TAXATION * It is a means by which governments finance their expenditure by imposing charges on citizens and corporate entities. * Governments use taxation to encourage or discourage certain economic decisions. For example‚ reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity‚ and generates more jobs. See also taxation principles. * Taxation refers to the act of a taxing authority actually levying
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The Role and Effect of Hospitality in The Odyssey The Odyssey‚ by the Greek author Homer‚ is an epic about Lord Odysseus and his quest to return home. The story takes place in and around Ancient Greece. Odysseus‚ along with his son Telemachus‚ must expel the suitors from his household after being lost at sea for 20 years. Throughout the epic‚ one of the underlying themes that Homer shows is the importance of hospitality through elaborate stories emphasizing respect‚ royalty
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Oeconomica‚ 14(1)‚ 2012 THE RELATIONSHIP BETWEEN ACCOUNTING AND TAXATION INSIGHT THE EUROPEAN UNION: THE INFLUENCE OF THE INTERNATIONAL ACCOUNTING REGULATION Dan Dacian Cuzdriorean1 Dumitru Matiş2 ABSTRACT: In this paper it is realized an overview of the impact of IFRS over European accounting environment in terms of tax-accounting link. Based on previous studies conducted regarding the relationship between accounting and taxation to individual financial statements‚ it is developed a theoretical
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TAXATION LAW I. General Principles POWER OF TAXATION TAXATION – power by which the sovereign through its law-making body raises revenue to defray the necessary expenses of government from among those who in some measure are privileged to enjoy its benefits and must bear its burdens. Two Fold Nature of the Power of Taxation 1. It is an inherent attribute of sovereignty 2. It is legislative in character Extent of Taxing Power Subject to constitutional and inherent restrictions
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[Name]: YuPei [TP Number]: TP024726 [Intake Number]: UC2F1303AF {FI} [Subject Code]: Introduction to Taxation [Lecturer’s name]: KHO GUAN KHAI [Assignment title]: Individual Assignment [Date of Submission]: 31st May 2013 Context Introduction…………………………………………..1 Personal Income Tax ……………………………..1 Tax rate……………………………………………......3 Tax relief ……………………………………………....4 Personal income tax relief……………………..5 Tax rebate…………………………………………….. 7 Taxable income and tax liability‘s calculated
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Therefore‚ understanding consumer demand is an important part of running international hospitality business‚ especially in the current dynamic global environment with incessant innovation. There are plenty of factors that can influence consumer demand for international hospitality products. As a result of this‚ different types of hospitality products emerge. Factors influencing consumer demand for international hospitality products Political Impacts According to Shoemaker et. al. (2007)‚ the
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always going to be the same. People have different ideas and points of view. Words change over time‚ making it difficult to understand but people’s understanding can be changed as cultures change. It helps to understand the culture of the time so that you can better understand the parables. It was passed down by word of mouth for many generations before writing was invented and it was written down. When it was written‚ different versions were written by different people and those versions were later
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are undertaking the Conceptual Framework project jointly in order to create a sound foundation for the new accounting standard by revising the existing conceptual framework. The International Accounting Standards Board (IASB) is the dependent standard-setting body of the IFRS foundation. The IASB adopted the FASB in its framework as guidelines for the preparation IFRS that it published in 1989
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States‚ United Kingdom‚ and Chinese Accounting Systems‚ Accounting Standards‚ Accounting Practices This report discusses the accounting practices of the following countries U.K‚ U.S.A and China. An analysis of these different accounting systems will be conducted on issues such as the growth and background‚ social‚ economic and fiscal pressures that have led to each nations current characteristics. Concluding on the direction each nations accounting systems and practices seem to be heading towards
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Introduction: This report is to find out whether the tax avoidance arrangements exists in the situation of taxpayers restructured their business as a trading trust for the purposes of section BG1 of the Income Tax Act 2007. Issue: Mr A and Mr B‚ two independent shareholders work full time in the IT Consultancy business. They were paid $80‚000 salary each in the first year but decreased to $50‚000 in the second year because business has gone down due to earthquake. They had received a dividend
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