and levies. It seems that government might have to collect more money either through VAT (Value Added Tax) or from direct taxes. In Bangladesh VAT introduced in 1991 by replacing the sales taxes is still known as the vital reform in Bangladesh revenue structure. The remaining potential sector is the income taxes sharing almost all taxes coming through direct sources. Tax base is too narrow and the tax law is full of exemptions and allowances. Agriculture sector provides employment for around 60percent
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Tax avoidance is the legal usage of the tax regime to one’s own advantage‚ to reduce the amount of tax that is payable by means that are within the law. Tax sheltering is very similar‚ and tax havens are jurisdictions which facilitate reduced taxes. The term tax mitigation is sometimes used; its original use was by tax advisers as an alternative to the pejorative term tax evasion. "Tax aggressive" strategies fall into the grey area between commonplace and well-accepted tax avoidance (such as purchasing
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are again making history: for the past 15 years‚ we have been trying to reform the tax structure of imposing excise tax on tobacco and alcohol products. After 15 long years‚ we have finally succeeded.” “As the people’s servant‚ I shall personally ensure that this government shall implement the Sin Tax Reform Act of 2012 in a transparent and accountable manner starting Jan. 1‚ 2013‚” he said. Starting today‚ the tax on cigarettes packed by hand‚ which comprise the bulk of tobacco products sold in
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INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned‚ they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident. Residential
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Tax accounting 1.461-2(c)(1) 1.461-4(d)(1) through (6) 1.461-4(e) 1.461-4(g)(1) through (7) 1.461-5 (a) through (c) Garber Abbey B [Abbey.B.Garber@IRSCOUNSEL.TREAS.GOV] Monday‚ February 04‚ 2013 11:30 PM Here are a few regulations Treas. Reg. sec. 1.461-1(a)(2)(i) Reg. sec. 1.461-1(a)(2)(ii) Reg. sec. 1.461-1(a)(3) Reg. sec. 1.461-1(c) We’ll work through these and more Thursday. Initial assignments for February 7: I.R.C. section 461 Look at Treas. Reg. Section 1.461-0
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the incidence of income taxation in Bangladesh tax system. The main purpose of the study is to determine how the burden of personal and corporation income taxes is allocated among taxpayers of different income groups. In case of personal income taxes it shows that only 13 percent taxpayers paying around 73 percent of tax revenue collected through personal income taxes and interestingly about 53 percent taxpayers pay only 0.08 percent taxes. In case of corporation income taxes the study shows similar
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MEMORANDUM To: S. Partner‚ C.P.A. From: Nicole J. Badalamenti‚ J. Accountant Date: August 27‚ 2012 Subject: Mr. B. Potato I FACTS Mr. B. Potato‚ a wealthy real estate investor‚ recently purchased a house on a parcel of land for $400‚000. The house was appraised at a value of $300‚000 and the land had an appraised value of $100‚000. Mr. Potato plans to tear down the house and replace it with a new house worth $1‚500‚000 with the intentions of living in
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Case- Law & ethics 1 of 2 DOCUMENTS CHRISTIAN LOUBOUTIN S.A.‚ CHRISTIAN LOUBOUTIN‚ L.L.C.‚ CHRISTIAN LOUBOUTIN‚ Plaintiffs-Counter-Defendants-Appellants‚ v. YVES SAINT LAURENT AMERICA HOLDING‚ INC.‚ YVES SAINT LAURENT S.A.S.‚ YVES SAINT LAURENT AMERICA‚ INC.‚ Defendants-Counter-Claimants-Appellees‚ YVES SAINT LAURENT‚ (an unincorporated association)‚ JOHN DOES‚ A TO Z‚ (Unidentified)‚ JANE DOES‚ A TO Z‚ (Unidentified)‚ XYZ COMPANIES‚ 1 TO 10‚ (Unidentified)‚ Defendants-Appellees. Docket
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There was many complications in Thomas Jonathan Jackson’s life. First he was born on January 21‚ 1824‚ in Clarksburg‚ West Virginia. His family was poor and never stayed in one home. His sister caught typhoid fever and died‚ than Jonathan‚ and 5 years later his mom died. Years later‚ he experiences what war was like in 1846-1848. Along with being in that war‚ he experienced religion while in the military. He later developed a strong faith that would help him with the grieving of his family members
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Case 5.2 Conflict of an Insurance Broker An insurance broker firm‚ Ashton & Ashton secures insurance coverage bids based on their client’s individual needs. The broker gets compensated for their services based on an industry average of 10 to 15 percent. An additional way they get paid is founded on the contingency payment made annually by the insurance provider which is established on the past years volume of business. Ashton & Ashton is presented with a potential conflict of interest situation
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