professionals. Inheritance and gift taxes are also added along with a payroll tax for social security. The main indirect tax is manufacture’s sales tax with rates ranging from 5 percent to 50 percent on listed product (nationalencyclopedia.com). Taxation: Companies carrying out industrial and commercial activities in Angola are subject to income tax on all profits resulting from Angola. If the company has its headquarters in Angola‚ it will be hit with industrial tax on its profits derived
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Tutorial 6 : Chapter 11 – Capital Gains Tax 11.6 Dave Solomon is 59 years of age and is planning for his retirement. Following a visit to his financial adviser in March of the current tax year‚ Dave wants to contribute funds to his personal superannuation fund before 30 June of the current tax year. He has decided to sell the majority of his assets to raise the $1‚000‚000. He then intends to rent a city apartment and withdraw tax-free amounts from his personal superannuation account once he turns
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BUDGET PROPOSALS 1 Dividends Tax A dividend withholding tax will replace STC from 1 April 2012 at a rate of 15%. As from 1 March 2012‚ the inclusion rate for individuals and special trusts will increase to 33‚3%. For companies and other trusts this will increase to 66‚6%. A number of the exclusion limits have been increased. 2 Capital Gains Tax 3 Medical Tax Credit System As from 1 March 2013‚ the new Medical Tax Credit System will come into effect. Further
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Areas of Greater Significance A solid knowledge of the adjusted basis computation and the concept of realized vs. recognized gain or loss is necessary for further tax study by the student. In addition to the applications in the study of individual taxation‚ many of the special rules for corporations and partnerships deal with the concepts of gain or loss recognition and adjusted basis. Areas of Lesser Significance In the interest of time‚ the instructor may determine that the following areas are
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receive higher tax rates? In Foldvary’s article‚ he says‚ “Higher taxes on goods or labor raise their costs‚ and therefore reduce their quantities. This reduction in output‚ income‚ and investment is called the deadweight loss or excess burden of taxation‚ and has been estimated to be over $1.5 trillion per year “. This basically means that increasing the tax on the rich would cause the middle class to spend more money for the things they buy because the companies they buy from are all ran by rich
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Union budget of India From Wikipedia‚ the free encyclopedia The Union Budget of India‚ referred to as the Annual Financial Statement[1] in Article 112 of the Constitution of India‚ is the annual budget of the Republic of India‚ presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget‚ which is presented by means of the Financial Bill and the Appropriation bill has to be passed by the House before it can come into effect on April 1‚ the start
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References: Jones‚ Sally‚ and Shelley Rhoades-Catanach (2014). Principles of taxation for business and investment planning‚ 2015 edition‚ 18th edition. [VitalSource Bookshelf version]. Retrieved from http://devry.vitalsource.com/books/1259544486/epubcfi/6/24
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China. I have made the analysis along the following four tax categories: * Income Taxes and Tax Laws * Tax Exempt Income * Tax Deductions * VAT and other Taxes REVIEW OF LITERATURE In “Income Inequality and Progressive Income Taxation in China and India‚ 1986-2015” by Thomas Piketty and Nancy Qian‚ the authors evaluate income tax reforms in China and India. The combination of fast income growth and under-indexed tax schedule in China implies that the fraction of the Chinese population
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How to save tax in 2013: Your guide to planning The most important rule of tax planning is that it is no different from financial planning. The Section 80C offers a wide range of options‚ each suited to a different need. Choose an option that fits into your overall financial plan‚ not because it offers good returns or your brother-in-law is selling it. It is easier to identify the best option if you do not leave tax planning for the dying days of the financial year. You get a rough idea of
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Case study Topic 2.3 CREATING TAXPAYER AWARENESS: CORPORATE SOCIAL RESPONSIBILITY AND THE FORUMS FOR TAXPAYER- TAX ADMINISTRATION DIALOGUE Frank Van Driessche Tax Administration and Fight Against Fiscal Fraud Directorate General for Taxation and the Customs Union (European Commission) Contents: Abstract – 1. The necessity and way to build tax morality among taxpayers - 2. The change in business models drives the new relationship – 3. Taking the EU VAT system as an example for an enhanced dialogue
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