1. In Tom’s case from my point of view that Tom is full time basis as a garbage collector. And He also receives a small payment each weekend throughtout winter for playing football. And He was voted by spectators as the most player and received from local newspaper a Toyota Yaris car worth $17‚000 and cash prize of $500. In this case the amount that Tom received from His full time job as a garbage collector was an ordinary income. Factors that indicated it was income were : * It was periodic
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Wage Wage is the fixed amount of compensation for service rendered covering a fixed period of time‚ usually hours‚ or fixed amount of work. It is usually a compensation given to skilled and unskilled labor. Commission is usually a wage given to skilled and unskilled labor. Commission is usually a wage given to a salesperson based on the amount of his sales. This amount is usually added to basic salary. Bonus is given to simulate employees to work more efficiently and effectively (Valencia &
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Cigarette Taxes Cigarette taxation has appeared to be a disputable issue throughout American history. The beginnings of cigarette taxation can be traced back to the late 1700s when Alexander Hamilton‚ the secretary of the treasury‚ introduced the first federal excise tax on tobacco products. The government places taxes on cigarettes to reduce the number of smokers and to increase revenue. A cigarette tax‚ like any other tax‚ increases the amount of revenue the government can spend on social programs
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the mere realisation of a capital asset are not income but where what is done is truly the carrying on of a business‚ the proceeds will be on revenue account: California Copper Syndicate Ltd v Harris (Surveyor of Taxes) (1904) 5 TC 159; Commr of Taxation v Myer Emporium Ltd (1987) 163 CLR 199; 87 ATC 4363. 3Mere gifts : This proposition is grounded in Hayes v FCT (1956): a voluntary payment from A to B prima facie is not income; but that presumption will not apply when the payment is in substance
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Advanced Taxation Lecture 1 Indirect Taxation 2012 Dr Nakha Ratnam Somasundaram Advanced Taxation 1 Indirect taxation 2012 Dr Nakha Ratnam Somasundaram - Advanced Taxation 2 Indirect taxation • Indirect taxes consists of the following taxes: – – – – Sales tax Service tax Excise duty Customs duty • These taxes are collected by the Director General of the Royal Malaysian Customs. 2012 Dr Nakha Ratnam Somasundaram - Advanced Taxation 3 ROYAL MALAYSIAN CUSTOMS: HTTP://WWW.CUSTOMS.GOV
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Why Should You Study Taxation? The tax law affects every individual and every organization. They rely on tax professionals to help them comply with the tax law‚ plan to reduce their tax burden‚ and resolve any tax controversies with taxing authorities. Auditors rely on tax professionals to help them determine a company’s income tax expense and income tax liability. Taxing authorities‚ such as the Internal Revenue Service and state departments of revenue‚ rely on tax professionals to help them
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ch13 Student: ___________________________________________________________________________ 1. In the United States‚ corporations are subject only to taxes imposed by the federal government. True False 2. The federal income tax deduction allowed for state income taxes paid decreases the cost of the state taxes. True False 3. If a corporation with a 35% marginal federal income tax rate pays $20‚000 state income tax‚ the after-tax cost of the state tax is $13‚000. True False
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Public Revenue The income of government from all the sources is called Public Revenue. ●Canons of Taxation : Adam Smith’s canon of taxation: 1. Canon of Equality: According to this canon‚ every person have to pay tax according to their ‘ability to pay’. It simply doesn’t mean that all person have to pay equal amount of tax. It simple means‚ if a person is rich i.e.‚ his paying ability is high‚ he will pay high tax whereas if a person is poor‚ i.e. his paying ability is low‚ he will pay less
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and answer all questions. Question 1 a) Define the term ‘taxation’. (2m) b) Distinguish between direct and indirect taxes. (4m) c) List two (2) examples of direct tax and briefly describe each (4m) d) List two (2) examples of indirect tax and briefly describe each (4m) e) Distinguish among the different forms of tax giving example. (6m) Question 2 Discuss three (3) ways in which revenue earned from taxation is utilized by the government in your country. (6m) Property
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CHAPTER THREE THE THREE ERAS OF TAXATION IN NIGERIA General Historical Overview of Taxation Taxes are as old as the history of organised human society. During the reign of the Pharaohs in Egypt tax collectors were called scribes and taxes were collected on various items including cooking oil.1 In the ancient Greek city of Athens‚ taxes were especially important in times of war. The tax imposed during times of war was known as eisphora and no one was exempted from this tax. After the war
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