Malaysian Accounting Review‚ Vol. 10 No. 2‚ 13-25‚ 2011 TECHNICAL COMPARISON BETWEEN BUSINESS ZAKAT AND TAX ON BUSINESS INCOME IN MALAYSIA Rohila Awang Mohd Zulkifli Mokhtar Faculty of Management and Economics Universiti Malaysia Terengganu Abstract The focus of this paper is to demonstrate the technical comparison between business zakat and taxation. This paper aims to enhance the knowledge on the part of zakat assessment and the management of zakat as compared to the system of taxation in Malaysia
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Causes for Generation of Black Money There are several factors responsible for the emergence – of black money. It would be relevant to discuss those factors so that a correct understanding about the genesis‚ growth and expansion of black money can be made. The principal factors are: (i) Beginning of the evil: The beginning of this evil can be traced to the Second World War. During this period supplies of industrial goods from the traditional suppliers of the West were cut off. This resulted in
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A SUMMARY OF GOOD AND SERVICES TAX (GST) WHAT IS GST? Good and service tax is a direct tax code to be implemented by the government. It is a comprehensive indirect tax to be levied on manufacture‚ sale and consumption of goods as well as services at a national level. Integration of goods and services taxation would give India a world class tax system and improve tax collections. It would end the long standing distortions of differential taxation treatments of manufacturing and service sector. The
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How important a part does money play in your life? Money plays a huge role in most people’s lives‚ as many of the decisions we make are solely based on their economical connotations. Money can determine what class system you are in‚ what sort of lifestyle you lead and how often you go abroad. However‚ money affects some people’s lives in different ways than others. My entire lifestyle is debatably controlled by the amount of money my family has. If my parents had less money‚ I would not
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TAX REFORMS IN INDIA * About :- Tax reform is the process of changing the way taxes are collected or managed by the government. Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive or less progressive. Others seek to simplify the tax system and make the system more understandable‚ or more accountable . Numerous organizations have
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centres in municipal boundaries where tax applies. To avoid the Central Sales Tax (CST) on inter-state sales‚ companies set up depots in each destination state. The CST doesn’t recognize the input tax credits and thus‚ inter-state sales without the indirect route turn out costlier. The dual Goods and Service Tax (GST) aims to address such fallacies of India’s taxation regime. It would transform the existing origin based taxation regime to a destination based taxation regime. Introduction of dual GST
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Congress may not tax exports (Art. I Sec. 9)‚ (2) indirect taxes may not discriminate among the states (Art. I Sec. 8)‚ and (3) direct taxes must be levied in such a way that each state’s proportion of the total revenue produced by the tax is the same as each state’s proportion of the total population of the nation (Art. I Sec. 2) The “obesity mitigation fee” (OMF) does not trigger the explicit limits of the taxing power. The OMF is an indirect tax since it is triggered by the specific circumstances
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sector’. Ø The allocation for Technology Upgradation Fund enhanced from Rs. 435 crore to Rs. 535 crore. Rs. 189 cores provided integrated Textile Park Scheme. Ø Provision for the handloom sector increased from Rs. 195 crore to Rs. 241 crore. Ø Indirect tax‚ Customs - Peak rate for non-agricultural products reduced from 15% to 12.5%. Duty on packaging machines reduced from 15% to 5%. Ø CVD of 4% to be imposed on all imports; full credit to be allowed to manufacturers of excisable goods. Ø
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Taxes in India are levied in India by the central government‚ state government and the local governing bodies like the Municipality and the Local Council. In a developing country like India‚ the government has to make fiscal policies to promote the economic growth and development of the country. In order to materialize these policies the government needs capital and for this taxes are levied from individuals and businesses. So it is very important that every citizen should pay tax to the government
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University of Ljubljana – Faculty of Economics Team project HOW TO DO BUSINESS WITH CHINA »Vinakoper Ltd.« TABLE OF CONTENTS TABLE OF FIGURES 1. INTRODUCTION 2. SHORT DESCRIPTION OF THE BRAND AND THE COMPANY BEHIND IT Company Vinakoper Ltd. is the largest wine producer in Slovenia; it has been producing top-quality and luxurious wines since its foundation in 1947. Even though the company
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