Value-Added Tax is a form of sales tax. It is a tax on consumption levied on the sale‚ barter‚ exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax‚ which may be shifted or passed on to the buyer‚ transferee or lessee of goods‚ properties or services. 1. What is a VAT registered individual? * Any person or entity who‚ in the course of his trade or business‚ sells‚ barters‚ exchanges‚ leases goods
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Objectives of Lecture : At the end of this lecture‚ you should be able to: understand the ordinary concepts of income; | | THE ORDINARY CONCEPTS OF INCOME What is Income? The assessable income of an entity for a year of income includes the ordinary income of an entity and the statutory income of the entity for that year (Section 6-1 ITAA (1997)). Ordinary income is income according to ordinary concepts. The courts have had to determine what is income according to
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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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1974‚ the tax year here at issue‚ RXL paid a dividend distribution to Xerox and paid the requisite ACT in the United Kingdom on the distribution. A portion of that ACT was set off in 1974 against RXL’s mainstream corporation tax in the United Kingdom. The foreign tax credit for that portion of the 1974 ACT is not in dispute. The portion of the ACT was not used to offset RXL’s mainstream tax was surrendered by RXL to its United Kingdom subsidiaries. The U.S IRS then withdrew the foreign tax credit for
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Corporate Tax Chapter 5: Complete Liquidations (Textbook: Corporate‚ Partnership‚ Estate and Gift Taxation (2013 Ed.) by Pratt‚ Kulsard) I. Introduction • Ch. 3 & 4: distributions of property and stock as well as those relating to redemptions and partial liquidations o Corp. continues to operate all or part of its business • Ch. 5: complete liquidation • Reasons: o Business’s profitability‚ or lack thereof‚ no longer justifies continuing the corp. o Shareholders simply seek the corp’s
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Pro The United States should prioritize tax increases over spending cuts. “For every benefit you receive a tax is levied”- Ralph Waldo Emerson. We cannot improve the state of the lives of Americans or the national debt crisis without raising taxes. This fact leads us to affirm the resolution that the United States should prioritize tax increases over spending cuts. First‚ we will define a few terms using the Merriam-Webster defintions. To prioritize – to designate or treat something
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Progressive Tax vs. Flat Tax The United States economy‚ as known by all‚ is not in its best shape. One way in which the government gains money is by imposing taxes on people. There are many taxes that are placed on different things that everyone needs or already has. The United States uses a taxation system which is criticized by many. The system used in Progressive Tax; however‚ many people believe the system of Flat Tax‚ or Proportional Tax‚ should be the system that is used for taxing
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and Use Tax a. USE TAX 1. Tax on storage‚ use or other consumption in the sate of tangible personal property. 2. Assessed upon “tax free” personal property purchased by a resident of the assessing state for use‚ storage‚ or consumption of goods in that state regardless of where the purchase too place. 3. The use tax is typically assessed at the same rate as the sales tax that would have been owed (if any) had the same goods been purchased in the state of residence. Typical "tax free" purchases
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Implementation of the Goods and Services Tax (GST) in Malaysia Deputy Finance Minister‚ Datuk Donald Lim Siang Chai has informed that there is no specific date for the implementation of the GST. The Government will be holding a series of roundtable discussions in the mid 2012 to gather more feedback and suggestions from the business community‚ chambers of commerce‚ non-governmental organisations‚ economists‚ tax experts and manufacturers on the implementation of the GST. These discussions would provide
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changed in our society since the 1700s. But at the same times things haven’t changed much. The tax laws possibly changed since the 1700s. Tax laws are the legal rules and procedures governing how federal‚ state and local governments calculate the tax you owe. The laws cover income‚ corporate‚ excise‚ luxury‚ estate and property taxes‚ to name just a few. During the french revolution the tax laws were unfair and cruel to the third estate “commoners”. The peasants paid disproportionately
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