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Taxation Essay Topics & Paper Examples

Existing Direct Tax System and Proposed Direct Tax Code in India

Tax is defined as a compulsory payment made to the government by the individuals firms and companies without any expectation of a direct return. In general there are two types of tax system prevailing in our country. One is direct tax and other is indirect tax. Here we will restrict our discussion to direct tax only. Direct taxes are those the burden of which cannot be shifted, that is incidence and impact is on the same person. In India the tax law is governed by the finance act. The amendments are brought through budget every year which is issued on the last date of February. There have been various arguments in regard to the complexity of the tax laws. The…

Corporations today

In the United States today there are millions of corporations in many different industries. All of them must abide by the current taxation rules and regulations that have been set by IRS and congress. The Internal Revenue Code, which was originally founded in 1939, set the foundation for the codification that we have in place today. The code arranged all Federal Tax provisions in a logical order and placed them in a separate part of the federal status. Over the years, congress has updated and amended the tax code in 1954, in 1986 Tax Reform Act, and is constantly updating the code due to its importance in assessing judicial and administrative decisions. The arrangement of the code is broken down…

Trends in Fiscal Policy of India

ABSTRACT This essay traces the major developments in India’s fiscal policy from the early stages of planned development in the 1950s, through the country’s balance of payments crisis of 1991, the subsequent economic liberalisation and rapid growth phase, the response to the global financial crisis of 2008 and the recent post-crisis moves to return to a path of fiscal consolidation. The initial years of India’s planned Development strategy were characterised by a conservative fiscal policy whereby deficits were kept under control. The tax system was geared to transfer resources from the private sector to fund the large public sector driven industrialization process and also cover social welfare schemes. However, growth was anaemic and the system was prone to inefficiencies. In…

Visakhapatnam Special Economic Zone

Visakhapatnam Special Economic Zone (VSEZ) formerly known as VEPZ was established in 1989 offers state of the art infrastructure coupled with liberal package of incentives, concessions and support services. The export-friendly administrative set up ensures disposal of all approvals and clearances instantly. SEZ’s (Special Economic Zones) are a geographic location within a country which represents an ideal working environment with world class infrastructure facilities and 24 X 7 working environment with flexible working hours. VSEZ UNITS: There are approximately 105 SEZ units are present in VSEZ and around 65 of them are functional namely Dr.Reddy’s laboratories Ltd , Nitin fire protection industries Ltd, Clean cities biodiesel India Pvt Ltd, HBL power systems Ltd, L.I.D. jewellery Pvt. Ltd, Worldwide diamond mfrs….

Emerging Trends in Entrepreneurship

My reaction in syntax law ,I`am so happy when the syntax law is now on the law that many people will minimize their(bisyo)The Recto bill was not well-received by the various sectors championing sin tax reform as it sought to retain the multitiered system and increase excise tax collection from tobacco and alcohol products by only P15 billion to P20 billion in the first year of implementation. This is significantly lower than the P31.35 billion that House Bill 5727, already passed on third reading, projects to raise, and an even farther cry from the P60.63-billion goal originally proposed by the Department of Finance. Senator Drilon’s substitute bill features an expected excise tax collection of P40 billion to P45 billion in…

UK Tax System

Tax in simple terms refers to the government raising money to spend on public services which includes health and social security system and education. Tax levied on a number of goods and services in the form of Value Added Tax (VAT), such as income tax on the money we earn. Tax can also be imposed on various transactions i.e. inheritance and profits from selling homes or antiques. The tax system is a complicated procedure. The purpose of task A is to provide features of the UK tax system in conjunction with any rules and regulations with regards to UK registered companies. It will also discuss the process in which the tax liability of an individual is implemented. The principle UK…

Zimbabwe Taxation

The tax system currently enforced in Zimbabwe under the authority of the Income tax Act Chap 23. 06 with Acts like the Capital Gains Act Chap 23. 01, Finance Act Chap 23. 04 and the Excise duties Act as complimentary. The system evolved from traditional ideologies perpetuated from pre pre-colonial era up to now. The incidence of tax from a traditional perspective occurred from as far as the Rozvi State who was allowed to maintain their power and control by the Portuguese Traders which resulted in the development of the tributary system. In which tribute was to be paid in form of farm produce, animal skins, fish and various goods. Every person under the protection of the kingdom and within…

Sin Tax Law

“It has been a long battle for the sin tax reform measure proposed as early as 1997. For almost 16 years, the bill was debated on, scrutinized and sometimes set aside… but we have proven that nothing is impossible for a country that rows in one direction,” Mr. Aquino said. Davao Rep. Isidro T. Ungab (3rd district), the House of Representatives ways and means committee chairman, called Republic Act 10351’s approval “a victory against lobby groups.” “We got what we wanted — the removal of the annexes, the removal of the price classification freeze, indexation to inflation, unitary rates in five years and leveling of the playing field.” Prior to the reform, taxes on tobacco and alcohol products continued to…

