“TAX SYSTEM OF THE PHILIPPINES: ITS ASSESSMENT” I. INTRODUCTION Taxation: Defined As defined by Cooley‚ taxation is the process or means by which the sovereign‚ through its law-making body‚ raises income to defray the necessary expenses of government. It is expressed in another way as a method of apportioning the cost of government among those who in some measure are privileged to enjoy its benefits and must‚ therefore‚ bear its burdens. In order to finance the necessary expenses of the government
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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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a commodity. Tax constitute the major source of the government’s income Meaning of Tax The tax is compulsory payment to the Government by taxpayer without any expectation of some specified return. While paying tax‚ the tax-payer is not entitled to force the government to give something in return of the sum he has paid as tax. Characteristics of a Tax A compulsory payment: - Tax is not an optional payment by a citizen but a payment having legal enforcement behind it. Tax is levied by the
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Tax Memorandum 2015 FEDERAL BUDGET 2015-2016 Rafqat Hussain & Co. Chartered Accountants Head Office: Islamabad Office: 81 Abu Bakar Block‚ Garden Town‚ Lahore-Pakistan T: +92 42-35864181‚ 35440481-2 F: +92 42-35864181 E-mail: info@rafqat.com URL: www.rafqat.com No 57‚ Street No 68‚ G9/3 Islamabad-Pakistan E-mail: info@rafqat.com URL: www.rafqat.com 1|P a g e Website: www.rafqat.com Email: info@rafqat.com Tax Memorandum 2015 WITH COMPLIMENTS To our Clients and Associates We are pleased
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INTRODUCTION A tax policies represent key resource allocator between the public and private sectors in a country. It is usually imposed on individuals and entity that make up a country. The funds provided by tax are used by the states to support certain state obligations such as education systems‚ health care systems‚ pensions for the elderly‚ unemployment benefits‚ and public transportation. A nation’s tax system is often a reflection of its communal values or the values of those in power. To
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FACULTY OF LAW Lund University Sabina Örberg Tax Planning with Holding Companies for US Investors in Europe A Comparative Study of Holding Regimes in Sweden and Switzerland JAEM03 Master Thesis European Business Law 30 higher education credits Supervisor: Mats Tjernberg Term: Spring 2013 Contents SUMMARY 1 SAMMANFATTNING 2 PREFACE 3 ABBREVIATIONS 4 1 5 INTRODUCTION 1.1 Background 1.2 Purpose 7 1.3 Method and Material 7 1.4 Delimitations
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Introduction Tax in simple terms refers to the government raising money to spend on public services which includes health and social security system and education. Tax levied on a number of goods and services in the form of Value Added Tax (VAT)‚ such as income tax on the money we earn. Tax can also be imposed on various transactions i.e. inheritance and profits from selling homes or antiques. The tax system is a complicated procedure. The purpose of task A is to provide features of the UK tax system
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Singapore Withholding Tax Withholding Tax is a form of levy placed on payments made to non-resident tax entities including employees‚ business partners and overseas agents. In accordance with IRAS tax rules‚ a person has a legal obligation to withhold a percentage of the payment‚ when he makes payments of a specified nature under the Singapore Income Tax Act‚ to a non-resident‚ and hence the Withholding Tax. What is Singapore Withholding Tax? For tax purposes in Singapore‚ Inland Revenue Authority
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Submission Date: February 05‚ 2010 INTERACTIVE INTERVIEW/SESSION: MANAGING TRAVEL EXPENSES QUES 1: What kinds of systems are described here? What valuable information do they provide for employees and managers? What decisions do they support? Answer: Firstly‚ Transaction Processing Systems are in place. The system is seen as keeping track of elementary activities and transaction such as inputting of the expense data via a web interface from whether they are working with a computer‚ telephone‚
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The estate tax in the United States is the tax made upon transfer of the taxable property of a deceased. It is also called inheritance tax. Such estate may include property inherited via a will‚ life insurance benefits to beneficiaries‚ securities‚ trusts‚ annuities‚ corporate or business interests and other assets. It consists of an accounting of all assets and its interests at the time of a person’s death. HISTORICAL OVERVIEW For the past 90 years throughout the history of America‚ the federal
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