Goods and service tax were first deliberated in 2005 with the intention to introducing it in 1st January 2007. However‚ it was withdrawn in the following year. In 2009‚ GST was revived with a proposed rate of 4% to replace current Sales Tax of 10% and Service Tax of 5% in a bid to diversify national revenues. However‚ the idea of GST still end up floating around as it has now been officially deferred. 2. Concept of GST Goods and Service Tax (GST)‚ also known as Value Added Tax (VAT)‚ is a broad
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CHAPTER 15 SS13 Beginning of class Homemade leverage / arbitrage exercise: Maverick Corp. has expected earnings of 10 million per year forever and a market value of 100 million dollars. Maverick Corp. has no debt and pays no corporate taxes. Cord Corp. has 10 million per year expected earnings forever. As with Maverick Corp.‚ Cord Corp pays no taxes and expects to continue forever. Cord Corp. has 40 million (market value) in debt outstanding with a 10% return on debt. The equity
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people‚ but some people also find other ways to help themselves. The U.S. government has multiple programs that are directed towards helping the working poor. One that is widely known by several people are food stamps. Food stamps are given to low-income people to provide them with money to buy only fresh food from supermarkets or other places where the stamps are accepted. Dylan Matthews‚ a writer for The Washington Post‚ wrote an article where he investigated how the working poor survive on the
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BTF5965 Taxation law Semester 1‚ 2015 Tutorial Questions Tutorial 1 | Week 2‚ commencing 9 March 2015 Question 1 a) What is a tax? b) What are the main tax policy objectives (or design criteria)? c) How are these policy objectives reflected in: i. the Commonwealth income tax system? ii. the Commonwealth Goods and Services Tax? d) What structural features do most tax systems have in common? e) What are the major forms of taxation administered by: i. The State of Victoria (and other Australian States)
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expenditure and income each month? 2. Can you cite some sources of government revenue and types of government expenditure in Hong Kong? 3. How do government revenue and government expenditure affect the Hong Kong economy? P.163 Fig 6.2 According to the equity principle‚ who should pay more tax? P.165 Discuss 6.1 By the benefit principle‚ those who benefit more from public services should pay more taxes. By the ability-to-pay principle‚ those who have a higher ability to pay (measured by income or wealth)
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Exam #1- Finance 414 – Spring 2011 Name:_________________________________ Student PID Number ____________________ You have 1 hour and 20 minutes to complete this exam. Section I has 32 multiple choice questions worth 2.5 points each for a total of 80 points. Section II has 2 long problems worth 10 points each. Plan your time accordingly. Read each question carefully and show all of your work clearly on the long problems as partial credit will be given. If you run out
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Public Finance 2009-2010 spring semester Chapter 1 - Introduction 1. a. McCain’s statement is consistent with an organic conception of government. Individuals and their goals are less important than the state. b. Locke makes a clear statement of the mechanistic view of the state in which individual liberty is of paramount importance. c. Chavez’s statement is consistent with an organic view of government. The individual has significance only as part of society
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TAX DEDUCTION AT SOURCE (TDS) Information to help you with TDS Department of Revenue & Customs (HQ) Ministry of Finance Thimphu: Bhutan Table of Contents INTRODUCTION 4 PART I 1. 1.1 1.2 1.3 1.4 OVERVIEW Definition of TDS Scope of TDS Objective Legal Authority 5 5 5 5 5 2. 2.1 2.1.1 2.1.2 2.1.3 CORPORATE INCOME TAX Full Tax Liability Entities liable for TDS under Full Tax Liability Incomes liable for TDS under Full Tax Liability Rate of TDS under
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SBD and its total tax rate is 15% Ms. Morgan’s tax rates are 29% Federal plus 12% provincial (= 41% total tax) Any dividends paid out by Ms. Morgan’s company are non-eligible dividends The provincial dividend tax credit is 25% of the gross-up NIFTP of the business is $170‚000‚ after deducting her salary of $84‚000 Objective: Ms. Morgan wishes to receive $20‚000 after-tax from her corporation for a vacation If Ms. Morgan is to receive salary exclusively: After tax retention =
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Q1. When the income distribution gets very skewed‚ with a small number of people getting a large portion of the income‚ the taxation system can be used to redistribute some of the income so that the poor aren’t as poor and the rich aren’t as rich. Taxes can be used to redistribute some income to the poor. The government can use a progressive income tax. The definition of progressive tax is the taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases
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