Taxation Issues

The individual income tax consists of taxes on compensation income (from employment), business income, and passive income (interests, dividends, royalties, and prizes). In 1998 compensation income tax rates were restructured into 6 bands with marginal rates ranging from 5% to 35%. Exemption levels are 20,000 pesos (about $400) for individual, and 32,000 pesos (about $640) for married couples. In 2000, the business income tax rate was lowered from 33% to 32%. The tax rate on passive income is 30%. For resident foreign corporations, after-tax profits remitted abroad are subject to a 15% tax, except for corporations registered with the Philippine Economic Zone Authority (PEZA), the Board of Investment (BOI), the Bases Conversion Development Authority, or operating in independent special economic…

Alternative minimum taxable income

In 1969, Congress had noticed that 155 people with high incomes were legally using so many deductions and other tax breaks that they were virtually paying nothing in federal income taxes. This angered many tax paying citizens and embarrassed the government. In an effort to fix the system Congress came up with the alternative minimum tax. At the time the tax only affected the high income class but not so today. The alternative minimum tax was never adjusted for inflation and now affects more and more middle income taxpayers. Now a day the AMT affects people with an income over $75,000 and some large deductions. Most vulnerable are taxpayers with several children, interest deductions due to second mortgage, capital gains,…

Alternative Minimum Tax

Good to hear from you Alex. Estate and gift tax can be a burden so let me help you clear the air and give you a fresh take on what to do. First I’m going to want to explain to you the estate tax formula. Then I will discuss the interplay between gift and estate taxes. I have a few strategies for you to minimize estate taxes that I can let you in on and will help you on the long run. I would also like to explain the generation-skipping transfer tax and its relationship to gift and estate tax, because this might relate to you. From all this I will give you my advice on whether to invest in…

Impact of Tax

Income tax is a tool to achieve economic growth in any country. Income tax is accepted not only as a means of raising the required public revenue, but also as an essential fiscal instrument for managing the economy (Burgess, 1993). Of all the taxing systems, income tax plays a major role in generation of revenue and distribution of income in any country. If income taxation is poorly designed, it may lead to fiscal imbalance, insufficient tax revenue and distortions in resource allocation that can reduce economic welfare and growth (World Bank, 1991). Hence, an ideal tax system would achieve a balance between resource allocation, income distribution and economic stabilization (Lewis, 1984). Patterns of income taxation (both in level and in…

Discuss About the Duty of Paying Taxes

Paying taxes has become a compulsory obligation of each citizen for a long time but in recent years, there have some heated debates with many people believing that paying taxes is a work expressing adequately their responsibilities with society. While others clam that it is not enough to become a good citizen. First and foremost, paying taxes is very essential with society. Firstly, taxes is a major source of government income used to set up several socio-economic policies. There are a range of projects using budget to build road, hospital, school,…which show the duty with society of people who pay taxes. In addition, there are some taxes depending on individual income, businesses,…which create an awareness of that paying taxes is…

Hr in Action Case Incident

1.Mr. Fisher made a number of mistakes, the first being his trying to set up and run a company in the American way. He did not investigate the local laws and cultures to see what, if any differences there would be in areas of sales and employment. He did not consider local taxing rules where foreigners have to have special visas and taxes are paid to maintain and keep those visas. He obviously does not understand that the cultural attitudes toward work are not the same as in the United States. The “walk about” person is not unusual and should not be dismissed out of hand. The laws in Germany are very different and very clear, so not educating himself…

Industrial Budget

* Budget session begins under the chair of Dr Fehmida Mirza * Newly elected member Israr Tareen took oath * Finance Minister Hafeez Sheikh delivered budget speech amid opposition protest. * The economy the government inherited in 2008 was very unstable, unbalanced and in bad shape. Foreign exchange reserves were down and the value of the rupee was falling swiftly because of which the business fraternity had lost confidence. The oil prices in the international market had reached a historic peak of $145 in July 2008. In September 2008 due to the global economic crisis the developed world was facing depression. The growth rate of developed economies had on average fallen by 2.8%. * The opposition members clashed with the…

Pros and Cons of Obama Care

The Affordable Care Act withstood many trials on its way toward becoming reality, from epic congressional battles, to a pivotal Supreme Court ruling, to — finally — yesterday’s Presidential election. Saul Loeb | AFP | Getty Images Obama’s reelection means his health-care reform act has dodged its last bullet, and the age of universal mandates, penalty taxes and tax credits will almost certainly go into effect, although probably not exactly as scheduled on Jan. 1, 2014. What do you need to do to get your business ready? (Read more: Warby Parker CEO: Startups Focused on Health-Care Costs, Immigration Reform) Inc. put the question to health-care policy expert Henry J. Aaron, a senior fellow at Washington think tank Brookings Institution. Aaron…

