Tobacco tax: good for health‚ good for government finances Tobacco use kills over 5 million people each year and is the largest single preventable cause of premature death.1 Tobacco is very costly to society through high costs to treat tobacco-induced disease or through loss of productivity as a result of the premature deaths. But governments have a tool to combat the costs of tobacco use — tobacco taxation. Higher tobacco prices decrease consumption and encourage people to quit Increasing
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March 2013 Let Them Drink Soda The controversial topic of imposing a “soda tax”‚ or surcharge to sweetened beverages‚ in the US‚ is one that has been debated for many years. The purpose of the tax is to discourage people from purchasing sugary drinks in hopes that healthier alternatives would be purchased more often and therefore having a positive effect on the obesity epidemic in America and the rising healthcare costs as a result of obesity. Those that are for the tax‚ believe that it is
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benefits‚ and other miscellaneous costs. This report proposes that these costs and problems need to be addressed‚ and one avenue through which they can be is a junk food tax. This report proposes that there be a federal tax placed on junk food purchases‚ similar to the taxes placed on gasoline and tobacco products. This tax would dissuade people from purchasing unhealthy food items. At the same time it would help the nation offset some of the financial costs that obesity has generated. The proposition
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PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13) INTRODUCTION HISTORY OF INCOME-TAX: 1. India’ trust with income tax dates back to 1859 when James Wilson‚ Finance member in the Council of India‚ came to the country to establish the tax structure‚ a new paper currency and to remodel the finance system. 2. A bill imposing tax on profits from property‚ professions‚ trades and offices was passed by the Legislative Council of India. It received the assent of the Governor General on July
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consumers‚ but are paid to the government by producers. It is placed upon the selling price of a product‚ so it increases the firm’s cost of production and shift the supply curve for the product vertically upwards by the amount of the tax. There are two types of indirect taxes: 1) a specific tax : this is a fixed amount of tax per unit imposed upon a product and 2) an ad valorem tax: this is where the tax is a percentage of the selling price. When an indirect tax is imposed on a product it affects
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www.businessmonitor.com 2013 pHiLippineS food & drink report INCLUDES BMI’S FORECASTS iSSn 1749-2882 published by Business Monitor international Ltd. PHILIPPINES FOOD & DRINK REPORT 2013 INCLUDING 5-YEAR INDUSTRY FORECASTS TO 2017 Part of BMI’s Industry Survey & Forecasts Series Published by: Business Monitor International Copy deadline: December 2012 Business Monitor International Limited 85 Queen Victoria Street London EC4V 4AB UK Tel: +44 (0) 20 7246 5162 Fax: +44 (0)
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are again making history: for the past 15 years‚ we have been trying to reform the tax structure of imposing excise tax on tobacco and alcohol products. After 15 long years‚ we have finally succeeded.” “As the people’s servant‚ I shall personally ensure that this government shall implement the Sin Tax Reform Act of 2012 in a transparent and accountable manner starting Jan. 1‚ 2013‚” he said. Starting today‚ the tax on cigarettes packed by hand‚ which comprise the bulk of tobacco products sold in
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* * Part A: Tax Avoidance and evasion Introduction According to Hyde (2010) tax evasion cost the UK treasury over £15 billion annually. This is approximately 3% of the total tax liabilities that individuals and organisations are meant to pay to the Her Majesty Revenue and Customs (HMRC). While an estimate of £25 billion is lost through tax avoidance annually (Murphy‚ nd). These are huge sums of money that could go a long way to help the government reduce the national deficit or could
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some for ms of feed back on the effectiveness/efficien cy of such taxes. This stud y attempts to appr aise the usefulness of the tax system in Nigeria‚ usin g Value Added Tax system as a r efer en ce point. The significance of this stud y i s that it will enable th e government officials‚ r esear cher s an d econ omic analysts to appr aise an y type of tax‚ with th e aid of the par ameters used in this stud y. The stud y used th e ability to gener ate revenue and the ability to in fluence
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History Income tax levels in India were very high during 1950-1980‚ in 1970-71 there were 11 tax slabs with highest tax rate being 93.5% including surcharges. In 1973-74 highest rate was 97.5%. But to reduce tax evasion tax rates were reduced later on‚ by "1992-93" maximum tax rates were reduced to 40%. [2][3] [edit]Residential status‚ Scope of taxable income & Charge [edit]Charge to Income-tax Whose income exceeds the maximum amount‚ which is not chargeable to the income tax‚ is an assesse
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