further evade taxes. However‚ it is generally agreed that taxing someone who is earning at a much higher rate is quite justifiable in terms of equity and in accordance with the principles of progressive taxation. A person earning say Rs 25 lakhs and the other Rs 60 lakhs cannot be put in the same taxation bracket. It may also be mentioned that taxing the super rich will definitely send a positive signal about the intentions of the Government and increase revenue collection to some extent‚ if not the desired
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Inequality has risen across the rich world since the 1970s‚ as financial liberalisation and lower taxes‚ among other things‚ have fuelled a rise in the numbers of the very rich. But now‚ resentment over inequality is growing ever more vocal‚ even as the rich see the crisis erode some of their wealth. Is taxing the rich more heavily necessary to buy social peace? Or do adverse effects on entrepreneurship and innovation outweigh any such considerations? And should we be concentrating on particular
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5. Operating and Financial Review and Prospects Seasonal Fluctuations‖ for information about the seasonality of Ryanair‘s business. 56 Ryanair recorded a profit on ordinary activities after taxation of €560.4 million in the 2012 fiscal year‚ as compared to a profit on ordinary activities after taxation of €374.6 million in the 2011 fiscal year. This increase was primarily attributable to an increase in revenues of approximately 21% from €3‚629.5 million to €4‚390.2 million‚ partially offset
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JUSTIFICATION OF GST There was a burden of "tax on tax" in the pre-existing Central excise duty of the Government of India and sales tax system of the State Governments. The introduction of Central VAT (CENVAT) has removed the cascading burden of "tax on tax" to a good extent by providing a mechanism of "set off" for tax paid on inputs and services upto the stage of production‚ and has been an improvement over the pre-existing Central excise duty. Similarly‚ the introduction of VAT in the States
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Causes for Generation of Black Money There are several factors responsible for the emergence – of black money. It would be relevant to discuss those factors so that a correct understanding about the genesis‚ growth and expansion of black money can be made. The principal factors are: (i) Beginning of the evil: The beginning of this evil can be traced to the Second World War. During this period supplies of industrial goods from the traditional suppliers of the West were cut off. This resulted in
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NSS Exploring Economics 5 Chapter 6 Fiscal policy and the budget Questions P.162 Think it over 1. What is a budget? Do you prepare a budget to plan your expenditure and income each month? 2. Can you cite some sources of government revenue and types of government expenditure in Hong Kong? 3. How do government revenue and government expenditure affect the Hong Kong economy? P.163 Fig 6.2 According to the equity principle‚ who should pay more tax? P.165 Discuss 6.1 By the benefit principle
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Vehicles 6. Electricity Duties 7. Other Taxes and Duties (travel tax‚ turn over tax‚ etc.) . An Introduction to Income Tax in Bangladesh Tax implications in each country are an important consideration for an investor. Here is an overview of taxation in Bangladesh Among direct taxes‚ income tax is one of the main sources of revenue. It is a progressive tax system. Income tax is imposed on the basis of ability to pay. The more a taxpayer earns the more he should pay’’- is the basic principle
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Business Environment Critical Evaluation of the Fiscal Policy of India Subitted by: Tanvir Singh MBA 2nd Semester - B Subitted by: Tanvir Singh MBA 2nd Semester - B Subitted to: Dr. Manoj Kumar Sharma UBS‚ PU Subitted to: Dr. Manoj Kumar Sharma UBS‚ PU ACKNOWLEDGEMENT I have put in my best efforts in the completion of this report. However‚ it would not have been possible without the kind support and help of many informative sources and individuals. I would like to extend my sincere thanks to
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of China Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: November 2012 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 6 3 Indirect Tax (e.g.‚ VAT/GST) 8 4 Personal taxation 9 5 Other Taxes 10 6 Free Trade Agreements 12 7 Tax Authorities 13 © 2013 KPMG International Cooperative (“KPMG International”)‚ a Swiss entity. Member firms of the KPMG network
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A Case for lower Corporate Tax Submitted by Student -201204997 on 11th of march 2013 Executive Summary •Policy Makers in the United Kingdom may as well take notice and acknowledge that lower corporate tax can give essential profits to business competiveness without fundamentally hurting the medium-term budget viewpoint. Several countries lately have reduced or plan to reduce their corporate tax rates in order to stimulate investment‚ create jobs and promote faster economic growth
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