NAME: OGODETON KELVIN OKIEMUTE DEPARTMENT: ACCOUNTING COURSE CODE: ACC325 (ASSIGNMENT) MATRIC NO: 09AA08569 TOPIC: ‘Income tax is one of the major sources of revenue for all government in Nigeria and it is a factor to be recon with in both the state and the Federal Government body….It is an enforced contribution of money enacted pursuant to legislative authority….Analyze the importance and the problems of TAXATION and the way forward in Nigeria………….’ INTRODUCTION Income taxes
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Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them‚ indicate whether they need to register for VAT immediately‚ or monitor turnover and register later. Tick ONE box on EACH line. Register now Monitor and register later A A new business with an expected turnover of £6000 per
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The Wall Street Journal: The article titled “The Corporate Tax Political Drive” talks about American companies moving over sees because they feel as if they are being punished by taxes for investing over sees. If a company invests over sees they have to pay the taxes over there‚ the author would say is rightfully so‚ and they would additionally have to pay the taxes her‚ not rightfully so. The newspaper takes the side that it is not right to have to pay both sets of taxes and I believe that news
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Kong people today are taking an unbalanced diet. It is not uncommon for us to take in meals which are often full of saturated fats. In order to alleviate this problem‚ one useful way is to introduce ‘fat tax’ on foods high in saturated fat. In 2011‚ Denmark has implemented the world’s first fat food tax‚ levying a surcharge to food with more than 2.3 percent saturated fats. According to the Associated Press‚ saturated fats may lead to cardiovascular disease and cancer. In an effort to reverse this trend
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TAX MANAGEMENT [pic] LESSONS FROM HISTORY Lessons From History [pic] Taxes are as old as recorded history. They are mentioned in ancient Sumer around 3‚000 B.C. Tithing‚ the practice of pledging ten percent of one’s wealth‚ was commonly practice among ancient peoples and still is used today by some religious groups in the United States. Rome collapsed when taxation reached fifty-two percent and when taxes imposed on the colonies reached twenty-three percent‚ that was considered
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Now‚ let’s say I approach you on the street and demand money from you would you give it to me? What if I threatened you? Would it be right for me to insist you give me the money from your wallet? What if I only wanted one third of the money in your wallet? What if I promised you protection and other services in return for the money? Would you consider this theft? I imagine you would. Mugging‚ robbery‚ extortion. And you would be right in that assessment. What if I stopped you on the street and
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therefore the first characteristic was not met‚ and therefore the holidays were not ordinary income under s. 25(1). There is a further principle from this case. If the holidays were a substitute for income‚ rather than a voluntary reward‚ then the holiday would assume the character of the income it replaced. Not a binding principle from this case (Obiter Dicta). FCT v Dixon‚ Periodicity‚ recurrence and regularity/substitution principal Taxpayer left his job to enlist in the armed forces‚ but the
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Week 1 : Week 1 - Quiz ------------------------------------------------- Top of Form Time Remaining: | | 1. Henry transfers property with an adjusted basis of $90‚000 and a FMV of $100‚000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80‚000 and a short-term note with a $20‚000 FMV. Henry’s recognized gain is (Points : 2) | $0. $5‚000. $10‚000. $20‚000. c) Realized gain is recognized to the extent of boot
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4.1 Understand tax depreciation procedures and the effect of depreciation on the firm’s cash flows. 1) Depreciation deductions‚ like any other business expenses‚ reduce the income that a firm reports on its income statement. Answer: TRUE Diff: 1 Topic: Depreciation Learning Obj.: LG 1 Learning Outcome: F-02 Question Status: Previous Edition AACSB Tag: Analytic Skills 2) Non-cash charges are expenses that involve an actual outlay of cash during the period but are not deducted on the income
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Summer Training Report On “Tax Deduction At Source” Submitted In Partial Fulfillment Of The Degree Of “Masters of Business Administration” By GOURAV GUPTA MBA (2010 – 12) Roll No.50-MBA-10 THE BUSINESS SCHOOL UNIVERSITY OF JAMMU KATHUA CAMPUS CERTIFICATE This is to certify that Gourav Gupta ‚ student of M.B.A – III Semester‚ Roll no. 50-MBA-10 is a bonafide student of this institute. He has completed the project report on the topic “Tax Deduction At Source” under
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