TAXATION * It is a means by which governments finance their expenditure by imposing charges on citizens and corporate entities. * Governments use taxation to encourage or discourage certain economic decisions. For example‚ reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity‚ and generates more jobs. See also taxation principles. * Taxation refers to the act of a taxing authority actually levying
Premium Tax
[Name]: YuPei [TP Number]: TP024726 [Intake Number]: UC2F1303AF {FI} [Subject Code]: Introduction to Taxation [Lecturer’s name]: KHO GUAN KHAI [Assignment title]: Individual Assignment [Date of Submission]: 31st May 2013 Context Introduction…………………………………………..1 Personal Income Tax ……………………………..1 Tax rate……………………………………………......3 Tax relief ……………………………………………....4 Personal income tax relief……………………..5 Tax rebate…………………………………………….. 7 Taxable income and tax liability‘s calculated
Free Tax Taxation Income tax
DROP IN PRICE OF CRUDE OIL: IMPLICATION ON THE NIGERIAN ECONOMY PAPER DELIVERED TO BOARD OF DIRECTORS OF GUINNESS NIGERIA PLC Executive Summary The volatility in the prices of crude oil in the international oil market which was triggered by factors within the global economy has impacted the Nigeria economy to some degree with dire consequences for the implementation of the 2012 budget. Some of the factors which triggered the fall in oil prices include a massive
Premium Economics Inflation Petroleum
Introduction: This report is to find out whether the tax avoidance arrangements exists in the situation of taxpayers restructured their business as a trading trust for the purposes of section BG1 of the Income Tax Act 2007. Issue: Mr A and Mr B‚ two independent shareholders work full time in the IT Consultancy business. They were paid $80‚000 salary each in the first year but decreased to $50‚000 in the second year because business has gone down due to earthquake. They had received a dividend
Premium Tax Progressive tax Income
TAXATION An involuntary fee levied on corporations or individuals that is enforced by a level of government in order to finance government activities. TAXES Compulsory monetary contribution to the state’s revenue‚ assessed and imposed by a government on the activities‚ enjoyment‚ expenditure‚ income‚ occupation‚ privilege‚ property‚ etc.‚ of individuals and organizations. A fee charged ("levied") by a government on a product‚ income‚ or activity. If tax is levied directly on personal or corporate
Premium Tax
today the rate of chronic diseases have skyrocketed‚ we need to come up with a solution to make healthier food available to the population. Although junk good producers may find that the tax is unfair. The overall result of taxation is to improve the health of our nation. If taxation of fast food was a reality today it will ultimately motivate producers and sellers to improve their products and provide the consumers with better options. The increased percent of obesity amongst Americans is alarming
Premium Nutrition
TAXATION AND FISCAL REGULATIONS IN NIGERIA INTRODUCTION The Nigerian Tax System has undergone significant changes in recent times. The Tax Laws are being reviewed with the aim of repelling obsolete provisions and simplifying the main ones. Under current Nigerian law‚ taxation is enforced by the 3 tiers of Government‚ i.e. Federal‚ State‚ and Local Government with each having its sphere clearly spelt out in the Taxes and Levies (approved list for Collection) Decree‚ 1998. Of importance at this juncture
Premium Tax Value added tax Income tax
Taxation should be equal According the definition taxes are the sum of money demanded by a government for its support or for specific facilities. The government demands money from everyone not just some one but there are some who don’t seem to go pay the fair amount as everyone else. Taxation has also been a big part with the current recession. Our government is investing in defense‚ using out money when more should go into social programs. Cuts have been made in different programs because of
Premium Tax United States Corporate tax
The Role of Business in the Economy Michelle Peters Milton Lawler‚ Ph.D. Business 100 – Introduction to Business February 22‚ 2013 Abstract What is the role of business in economic development? Some might say that business is the lifeblood of any economy. This is because businesses provide benefits to an economy in ways like job creation‚ the payment of a good portion of a region’s taxes‚ and the use of local resources. This cycle continues as the people employed by these businesses contribute
Premium Economics Management Business
TAXATION LAW I. General Principles POWER OF TAXATION TAXATION – power by which the sovereign through its law-making body raises revenue to defray the necessary expenses of government from among those who in some measure are privileged to enjoy its benefits and must bear its burdens. Two Fold Nature of the Power of Taxation 1. It is an inherent attribute of sovereignty 2. It is legislative in character Extent of Taxing Power Subject to constitutional and inherent restrictions
Free Tax