An ad valorem tax is a tax based on the value of the incurred‚ like the value added tax‚ sales tax‚ property tax or inheritance tax. The value of the goods‚ services or properties is the basis for the tax collected. Specific tax on the other hand‚ is a tax based on the quantity produced. It is not a function of the value of the product being taxed. Cigarettes are a product being taxed in such category. The use of specific tax could have been a good idea since it is evident that even though
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INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned‚ they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident. Residential
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EXECUTIVE SUMMARY Carbon Credits are gaining momentum not only around the world but also in India. The Concept of Carbon Credits evolved as a step to mitigate the rising Global Warming on earth. The emission of greenhouse gases by industries and anthropogenic activities has caused irreparable damage to the atmosphere leading to rising global temperature‚ affecting human life and causing Global Warming. The Concept of Carbon Credits was therefore evolved by way of an agreement by different countries
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Who did it? eBay avoided £ 50m in tax Starbucks paid less than 1% tax on its profit IKEA halved its tax bill Former Italian Prime Minister Bersculoni List goes on…. How do they do it? Special Purpose Entities (SPEs) Sister Company Round Tripping Tax havens Influencing audit committees Who is affected? Government Less of taxes Profits siphoned off to other countries Fiscal deficit General public Less spending from govt.‚ less benefits
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PFRS vs. Tax – Significant Differences* *connectedthinking Agenda Introduction Summary of key differences Questions and answer Introduction Introduction About the contents of this material: IFRS keeps on evolving and changes are expected in the future. The contents of this presentation are just some of the more common differences as of December 31‚ 2006. It is not possible to include all differences for the purpose of this presentation due to time constraints. PICPA: Tax Implications
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ACC/445 | Tax Return Position | Axia College | | Kelli J Revel | 8/6/2012 | A look at how the tax laws are supported by its sources and a look at the secondary and substantial authorities. | Throughout the beginning of time there has always been a need for rules‚ kings and queens created new ones as there were needed. Rules are something that we as people live by‚ rules tell us how to live and give us guidelines in which we must follow. Taxes are kind of like rules for the financial
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RA7160 Sec. 140. Amusement Tax. (a) The province may levy an amusement tax to be collected from the proprietors‚ lessees‚ or operators of theaters‚ cinemas‚ concert halls‚ circuses‚ boxing stadia‚ and other places of amusement at a rate of not more than thirty-percent (30%) of the gross receipts from admission fees. (d.) The Sangguniang Panlalawigan may prescribe the time‚ manner‚ terms and conditions for the payment of tax. In case of fraud or failure to pay the tax‚ the sangguniang panlalawigan
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practical experience of mechanism of collection of gift tax by National Board of Revenue (NBR). To complete the report successfully‚ we tried to gather information from News Paper‚ web sites. But the NBR does not provide information in the web site directly and even it does not publish total process to collect taxes from different sector. For this reason we had to visit NBR several times and thus we were successful to collect information about gift tax in Bangladesh. To complete this report‚ we have
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rules. Nowadays‚ nevertheless‚ the payment of zakat has become issue to the payers. Basically‚ the payers in Malaysia have an obligation to pay zakat as well as income tax. Although the zakat payers may receive deduction of tax payment due to zakat amount‚ there are some thought that their obligation to pay is on income tax while zakat in only a voluntary form to the individual. As a result‚ some of them refuse to pay zakat regardless of their religion rules. In a nutshell‚ the issue would rise
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Study On CARBON CREDIT & Clean Development Mechanism Project – as a case study on TATA STEEL PLANT By: Prasenjit Sarkar Page 1 of 36 Project Report (Submitted for the Degree of B.Com Honors in Accounting & Finance under the University of Calcutta) Title of the Project STUDY ON CARBON CREDIT &CLEAN DEVELOPMENT MECHANISM PROJECT – AS A CASE STUDY ON TATA STEEL plant Submitted by Name of the Candidate: Registration No: Name of the College: College Roll No: University Roll
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