Adam Smith’s Four Main Canons of Taxation ↓ A good tax system is one which is designed on the basis of an appropriate set of principles (rules). The tax system should strike a balance between the interest of the taxpayer and that of tax authorities. Adam Smith was the first economist to develop a list of Canons of Taxation. These canons are still regarded as characteristics or features of a good tax system. Adam Smith gave following four important canons of taxation. 1. Canon of Equity The principle
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I. Introduction to the tax systemThe laws governing taxation in the Philippines are contained within the National Internal Revenue Code. This code underwent substantial revision with passage of the Tax Reform Act of 1997. This law took effect on January 1‚ 1998.Taxation is administered through the Bureau of Internal Revenue which comes under the Department of Finance. The chief executive of the Bureau of Internal Revenue is the Commissioner who has exclusive and original
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United International College Hong Kong Taxation Assignment 1 Answer the following questions. 25 marks each. 1. David’s salaries tax for year of assessment 2010/11 were due as follows: 1st instalment $10‚500 due on 2 January 2012 2nd instalment $4‚000 due on 4 April 2012. However David failed to pay the 1st instalment by the end of January 2012. What actions will be taken by Inland Revenue Department to recover the tax from David? Ans. When the tax was overdue after 2
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DEPARTMENT EXAM TEST BANK SPRING 2011 True/False Indicate whether the sentence or statement is true or false. __F___ The Offeror Is The Party With The Power To Decide Whether To Create A Contract. __T___ An offer made as a joke‚ where a reasonable person would conclude that it was made as a joke‚ cannot result in a contract. __T___ The communication of an offer can be made by the offeror or the offeror ’s agent. __T___ Generally‚ advertisements‚ catalogs‚ price lists‚ etc. are not treated
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Dim and Kim were interested in buying an oven from Siti who had two such ovens since she was closing down her business. Siti wrote to Kim offering the oven at $500 and said she would keep the offer open for 7 days. - THIS IS AN OFFER – OBJECTIVE TEST – CARLILL V CARBOLIC... VALID FOR 7 DAYS BUT CAN BE REVOKED AT ANYTIME BEFORE ACCEPTANCE – ROUTLEDGE V GRANT – NO CONSIDERATION PROVIDED BY KIM TO KEEP OFFER OPEN.- After 3 days‚ Siti wrote to say that she had gotten a better offer from magoo and that
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English exam revision Exam One Area Of Study – Belonging. Creative Writing Belonging Essay 1. The Immigrant Chronicles- Peter Skrzynecki Migrant Hostel * Portrays emotions surrounding the experience of migrants in detainment after their arrival in Australia. THIRD STANZA. Technique: Simile- capering the migrants to.. Example: “birds of passage” who were “always sensing a change in the weather” Effect: emphasises the absence of a stanle fixed home for the migrants. They feel they
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Constitutional Law Exam (Practice) N.B. The questions in this exam are taken‚ in part‚ from the tutorial questions – but expanded. Question One: The Commonwealth government passes a tax act on coal which is 10% tax on the sale of coal. The act also deals with regulations on the way coal is mined in states. If a coal company heeds all the regulations the government will increase the amount of funding given to the States for all its projects. The tax will increase the price of coal sold interstate
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World History Midterm Exam Review ****You will also be given a series of maps‚ charts‚ graphs‚ etc) Terms/names bronze Neolithic Revolution civilization Homo erectus Catal Huyuk culture Neanderthal cuneiform Ur trade Fertile Crescent pharaoh Polytheism Shang Hammurabi loess Indus Valley dynasty Hieroglyphics pictographs the Royal Road Hyksos Babylon Legalism Confucianism Great Wall of China Kush Assyria Meroe Persia Demosthenes Dorians Mycenaeans Rhodes phalanx Peloponnesian
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------------------------------------------------- TAXATION August 2011 Multiple Choice. Identify the letter of the choice that best completes the statement or answers the question. 1. Which of the following is not subject to tax as a corporation? (A) Business partnerships. (B) Insurance companies. (C) Joint stock companies. (D) General professional partnership. 2. A partnership formed by persons for the sole purpose of exercising their common
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ECONOMIC REFORMERS Low Tax Generation And Pakistan’s Economy Group Members Haider Waseem Anwar Eamaan Azhar Arain Warda Zahid Adiya Farooq Muneeb Abbas introduction Pakistan is currently facing critical tax revenue generation issues. The low tax to GDP ratio has been a major problem that affects the overall economy of Pakistan. The current tax to GDP ratio is under 10 % according to the latest FBR report (Where developing countries have a tax to GDP ratio of around 20 %‚ and developed
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