Tax Evasion in Pakistan (Small Business Sector) INTRODUCTION The development of any nation depends on the amount of revenue generated by the government for the provision of basic services to the nation. One major source of generating this revenue is taxation. According to Azubike (2009) tax is a major source of government revenue all over the world‚ including Nigeria. Income Tax Act of 1922: prevalent in undivided India was adopted by the Government of Pakistan as its Income Tax Law. Income
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well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. Value Added Tax (VAT)‚ (Sales tax in States where VAT is not yet in force)‚ stamp duty‚ State Excise‚ land revenue and tax on professions are levied by the State Governments. Local bodies are empowered to levy tax on properties
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company‚ investors want to make sure the company is well managed. Because the differences between effective tax rates of companies of equal size that perform similar functions in the same geographical region are generally due to managerial decisions‚ a company with the lower effective tax rate could have the better administration and therefore be a better investment. The statutory corporate tax rate is the rate that is imposed on taxable income of corporations‚ which is equal to corporate receipts less
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Introduction Objective Tax compliance Compliance issues Challenges Conclusion INTRODUCTION On 2004‚ the Inland Revenue Board Malaysia (the IRBM) has implemented the self-assessment tax system (the SAS) on individual taxpayers in order to promote voluntary tax compliance. Under the SAS‚ individual who has income accruing in or derived from Malaysia are required to disclose taxable income honestly‚ compute tax payable correctly‚ file tax return form and pay tax on a timely manner.
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structured. True False Tax policy rarely plays an important part in presidential campaigns. True False Margaret recently received a parking ticket. This is a common example of a local tax. True False George recently paid $50 to renew his driver’s license. The $50 payment is considered a tax. True False A 1% charge imposed by a local government on football tickets sold is not considered a tax if all proceeds are earmarked to fund local schools. True False One key characteristic of a tax is that it is a required
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Analysis TAX Table of Contents ? Income Business ? Alternate Tax Minimum ? Distribution Tax Dividend ?Profit Tax Branch ? International Taxation ? Residence Rules ? Treaty Override ? Controlled Foreign Company ? Anti-Avoidance Rules General ? Tax Incentives & Special Economic Zones ?Gains Capital ? Pricing & Advanced Pricing Agreement Transfer ? Taxation Personal ? Capital Funds‚ Mutual Funds & Insurance Venture 02 04 05 06 07 10 11 12 14 16 18 21 24 29-31 Companies ?Tax Wealth ? Glossary
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CHAPTER 13 BUSINESS TAX CREDITS AND CORPORATE ALTERNATIVE MINIMUM TAX SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Limitation on general business credit for Modified 1 individuals 2 General business credit carryovers Modified 2 3 Issue recognition New 4 Rehabilitation expenditures tax credit Unchanged 3 5 Rehabilitation expenditures tax credit Unchanged 4 6 Ethics problem
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Lecture 3 : Corporate Tax Tutorial Question Question 1 Dinishah Sdn Bhd manufactures glass products for both the local and export markets. The company’s income statement for the year ended 31 December 2011 is as follows: Notes RM Sales revenue 1‚200‚000 Less: Cost of sales 1 (230‚000) Gross profit 970‚000 Operating expenses 2-6 (650‚000) Profit before tax 320‚000 Notes 1 Cost of sales includes the following: RM Provision for stock obsolescence
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FCT v Bargwanna [2012] HCA 11 (29 March 2012)1: A case on the taxation and administration of charitable trusts Overview of income tax exemption and charitable entities What is income tax? The answer may be simple. Further‚ basic understanding on definition of income is capable of answering why a charitable entity has optional privileges in its income tax obligation. The main reason for this special treatment is because its ’nature of charitable purposes’ arguably reflects its non-profit orientation
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Tax amendments to file Income-Tax return for AY 2013-14 It is well known fact that tax payers are now required filing their Income-tax Return for the Financial Year 2012-13 relevant to the Assessment Year 2013-14. These Income-tax Returns in most cases have to be filed by 31st July‚ 2013. However‚ for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2013. The Central Board of Direct
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