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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A BRIEF UNDERSTANDING : The system of taxation in India is still now very much primitive. For development of any nation and for civilization imposition of tax within the framework of logical structure is utmost necessary. Revenue raised is utilised for meeting the expenses of government as well as to carry out developmental works. In this context the felicitous version of Justice Holmes is worth–mentioning - “Taxes are what we pay for civilized society. I like to pay taxes. With them I buy civilization”
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tax/GDP ratio. * Micro: Incidence of tax will come down in case of manufactured goods. However‚ in case of services the incidence and coverage of tax may rise resulting in higher prices. * Industry: Volume growth will accrue as incidence of taxation is minimized. Also‚ supply chain efficiencies will accrue as there will be no need for multiple depots and warehouses. * Likely beneficiaries: Auto‚ FMCG‚ Logistics sectors GST is not just VAT + Service tax‚ but an improvement over the previous
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for many other functions. If it was not for taxation our roads‚ public buildings would be a complete mess. Our emergency services such as‚ law enforcement‚ EMT‚ and Fire/rescue thrive off of tax dollars‚ many of our healthcare offices also use tax payers money to stay open. The taxing process from distribution to collecting them has people on the fence with different point of views. In this paper I will be discussing the questions raised about taxation. What happens to net personal income when
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Department of Economics University of California‚ Berkeley March 6‚ 2006 Abstract We investigate ‘‘sin taxes’’ on unhealthy items‚ such as fatty foods‚ that people may (by their own reckoning) consume too much of. We employ a standard optimal-taxation framework‚ but replace the standard assumption that all consumers have 100% self control with an assumption that some consumers may have some degree of self-control problems. We show that imposing taxes on unhealthy items and returning the proceeds
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the government expenditure * It is one of the prime sources of revenue for the government * It is not a fine or penalty * It is paid by the taxpayer without expectation of any direct return from the government Purposes or Objectives of Taxation * Revenue collection * Reduction of inequalities in income and wealth * Accelerating economic growth * Control of consumption * Protection of local industries * Economic development Role of Tax in Economic Development
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For example‚ Tax System of Bangladesh‚ tax structure in Bangladesh ‚ canon of taxation and implementation of the canon of tax in Tax System of Bangladesh. In this way‚ we have collected information regarding overall tax system in Bangladesh . As‚ tax is an important part of our country development. So‚ day by day‚ people are getting more conscious and informed about tax. 1.1. Origin of the report: The taxation system in Bangladesh is based on the ability to pay theory and hence utilizes the
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