1. Introduction of GST Goods and service tax were first deliberated in 2005 with the intention to introducing it in 1st January 2007. However‚ it was withdrawn in the following year. In 2009‚ GST was revived with a proposed rate of 4% to replace current Sales Tax of 10% and Service Tax of 5% in a bid to diversify national revenues. However‚ the idea of GST still end up floating around as it has now been officially deferred. 2. Concept of GST Goods and Service Tax (GST)‚ also known as Value Added
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The Laffer curve‚ named after the economist Arthur Laffer‚ is a curve that demonstrates the trade-off between tax-rates and tax-revenues (Wanniski 1978). It is used to illustrate the concept of taxable income elasticity‚ the idea that a government can maximise the revenue by setting the tax rates at an optimum point. This curve can be traced back as far as 1844 to a French economist Jules Dupit who in 1844 found similar effects as Laffer did (Laffer 2004). Dupit also saw tax revenues rising from
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com/Article/2921577/Indias-infant-environmental-taxes-slowly-growing.html Ocran‚ N. ( 2012). Finance and Sustainable Development. In N. Ocran‚ Issues in Development Finance (pp. 48-51). Africa Growth Institute. Organisation for Economic Co-operation and Development. (2011). Environmental Taxation: A Guide for Policy Makers. Retrieved from OECD: http://www.oecd.org/env/tools-evaluation/48164926.pdf Srivastava‚ D.‚ & Bhujanga Rao‚ C. (2010). Reforming Indirect Taxes in India: Role of Environmental Taxes. East Asian Bureau of Economic Research
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Government body….It is an enforced contribution of money enacted pursuant to legislative authority….Analyze the importance and the problems of TAXATION and the way forward in Nigeria………….’ INTRODUCTION Income taxes provide the largest single source of government revenues in most developed countries or developing countries for example Nigeria. Indeed‚ Taxation is one of the most vital elements or sources of income imposed on both individuals and corporations by the government in order to enable
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The use of bonds is not restricted to individual consumers. Traders‚ manufacturers‚ importers‚ agriculturists‚ and corporate entities will also require bonds for their day-to-day use. These bond users will buy and sell their merchandise through the United States Monetary Fund (USMF). Spare bonds can be sold on the open market at a profit or surrendered to the government to obtain duty-free options. The use of black money in this system will not generate the same amount of revenue in subsequent
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Abstract This paper examines the generally accepted desirable characteristic of a system of taxation. I describe in this paper that even where every one agrees that the tax system should be simple as dictated by the first maxim of Adam Smith‚ no country is yet to meet this standard. Questions on policy‚ complexity‚ equity‚ administrative efficiency‚ cost of compliance all increasing the cry for a tax change. Many Eastern Europeans have adopted the flax tax system and presently has an increase
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pays it to the government‚ therefore it is an indirect tax. The Constitution of India (COI) has given power to levy tax to central and state government under seventh schedule. The taxation in India is either charged by the state governments or by the central government. In the basic scheme of taxation in India‚ it is conceived that central government will levy and collect tax revenue from Income Tax (except on Agricultural Income)‚ Excise (except on alcoholic drinks) and Customs
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government can make good use of the taxation in the gambling business. The government can use the fiscal policy. The first half of the policy involves taxation. The government can important the taxation of the casino and lotteries and other forms of the gambling. This is a useful way to strengthen the power of the government. It is also a good way to limited people to go to casino because of the high taxation. Besides that ‚ the government can use the taxation to help move the economy when it is
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BTN 7-4 – Page 312 TO: Wendy Geiger DATE: June 19‚ 2011 SUBJECT: Manual Accounting Modifications for Expanded Business M E M O R A N D U M This memo is to advise you of the best possible ways for you to modify your current manual accounting system to accommodate the expanded business activities for your retail store. Pursuant to our conversation‚ you generally obtain your goods on credit using purchase orders‚ and your sales are primarily cash. You currently keep your manual accounting system
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free trade with Asian countries‚ navy ruling over the Pacific and continuing influence in the region. However‚ the rise of China and recent territorial disputes over South China Sea and Diaoyu Island pose great challenges to this goal. This policy memo points out a problem in the existing foreign policy that the US’s ambiguous position in East Asia would be adversarial in maintaining its own national interests. A clearer positioning of the US in East Asia is necessary. While active military engagement
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