SCRAPPING THE MINING TAX- IS IT GOOD OR BAD? Executive summary Introduction The Australian governments mining tax‚ the mineral resource rent tax (MRRT) has always been under the radar for its ever changing policies. It is very easy to pint out its significant issues‚ but reforming the tax is quite a major task at hand. All the corporations involved within the mining industry‚ as well the different corporations in the economy‚ pay a current income tax rate of 30% on its revenue that they earn
Premium Mining Coal Progressive tax
the second recommendation given is that you should take out another mortgage as additional capital to also be converted into Municipal bonds. The purpose of which is to receive a double tax benefit offered by taking advantage of both the interest deductions on the new mortgage allowed under I.R.C. §163(a) and the tax exempt benefits on the interest payments of the state and municipal bonds allowed under I.R.C. §103(a). The resolution to these issues is solely dependent on whether or not the Courts
Premium Tax
comprehend the tax implications and tax efficiency of the remuneration packages. Besides‚ I would like to recommend the most tax efficient remuneration package based on the proposed benefits by your employer and the legal ways to save tax in Malaysia. First and foremost‚ it is a good option to ask for a company car because the car given by your employer‚ Golden Berhad is regarded as benefit-in-kind (BIK). A company car is more beneficial for you (taxpayer) because the predetermined tax scale for cars
Premium Tax Taxation Taxation in the United States
Tax File Memorandum To: Peaceful Pastures Funeral Home From: Whomever Date: 2/17/2013 Re: Peaceful Pastures Tax Payer Engagement Confidential I SPOKE WITH PEACEFUL TAX PAYER ABOUT THE AUDIT NOTICE THE IRS HAD SENT. IT CONTENDS THAT THE AMOUNT PREPAID UNDER PEACEFUL’S PROGRAM CONSTITUTES PREPAID INCOME THAT MUST BE INCLUDED IN PEACEFUL’S INCOME (AND THEREFORE SUBJECT TO TAX) IN THE YEAR IN WHICH IT IS RECEIVED. THE TAX PAYER WANTED TO KNOW IF THE IRS FINDINGS
Premium Tax Taxation in the United States Tax refund
of the Income Tax Have you ever wondered if there was a better system of taxation than the one we currently have in the United States? The current United States tax code is not fair‚ it is difficult to understand‚ and places a chokehold over the economy. Is there a better system of taxation that could be implemented? The United States should implement a consumption tax to encourage growth in the economy‚ properly place incentives‚ encourage compliance‚ remove heavy tax burdens‚ simplify
Premium Tax Taxation in the United States
Tax Law and Accounting Paper In today’s financial world‚ preparation and reporting of income taxes has become one among the other main reasons why individuals and businesses are keeping and maintain their financial records. However‚ there has been some controversy between tax laws and accounting under the General Accepted Accounting Principles (GAAP). Simply because IRS is not always agrees with GAAP’s principles and thus creates its own tax laws. This paper will discuss the objectives of modern
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
About tax avoidance UK courts: the courts adopted a more literal approach to the construction of legislation in the context of tax-sensitive transactions. Consequently‚ the courts often refused attempts by HMRC to reclassify arrangements and remove the advantageous tax effects of transactions structured to comply with a literal interpretation of the relevant tax legislation‚ (see for example IRC v Duke of Westminster [1936]). However‚ Ramsay heralded the beginning of a new approach to how the courts
Premium Law Tax Statutory law
I. What is Sin Tax Bill ? A sin tax is a kind of sumptuary tax: a tax specifically levied on certain generally socially proscribed goods and services‚ for example alcohol‚ tobacco and gambling. Sumptuary taxes are ostensibly used for reducing transactions involving something that society considers undesirable‚ and is thus a kind of sumptuary law. Sin tax is used for taxes on activities that are considered socially undesirable. Common targets of sumptuary taxes are alcohol and tobacco‚ gambling
Free Tobacco Tobacco smoking Tax
customer group‚ marketing‚ branding‚ enhanced employee relations and Tax incentives. Paying taxes is perhaps the most fundamental way in which private and corporate citizens engage with broader society. After all tax revenues are major source of public spending and development of the society. So when CSR is as a way of doing business‚ do the companies apply CSR principles when managing its tax liabilities as well? The Vodafone tax case judgment from India’s Supreme Court on 20th Jan was cheered
Premium Tax Social responsibility Corporate social responsibility
Individual Tax Research and Planning Midterm Chapter 1 20. Discuss what is meant by the term “double taxation” of corporations. Develop an example of double taxation using a corporation and shareholder. The term “double taxation” refers to the taxing of the same income twice. This type of taxation typically results from a C corporation paying tax on its taxable income and shareholders paying income tax on any dividends received from the C Corporation. The impact of double taxation
Premium Taxation in the United States Tax Limited liability company