by Onipede Ibidunni Seun on Capital Gains Tax in Nigeria Introduction Discussing capital gain tax without first presenting a general overview of the entire concept of taxation will be tantamount to putting a cart before a horse. It is therefore very important that justice be done by explaining taxation and various types of taxes. Taxation: A General overview Tax and taxation has been variously defined by different authors. Oyegbile (1996) defines tax as a sum of money paid by citizens of a country
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well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. Value Added Tax (VAT)‚ (Sales tax in States where VAT is not yet in force)‚ stamp duty‚ State Excise‚ land revenue and tax on professions are levied by the State Governments. Local bodies are empowered to levy tax on properties
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The State Tax Department is an agency in the executive branch of state government whose responsibilities are well defined in state law. These responsibilities include administering and enforcing the correct reporting and payment of taxes‚ and consulting with the governor upon the subjects of tax laws and administration. The responsibilities apply to every one of the taxes administered by the department. The department’s top managers include the commissioner‚ and deputy commissioner. Leaders in
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check. Further‚ Adrian maintains that even if she had made the trip to collect the check‚ by the time she returned home‚ the bank would have closed and she could not have deposited the check until January. ISSUES: Does Adrian include the $10‚000 on her 2007 or 2008 tax return? CONCLUSION: In general‚ constructive receipt occurs when income is credited to a taxpayer’s account‚ set apart for him‚ or otherwise made available so that he may draw upon it at any time‚ or so that he could have
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Value-Added Tax is a form of sales tax. It is a tax on consumption levied on the sale‚ barter‚ exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax‚ which may be shifted or passed on to the buyer‚ transferee or lessee of goods‚ properties or services. 1. What is a VAT registered individual? * Any person or entity who‚ in the course of his trade or business‚ sells‚ barters‚ exchanges‚ leases goods
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County Wheel Tax Why should we have to pay a wheel tax? In Loudon County‚ TN the government is proposing a 50 dollar wheel tax. Right now we pay 24 dollars per vehicle or item that must be legally registered; altogether we would be paying 74 dollars (Shaver‚ 2008). The wheel tax is going to be used for our road ways and education. A major issue with the wheel tax is there are people outside the county using the roads and their children use our schools‚ but pay no wheel tax. With the wheel tax we can
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Tax planning for corporate liquidation The Tax reform act of 1986(TRA) made significant changes to tax provisions which had influence on corporations. One of the most important changes was the deletion of the General Utilities doctrine; under a plan of complete liquidation it had given a tax relief for appreciated assets distribution. This essay illustrates tax law changes about corporate liquidations and suggests some tax planning strategies to mitigate the influence of TRA. Sec. 336 changes
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Business Tax: Reading Week Notes The Robin Hood Tax * The idea behind the RHT is to generate hundreds of billions of dollars * That money could be used to kick-start the US economy and get America back on its feet * The RHT = 0.5% tax on Wall Street transactions * Benefits: * It won’t affect the vast majority of Americans * It’s easy to enforce * It’s tough to evade * It taxes those who are to blame for the global financial crisis‚ rather than
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revenue and reduces health care costs; and a political win that is popular with the public. On February 4‚ 2009‚ Congress enacted‚ and President Obama signed into law‚ a 62 cent increase in the federal cigarette tax‚ along with increases in other tobacco taxes‚ to fund expansion of the State Children’s Health Insurance Program (SCHIP). Now this to me is worthy cause. The federal cigarette tax will increase to $1.01 per pack on March 31‚ 2009. Sorry All you smokers out there!!! Since January 1‚ 2002
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The Tax Incentives for Energy sustainability Building Introduction Nowadays‚ the built environment has a tremendous impact on the natural environment‚ human health and economy. Since buildings have substantial impacts on the environment‚ it has become necessary to pay more attention to environmental performance in building design (Pearman & Jager‚ 1989). Green buildings also describe as sustainable building‚ are developed to minimize the total environmental impacts which are making effective
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