United States-The People’s Republic of China Income Tax Convention (1984) This Agreement shall apply to persons who are residents of one or both of the Contracting States (The People’s Republic of China‚ or United States of America‚ or both). The term of “resident of a Contracting State” means any person who‚ under the laws of that Contracting State‚ is liable to tax therein by reason of his domicile‚ residence‚ place of head office‚ place of incorporation or any other criterion of a similar nature
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SYMBIOSIS INSTITUTE OF MANAGEMENT STUDIES Goods & Services Tax Report submitted to Dr. Dhirendra Deshpande in partial fulfillment for the degree of Masters in Business Administration Symbiosis International University‚ Pune Abstract: This report is an attempt to understand the impact of GST on Indian economy. The report defines Sales Tax and Value-Added Tax (VAT). It then looks at the Goods and Services Tax (GST) design in India which has been adapted to suit the Indian taxation
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because: 1. Equity – horizontal equity as it treats individual in similar ways therefore it is fair. 2. Efficiency – taxpayer wont be required to go over through the legislation too much to find the out the section if they are liable or not for tax. 3. Certainty– having a personal property legislation provides a clear understanding. This will easy than going all the subsection and finding out which they are liable under or not. 4. Convenience/simplicity – easier to use as the taxpayers
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10(34). This includes deemed dividend under sections 2(22)(a) to (d). This is because such dividend attracts dividend distribution tax @ 12.5% in the hands of the company. (2) The TDS provisions under this section are attracted only in respect of deemed dividend referred to in section 2(22)(e)‚ if such dividend exceeds Rs. 2‚500 in a year. (3) The rate of deduction of tax in respect of such dividend is 20% plus surcharge‚ if applicable‚ plus education cess. (4) Under the proviso to section 194‚
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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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Lauren Smith From: Tax Accountant‚ CPA Date: August 22‚ 2012 Re: Deductibility of Education Expense Facts You incurred $15‚000 in education expense during the tax year in the course of earning an MBA from a local university. You wants to deduct these expenses on her tax return as an employee business expense‚ as your employer does not have an education expense reimbursement program. Issue The issue is (1) whether education expenses can be deductible on the tax return as an employee
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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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Tax Alert 06/2013 2014 Mexican Tax Reform On September 8‚ the Executive Power filed before Congress the Economic Package for the 2014 fiscal year. The Economic Package includes not only the General Criteria for Economic Policy‚ the Federal Revenue Law and the Federations’ Expenditures Budget‚ but also a series of initiatives to modify current tax laws and even the enactment of new legislation. Among the highlights there are the amendments to Income Tax (ISR)‚ Value Added Tax (IVA)‚ the Special
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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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