Tax & Taxation The term ’tax’ has been derived from the French word taxe and etymologically‚ the Latin word taxare is related to the term ’tax’‚ which means ’to charge’. Tax is an obligatory payment in the part of the citizen without the expectation of any direct benefit. Taxation is the obligation of non-penal‚ yet compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received. It is one of the
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An ad valorem tax is a tax based on the value of the incurred‚ like the value added tax‚ sales tax‚ property tax or inheritance tax. The value of the goods‚ services or properties is the basis for the tax collected. Specific tax on the other hand‚ is a tax based on the quantity produced. It is not a function of the value of the product being taxed. Cigarettes are a product being taxed in such category. The use of specific tax could have been a good idea since it is evident that even though
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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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MANAGEMENT Financial Management Value Added Tax; Goods and Service Tax ABDOLMABOOD FOOLADIVANDA | MH101017 | Prepared for Prof. Dr. Melati bt Ahmad Anuar April‚ 2011 1. Introduction VAT is a system in which the tax is collected on the value added to the goods at each stage of sales. The dealer selling the goods collects tax on the full price at which he sells the goods. At the end of a tax period he reduces from the tax so collected by him‚ the tax which has been charged to by the dealers
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FEATURES OF SERVICE TAX 1. Scope: It is leviable on taxable services ‘provided’ or ‘to be provided’ by a service provider. The services ‘to be provided’ in future are taxed only if payment in its respect is received in advance. Two separate persons required Payment to employees not covered: For charge of service tax‚ it is necessary that the service provider and service recipient should be two separate persons acting on ‘principal to principal basis’. Services provided by an employee to
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carefully the person for my thoughts as Thomas Jefferson. The author of the declaration of independence‚ a great statesman‚ an aristocratic diplomat‚ a Virginia nationalist‚ a philosopher‚ a scientist‚ an architect‚ a plantation and slave owner‚ this multi faced personality is as intriguing as meaning of being an American itself. Thomas Jefferson was born in Virginia colony on April 13‚ 1743. He was the third child and eldest son of Peter Jefferson and Jane Randolph. His father was a surveyor a map
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taken by the beneficiaries. In the tax of tax fraud the bond referred to here are actually non-existent and are never enforceable in the tax authorities decide to exercise the right to take the bond such as failure to pay an installment on a tax deficiency or tax return. Another criminal offense is the declaration that there are already permits that the taxpayer has procured from the local government and the cost of such permits is deducted in the income tax return as an
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Both Washington and Jefferson were raised in Virginia‚ a geographic part of the country in which slavery had been an entrenched cultural institution. In fact‚ at the time of the Founders‚ the morality of slavery had rarely been questioned; and in the 150 years following the introduction of slavery into Virginia by Dutch traders in 1619‚ there had been few voices raised in objection. That began to change in 1765‚ for as a consequence of America’s examination of her own relationship with Great
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Tomas Jefferson: Jefferson loved science‚ technology and innovation. One of his favourite devices was a rotating bookstand that could hold five books at once. He played a crucial role in defining the type of government the American colonies were given and was one of the key leaders of the democratic party. He had 12 grandchildren‚ and many of them lived with him at the same time. He also taught them how to play chess and a game called Goose‚ one of the first board games in the United States; it’s
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Who did it? eBay avoided £ 50m in tax Starbucks paid less than 1% tax on its profit IKEA halved its tax bill Former Italian Prime Minister Bersculoni List goes on…. How do they do it? Special Purpose Entities (SPEs) Sister Company Round Tripping Tax havens Influencing audit committees Who is affected? Government Less of taxes Profits siphoned off to other countries Fiscal deficit General public Less spending from govt.‚ less benefits
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