must do this in two different ways‚ grants and tax incentives. This way companies could save money‚ or receive money in return for changing their ways. Companies would change because it would save them money. They would receive tax incentives or breaks‚ meaning they would have to pay less. Also‚ grants would pay the companies for changing to have recycling programs‚ safer agriculture‚ and greener production. The government must offer incentives through tax incentives and grants. On the other hand‚ some
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BY THE INCOME TAX ACT ------------------------------------------------- Tax Exemptions are a deduction allowed by the law to reduce the amount of income that is subject to tax‚ these exemptions come in many forms but what they have in common is they reduce or entirely eliminate tax obligations. These exemptions can be categorized into two‚ exemptions based on the identity of the receipt and exemptions based on the nature of income .The amounts which enjoy exemption from income tax by reason of
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With respect to the prepaid income from services which of the following is true? The treatment of prepaid income is the same for tax and financial accounting. An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year ^^^answer The effects of a below-market loan for 450‚000 made by a a corporation to its chief The corporation has imputed interest income and compensation expense. As a
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INTERNSHIP REPORT REPORT SUBMITTED FOR THE DEGREE OF BACHELOR OF BUSINESS ADMINISTRATION REPORT SUBMITTED TO CITIZEN BANK INTERNATIONAL NEW ROAD‚ GHORAHI DANG SUBMITTED BY NABIN KC VICTORIA INTERNATIONAL COLLEGE GHORAHI‚ DANG 01/10/2013 TABLE OF CONTENTS Acknowledge Executive Summary List of Figure and Tables CHAPTER 1 INTRODUCTION Background Information 1-2 Objectives of the
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THE THREE ERAS OF TAXATION IN NIGERIA General Historical Overview of Taxation Taxes are as old as the history of organised human society. During the reign of the Pharaohs in Egypt tax collectors were called scribes and taxes were collected on various items including cooking oil.1 In the ancient Greek city of Athens‚ taxes were especially important in times of war. The tax imposed during times of war was known as eisphora and no one was exempted from this tax. After the war‚ when additional
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ON THE SOCIO-ECONOMIC DEVELOPMENT OF NIGERIA CHAPTER 1 1.0 INTRODUCTION Nigeria is by far the most populated of Africa’s countries‚ with more than one-seventh of the continent’s people. The people belong to many different ethnic groups. These groups give the country a rich culture‚ but they also pose major challenges to nation building. Ethnic strife has plagued Nigeria since it gained independence in 1960. Officially known as the ‘Federal Republic of Nigeria’‚ she has a federal form of government
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is that traffic has shifted from physical stores to online stores. In fact‚ a startling 50% of Walmart’s customers now shop on Amazon.com (AMZN)‚ versus just 25% five years ago. Amazon’s low prices (thanks to its low overhead expenses and no sales tax in most states) and unbeatable selection (thanks to the acquisition of companies like Diapers.com and Zappos)‚ combined with the convenience of online shopping‚ have attracted a growing fan base of customers -- stealing more and more customers away
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Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them‚ indicate whether they need to register for VAT immediately‚ or monitor turnover and register later. Tick ONE box on EACH line. Register now Monitor and register later A A new business with an expected turnover of £6000 per
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The Financial System in Nigeria: An Overview of Banking Sector Reforms The Financial System in Nigeria: An Overview of Banking Sector Reforms E. J. Ofanson (Ph.D)1 O. M. Aigbokhaevbolo (Ph.D)2 G. O. Enabulu3 Abstract The paper overviews the banking sector reforms within the framework of the Nigerian Financial System. A theoretical approach was adopted although empirical evidence was presented in some cases. It was clear that developments in the banking sub-sector of the Nigerian financial system
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Kong people today are taking an unbalanced diet. It is not uncommon for us to take in meals which are often full of saturated fats. In order to alleviate this problem‚ one useful way is to introduce ‘fat tax’ on foods high in saturated fat. In 2011‚ Denmark has implemented the world’s first fat food tax‚ levying a surcharge to food with more than 2.3 percent saturated fats. According to the Associated Press‚ saturated fats may lead to cardiovascular disease and cancer. In an effort to reverse this trend
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