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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this paper is to highlight the concept of affirmative action in the workplace‚ and explain why one person of gender or race would be hired over another more qualified for the position just to fulfill hiring requirements‚ while using Kantian and Utilitarian ethical theories to justify each side of the issue. Affirmative action policies can be described as any policies that attempt to actively dismantle institutionalized or informal cultural norms and systems of inscriptive group-based disadvantages
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Taxation revenues continue to be the main source of revenue for Government spending. This in turn requires well-designed tax policies (new taxes and tax reform) that are translated into clear legislation and are administratively feasible. Perhaps the greatest challenge facing these countries is to improve the effectiveness of their tax administrations.[1] Common Challenges Tax Administrations in developing country contend with the same range of challenges with developed nations‚ although the significance
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The Behavioural approach Classical conditioning- Pavlov’s dogs- Procedures and findings-Criticisms Classical conditioning is a technique used in behavioral training. A naturally occurring stimulus is paired with a response. Then‚ a previously neutral stimulus is paired with the naturally occurring stimulus. Eventually‚ the previously neutral stimulus comes to evoke the response without the presence of the naturally occurring stimulus. The two elements are then known as the conditioned stimulus and
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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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comprehend the tax implications and tax efficiency of the remuneration packages. Besides‚ I would like to recommend the most tax efficient remuneration package based on the proposed benefits by your employer and the legal ways to save tax in Malaysia. First and foremost‚ it is a good option to ask for a company car because the car given by your employer‚ Golden Berhad is regarded as benefit-in-kind (BIK). A company car is more beneficial for you (taxpayer) because the predetermined tax scale for cars
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him. GST is charged on the value or selling price of the products. The amount of GST incurred on input (input tax) can be deducted from the amount of GST charged (output tax) by the registered person. If the amount of output tax is more than the input tax in the relevant taxable period‚ the difference shall be remitted to the Government. However‚ if the input tax is more than the output tax‚ the difference will be refunded by the Government. STANDARD-RATED SUPPLIES Standard-rated supplies are
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►Progressive/graduated tax Generally‚ rates increase as income increases ►Federal income taxes ►FORMULA: ►Income (very broadly inclusive) ►LESS: Exclusions (income not subject to taxation) ►EQUALS Gross income ►LESS: Deductions for adjusted gross income ►EQUALS Adjusted gross income ►LESS: Greater of itemized deductions or standard deduction ►LESS: Personal exemptions ►EQUALS Taxable income ►MULTIPLIED BY: Tax rate ►EQUALS Tax owed ►LESS: Tax credits ►LESS: Tax prepayments/withholdings
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behind tax breaks? Currently‚ class warfare has being wage against the wealthy and middle classes. Tax breaks are not for all classes. The elimination of tax breaks could help settle the conspiracy issues of class warfare. Everyone wants to live a good life and have equal opportunities and furthermore‚ we all know that is not new in our society. In our society today‚ arguments are still going on between Democrats and Republicans about the elimination of tax breaks. And the dispute of tax breaks is
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