2012 Italian Tax Mores By Arthur L. Kelly This is a case about unusual Italian tax approach to boost up the tax revenues; lack of honesty found in Italian financial reporting. An Italian tax culture of getting more tax amount and the US banks struggle to deal with a greedy Italian tax authorities in the game of negotiation and bargain. Absolutes: Bribery is wrong. Legal: Italian tax law was violated Moral philosophies: Teleological: The outcome of the actions of Italian tax structure and practices
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CH1 10. a) State Income - regressive b) Federal State Tax – Progressive (larger the state; larger the tax) c) Corporate & franchise tax - Progressive d) Property tax – Proportional (value of property is taxed at flat rate) e) State Sales Tax – Proportional 12. Who uses a) Property Tax – State Local b) Excise Taxes – All three (State‚ federal‚ and local) c) Sales – State and Local d) Income Tax – Federal‚ State‚ Local e) Employment – Federal‚ State‚ and
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1. Levy of service tax | http://www.servicetax.gov.in/st-forms-home.htm 1.1 As on 1st May‚ 2011‚ 119 services are taxable services in India. These taxable services are specified in Section 65(105) of the Finance Act‚1994. Section 64 of the Finance Act‚ 1994‚ extends the levy of service tax to the whole of India‚ except the State of Jammu & Kashmir. Generally‚ the liability to pay service tax has been placed on the ‘service provider’. However‚ in respect of the taxable
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.. many firm favourites of Australian eating would be hit by a tax on fatty foods. Photo: Tamara Voninski Couch (fried) potatoes ... obesity is on the rise in Australia. Photo: Karen Neumann The Western world is beginning to embrace measures to fight obesity but Australia is a conspicuous absentee‚ writes Cosima Marriner. HUNGARY has a hamburger tax‚ Denmark has just imposed the world’s first fat tax‚ the US is debating a "soda tax" and now Britain is contemplating its own junk food levy. Around
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government pass a law called the “Sin Tax Bill”. The President said that this law was signed because they thought it serves as an early “Christmas gift” to millions of Filipino’s who will be discouraged from smoking and drinking. But is the Sin Tax Bill on tobacco will be beneficial or unprofitable? Sin Tax Bill aims to lower the number of consumers in terms of smoking and drinking. But what is Sin tax? Sin tax is a kind of sumptuary tax. A tax specifically levied on certain generally
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BUSINESS MATH A TAX DILEMMA ASSIGNMENT 11.1 CASE STUDY 20.2 – PAGES 736 – 737 Rita just finished completing her educational requirements to become a dental hygienist. She has been offered jobs in two different cities and is trying to determine which one she should accept. Both employers offer similar benefits and working conditions‚ but the jobs are in two different states. Rita will move to the state in which she accepts a position. The first position is in Pennsylvania. Rita would earn $50‚000
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the second recommendation given is that you should take out another mortgage as additional capital to also be converted into Municipal bonds. The purpose of which is to receive a double tax benefit offered by taking advantage of both the interest deductions on the new mortgage allowed under I.R.C. §163(a) and the tax exempt benefits on the interest payments of the state and municipal bonds allowed under I.R.C. §103(a). The resolution to these issues is solely dependent on whether or not the Courts
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character because it has been reserved by the State for it to exercise * It is inherent because the sustenance of government requires contribution from them. * The power of taxation is legislative in character because only the legislature can make tax laws. Purpose of Taxation * The primary purpose of taxation is to raise revenues for public needs so that people may be enabled to live in a civilized society. * It also serves a variety of purpose; * It may be increased in order to
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Deferred Tax Assets There are a few accounting differences between tax (IRS) accounting and US GAAP accounting. Some differences cause deferred tax asset which is a future tax benefit. For example‚ say a firm currently is offering a special onetime 2-year warranty when a customer purchases its product. The firm estimates that over a 2-year period it is likely to spend a total of $200‚000 in warranty repairs. The following presents the reported income for this 2-year period using US GAAP rules:
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Stefan Sharet HW 2 1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120. 2. The negative adjusted current earnings adjustment can be made without limitation is a false statement. 3. Illinois Corp recognizes a sec. 1231 $40‚000 gain because the $60‚000 FMV minus the $20‚000 adjusted basis once it makes the liquidating distribution. Springer recognizes a capital gain to the extent that
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