigeria consist of the following: 1. Personal Income Tax (PIT) 1. 1. Company Income Tax (CIT) 2. Withholding Tax (WHT) 3. Capital Gain Tax (CGT) 4. Capital Transfer Tax (CTT) 5. Petroleum Profit Tax (PPT 1. Indirect taxes in Nigeria consist of the following: 1. Custom Duties 2. Excise Duties 3. Value Added
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Salazar‚ Kristine Kim B. 4-DLM 1. Arturo Tolentino vs Secretary of Finance FACTS: Tolentino et al is questioning the constitutionality of RA 7716 otherwise known as the Expanded Value Added Tax (EVAT) Law. Tolentino averred that this revenue bill did not exclusively originate from the House of Representatives as required by Section 24‚ Article 6 of the Constitution. Even though RA 7716 originated as HB 11197 and that it passed the 3 readings in the HoR‚ the same did not complete the 3 readings
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1. Compose a summary of the case. Include how the fraud was perpetrated‚ the characteristics of the perpetrator(s) who committed the fraud‚ the role the auditor(s) had in the case‚ and the direct and indirect effects the incident had on the organization’s stakeholders (customers‚ vendors‚ employees‚ executive committee‚ and board of directors). Comerica is being sued by Experi- Metal’s for a $560‚000 phishing attack to their bank account. Experi- Metal‚ a custom auto- parts maker‚ was hit by phishing
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Australian GST The GST (Goods and Services Tax) proposed by the Howard government is a new tax which plans to add ten percent to the cost of every item purchased whether it be a car or a pen with only a few exceptions. The tax set to commence on July 1 2000 may still not become a reality if the senate does not have a majority vote on the issue. The VAT (Value Added Tax) of the United Kingdom is much the same tax adding seventeen and a half percent to all goods and services (although there
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Methods of computation of VAT. (a) Addition Method. (b) Subtraction Method. (c) Tax credit or Invoice Method. Methods of calculation of VAT. As mentioned earlier VAT is nothing but a form of sales tax only and is charged at each stage of sale on the value added to the goods. “Value Added” is the difference between sale and purchase of a business. A straight forward way to compute the base of a VAT for a given period‚ say a quarter‚ is‚ in the case of a manufacturer‚ to deduct the total
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Samaj’s Nashik [pic] Institute of Management Research and Technology (IMRT) For The Academic Year 2008 -2009 PREFACE Indirect tax is the one of the most enormous source of fund collection of the Indian government which aids to development expenses and other aspects. Central excise is one aspects of fund/revenue collection. Features of indirect taxes. Government of India needs funds for various purposes like maintenance of law and order‚ defence‚ social /health services etc
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Excise Taxes Definition of ’Excise Tax’ 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the Internal Revenue Service (IRS). 1. Excise taxes are considered an indirect form of taxation because the government does not directly apply the tax. An intermediary‚ either the producer or merchant‚ is charged and then must pay the tax to the government. These taxes can be categorized
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Characterization Essay By Amber Dennis The authors of the Spark notes series writes‚ “As an outsider‚ John takes his values from a more than 900-year-old author‚ William Shakespeare. John’s extensive knowledge of Shakespeare’s works serves him in several important ways: it enables him to verbalize his own complex emotions and reactions‚ it provides him with a framework from which to criticize World State values‚ and it provides him with language that allows him to hold his own against the formidable
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and road tax or through indirect taxes such as the sales tax and the services tax. For direct taxes‚ taxpayers will definitely realize that they are facing the tax burden since taxpayers are required to declare their income and to pay tax accordingly to the government. However‚ for indirect taxes‚ taxpayers usually don’t realize that they are being taxed since the amount of tax is already accounted for with the selling price. Goods and services tax (GST) is one type of indirect taxes. GST is also known
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direct incentives or benefits to this sector. From a tax perspective‚ FMCG sector has been constantly contributing at the highest rate to the government kitty‚ more so from the perspective of indirect tax on account of its nature of taxation which is levied on consumption rather than income. In India‚ indirect tax has a multiple tax structure — taxes at central level such as excise‚ service tax and customs‚ and taxes at state level such as VAT and entry tax. Further‚ there are local levies like octroi
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