Basic Concepts INTRODUCTION Tax is today an important source of revenue for governments in all the countries. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defence needs of a nation. DIRECT AND INDIRECT TAXES •Direct Taxes: A tax which is born and paid directly by the person on whom it is impose is a direct tax e.g.‚ Income Tax‚ Wealth Tax‚ Gift Tax‚ etc. It is directly paid by the tax payer to the government without any intermediary
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Automobile Industry Hailed as ‘the industry of industries’ by Peter Drucker‚ the founding father of the study of management‚ in 1946‚ the automobile industry had evolved continuously with changing times from craft production in 1890s to mass production in 1910s to lean production techniques in the 1970s. The Asian countries‚ mainly by Japan‚ China and India‚ registered a 9% increase in production over last year‚ constituting 35.9% of the global production. In fact China and India posted positive
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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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ASSIGNMENT on Income Tax Authorities in Bangladesh [pic] National Board of Revenue – NBR Rajashwa Bhaban Segunbagicha‚ Dhaka Telephone: +88 02 933-3444. http://www.nbr-bd.org National Board of Revenue (NBR)
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Introduction Tax in simple terms refers to the government raising money to spend on public services which includes health and social security system and education. Tax levied on a number of goods and services in the form of Value Added Tax (VAT)‚ such as income tax on the money we earn. Tax can also be imposed on various transactions i.e. inheritance and profits from selling homes or antiques. The tax system is a complicated procedure. The purpose of task A is to provide features of the UK tax system
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resources burden government with economic problem which can and shall ultimately pose danger to the peace and order condition of the community‚ country or nation. In the Philippines the tax department‚ popularly known as Bureau of Internal Revenue (BIR)‚ is under the support of the Department of Finance. The tax department has enormous and wide ranging administrative and legislative powers when it comes to assessment‚ enforcing taxes and collection. It is considered to be the main revenue earning
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well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. Value Added Tax (VAT)‚ (Sales tax in States where VAT is not yet in force)‚ stamp duty‚ State Excise‚ land revenue and tax on professions are levied by the State Governments. Local bodies are empowered to levy tax on properties
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practical experience of mechanism of collection of gift tax by National Board of Revenue (NBR). To complete the report successfully‚ we tried to gather information from News Paper‚ web sites. But the NBR does not provide information in the web site directly and even it does not publish total process to collect taxes from different sector. For this reason we had to visit NBR several times and thus we were successful to collect information about gift tax in Bangladesh. To complete this report‚ we have
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in this paper that even where every one agrees that the tax system should be simple as dictated by the first maxim of Adam Smith‚ no country is yet to meet this standard. Questions on policy‚ complexity‚ equity‚ administrative efficiency‚ cost of compliance all increasing the cry for a tax change. Many Eastern Europeans have adopted the flax tax system and presently has an increase economic growth. However‚ are they fully operating the flax tax system? INTRODUCTION Taxation is a levy or a charge
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Introduction) Tax Structure in Malaysia Generally‚ all income of companies and individuals accrued in‚ derived from or remitted to Malaysia are liable to tax. However‚ income remitted to Malaysia by resident companies (other than companies carrying on the business of banking‚ insurance‚ air and sea transportation)‚ non-resident companies and non-resident individuals are exempted from tax. Apart from income tax‚ there are other direct taxes such as real property gains tax‚ and indirect taxes such
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