Further reductions came in 1997–98‚ when the three rates were brought down further to 10‚ 20‚ and 30 %. In subsequent years‚ exigencies of revenue have led to adding surcharge and a 2% primary education cess on all taxes. 3. In the case of corporate taxation too‚ the basic rate was brought down to 50%‚ and rates applicable to different categories of closely held companies were unified at 55%.The distinction between closely held and widely held companies was done away with and the tax rates were unified
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Trade & Commerce > Taxation System In India vxv India has a 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
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government consumption and investment but excludes transfer payments made by a state. By imposing taxes the government receives revenue from the population. Taxes come in many varieties and serve different specific purposes‚ but the key concept is that taxation is a transfer of assets from the people to the government. . There are two main types of fiscal policy‚ expansionary fiscal policy and contractionary fiscal policy. Expansionary fiscal policy is designed to stimulate the economy during or in anticipation
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Question 14-4 Internal Revenue Code Section 351 permits shareholders of a corporation to defer recognition of a gain or loss on the transfer of assets to the corporation. The transfer of property may be made when a new corporation is formed or may reflect additional capital contributions to an existing corporation. Without Section 351‚ a sole proprietorship or a partnership would have difficulty adopting the corporate form of organization for legal and/or tax purposes because the transfer of appreciated
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audit framework. 6 7. Kirchler‚ E. (2009). The economic psychology of tax behaviour. New York: Cambridge University Press. 8. Loo‚ E. C. (2006)‚ Tax Knowledge‚ Tax Structure and Compliance: A report on a Quasi-Experiment‚ New Zealand Journal of Taxation Law and Policy‚ Volume 12 No.2‚ pp. 117-140. 9 10. Mottikavandar‚ Haron‚ H. and Kassipilai‚ J. (2004‚ March). Level of Compliance among small business entrepreneurs‚ Accountant Today‚ 34-37. 11 12. The Inland Revenue Board of Malaysia. Annual
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tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years‚ service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government is to gradually increase the list of taxable services until most services fall within the scope of service tax. For the
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The Multiplier and Keynesian Economics The concept of the multiplier process became important in the 1930s when John Maynard Keynes suggested it as a tool to help governments to achieve full employment. This macroeconomic “demand-management approach”‚ designed to help overcome a shortage of business capital investment‚ measured the amount of government spending needed to reach a level of national income that would prevent unemployment. The theory of multiplier occupies an important place in the
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Since the 2008 stock market collapse it has become more apparent that there is currently a deficit of jobs in the marketplace‚ and that so far initiatives by the federal government to help counteract that deficit have been largely ineffective. Thus‚ a better plan of action for restoring jobs is by encouraging employers to hire through the lowering of the corporate tax rate in the United States. Lowering the corporate tax rate in the United States will be exceptionally beneficial in the creation
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PAMANTASAN NG LUNGSOD NG MAYNILA (University of the City of Manila) Intramuros‚ Manila Bureau of Internal Revenue (Government Rules and Regulations Trade Policies and Practices & Fiscal Policy) By: Nerissa S. Arcega Marie Catherine T. Manarpiis Bureau of Internal Revenue (Government Rules and Regulations Trade Policies and Practices & Fiscal Policy) Bureau of Internal Revenue - is an attached agency of the Department of Finance. It collects more than one-half of the total revenues
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Chapter one 1.0 INTRODUCTION In almost all nations of the world today‚ taxes form the most important part of governments’ venue. The need for taxation the world over and particularly‚ the “Third World”‚ has become necessary; and will remain so with the increasing dependence of the citizenry on the central government for the provision of infrastructure and other necessaries of life. In Ghana‚ the central government provided and continues to make available such infrastructure as roads‚ portable water
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