Karen Joy Madrio Juan January 24‚ 2015 Grade 9 – Davao Sir Daryl D. Dela Cruz Business Math: ASSIGNMENT # 1 Taxation in the Philippines Taxation It is the inherent power by which the sovereign state imposes financial burden upon persons and property as a means of raising revenues in order to defray the necessary expenses of the government It is the imposition of financial charges or other levies ‚ upon a taxpayer (an individual or legal entity) by a state such that failure to pay
Premium Tax
Table of Contents Chapter 1 1 Theoretical considerations about 1 taxes and fees 1 1.1. General Considerations about Taxes and Fees 1 1.2. Direct taxes 3 1.2.1. Profit Taxes 4 1.2.2. Salary (payroll) taxes 6 1.2.3. Dividend taxes 7 1.2.4. Local taxes 8 1.3. Indirect taxes 9 1.3.1. Value Added Tax 11 1.3.2. Duty 13 1.3.3. Excise 14 Chapter 2 – S.C. Sarten S.R.L. 16 Company presentation 16 2.1. Short history 16 2.2. Organizational
Premium Taxation Tax Value added tax
Business Law & Taxation EASY ROUND 1. Which of the following individuals shall not be subject to the income tax under Section 24 (A)? |D |a. |Individual citizen of the Philippines residing therein; | | |b. |Individual citizen of the Philippines who residing outside the Philippines including overseas contract workers; | | |c. |Individual alien who is a resident of
Premium Tax Taxation in the United States Debt
Keynesian Economics and the Mortgage Crisis The recent mortgage crisis in the US was unprecedented. It led to a massive clampdown of financial institutions‚ occasioning one of the worst financial melt-downs the US has ever faced (Jaffe‚ 2008). Quite naturally‚ it would be necessary to examine the cause of the crisis in order to draft prophylactic measures that would prevent the same financial disaster in the future. This paper will discuss the events that led to the mortgage crisis. The
Premium Subprime mortgage crisis Subprime lending Mortgage
Presumptive Taxation A presumptive or imputed tax is generally a proxy for the standard tax. It is applied when the tax base is too small or hard to verify‚ due to limited administrative resources‚ or improper accounting practices. According to a definition by Ahmed and Stern (1991)‚ “The term presumptive taxation covers a number of procedures under which the ‘desired’ base for taxation (direct or indirect) is not itself measured‚ but is inferred from some simple indicators which are more easily
Free Tax Taxation
ECONOMIC REFORMERS Low Tax Generation And Pakistan’s Economy Group Members Haider Waseem Anwar Eamaan Azhar Arain Warda Zahid Adiya Farooq Muneeb Abbas introduction Pakistan is currently facing critical tax revenue generation issues. The low tax to GDP ratio has been a major problem that affects the overall economy of Pakistan. The current tax to GDP ratio is under 10 % according to the latest FBR report (Where developing countries have a tax to GDP ratio of around 20 %‚ and developed
Free Tax
I. Introduction to the tax systemThe laws governing taxation in the Philippines are contained within the National Internal Revenue Code. This code underwent substantial revision with passage of the Tax Reform Act of 1997. This law took effect on January 1‚ 1998.Taxation is administered through the Bureau of Internal Revenue which comes under the Department of Finance. The chief executive of the Bureau of Internal Revenue is the Commissioner who has exclusive and original
Free Tax Taxation Taxation in the United States
Between Classical & Keynesian Economics Introduction (Paragraph 1): Economics studies the monetary policy of a government and other information using mathematical or statistical calculations. Fiscal information is analyzed in order to make judgments and inferences from the information provided. There are two economic schools of thought which take different approaches to the economic study of monetary policy‚ consumer behavior and government spending. Basic Theory (Paragraph 2): This paragraph
Premium Macroeconomics Keynesian economics Economics
new agenda;- Difference between Classical and Keynesian Economics Keynes refuted Classical economics’ claim that the Say’s law holds. The strong form of the Say’s law stated that the "costs of output are always covered in the aggregate by the sale-proceeds resulting from demand". Keynes argues that this can only hold true if the individual savings exactly equal the aggregate investment. While Classical economics believes in the theory of the invisible hand‚ where any imperfections in the
Premium Keynesian economics Macroeconomics Adam Smith
usually springs to mind are images of infrastructures‚ businesses and projects beneficial to the general welfare of the people‚ or more negatively‚ the idea of corruption and dirty tricks especially nowadays when numerous issues are colouring the taxation system of the country. With these‚ today‚ its importance seems to be overlooked and is viewed more negatively as a burden to the people. Currently‚ the individual income tax rate in the Philippines stands at 32 percent‚ which is third highest in
Free Tax Taxation Public finance