Negative Economic Impact of the Ppaca

Negative Economic Impact of the Patient Protection and Accountable Care Act The Patient Protection and Affordable Care Act (PPACA) also referred to as ObamaCare, federal healthcare law, Affordable Care Act, or ACA, is a United States federal Statute signed into law on March 23, 2010, by President Barack Obama. In combination with the Healthcare and Education Reconciliation Act, it represents the most significant regulatory overhaul of the U.S. healthcare system since the passage of Medicare and Medicaid in 1965 (Patient Protection and Affordable Care Act). The PPACA is intended to increase the number of health insured Americans and reduce the overall costs of healthcare. The PPACA will revamp the current health insurance system by extending health insurance coverage to nearly…

Reaction: Sin Tax Law

I am so glad of the very purpose of passing the sin tax law which is to protect the health and save the lives of the countrymen. This simply means that the government officials are concern about the good health of all Filipinos but this doesn’t mean that I am into this bill, for some reasons that the government or most of the senate themselves failed to look unto. Firstly, I would like to agree with Sen. Marcos who said that farmers stand to lose their livelihood because of the measure. This is very true, we all know of the fact that Philippines’ one trademark in the field of import and export of raw materials is the tobacco, there have…

Sin Tax Bill (For the Government)

According to James Sadowsky, author of The Economics of Sin Taxes, taxes imposed on products seen as vices such as alcoholic liquors and tobaccos are called sin tax. Aside from the commodities being objects of disapproval, even their consumers accept such taxes because they seem to hit two birds in one stone. First, they raise revenues and second, they made vices expensive. House Bill 5727 or also known as the Sin Tax Bill aims to reform the imposed tax on the sin products (Official Gazette, 2002). We support this bill for three reasons. First, the government can collect more revenues. Second, it promotes health by dissuading the consumption of the vices. And lastly, the poor sector benefits from it. Sin…

Income Tax Planning Wrt Individual Assesee

This Income Tax Planning in India with respect to Individual Assessee MBA Project covers the basics of the Income Tax Act, 1961 as amended by the Finance Act, 2007 and broadly presents the nuances of prudent tax planning and tax saving options provided under these laws. Any other hideous means to avoid or evade tax is a cognizable offense under the Indian constitution and all the citizens should refrain from such acts. Need for Study In last some years of my career and education, I have seen my colleagues and faculties grappling with the taxation issue and complaining against the tax deducted by their employers from monthly remuneration. Not equipped with proper knowledge of taxation and tax saving avenues available…

Tax Administration

Tax administration attaches great importance to all forms of taxes, in the sense that they aim at reducing tax evasion to its minimum level. Ghana has relatively a long tax history on tax administration. According to the Report of the Tax Review Commission (Parts 1, 2 & 3),” Accra, (1977) the first custom law was first passed under colonial rule in 1855 and later replaced in 1876 by a custom law based in the U.K. With reference to the Report of the Tax Review Commission (Parts 1, 2 & 3), (1977), the customs Consolidated Act, 1876, income tax was introduced in Ghana under the Income Tax Ordinance in 1943. As noted above, the three main revenue institutions are the Value…

Documentation Payroll System

Project Context As Computer technology nowadays, changes at such time, many businesses factors try to cope up by upgrading computer system constantly in order to stay competitive. The multifunction ability of technology for its advance system is also an important factor for a company to use software. It makes efficient use of the advance technology and has ambition to discover more. Computers have the great impact on the profession of accounting with the rapid growth of technology today, there is no doubt that computer will become a common asset of all profession.(Google,2012)In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses, and deductions. In accounting, payroll refers to the amount paid to…

How to Be a Successful Tax Consultant

Tax consultants are financial experts who specialize in tax laws and assist clients with tax issues on the best ways maximize the value of their estate. This can include preparing tax returns, acting as a representative, or giving specialist advice. A good tax consultant stays up to date on changes made to the federal, state, county and local tax codes. Some tax consultants specialize in a specific area, such as estate planning. There are three key words to help you to become the successful Tax consultant: * Understanding: The mostly important thing to help you exist in the business world is getting clients. And the good Tax consultants need to understand their clients. Understanding clients in the best way to…

Tax Evasion

Tax Avoidance and Evasion are some of the most perplexing problems facing the nation today. It is widely believed that there is a considerable difference between estimated revenue from taxation every year and what is actually collected. This disturbing aversion to taxation has some historical antecedents. Traditionally, there has always been a hostile response to the payment of tax by the people who viewed tax collectors as a nuisance to the society. And for the few that paid tax, they did so with the greatest reluctance. Even in the Bible, instances abound where the Jews treated the tax collectors with disdain and contempt.1 This negative attitude transcended to modern times and with the consequence that various devises, has been formulated…

Role of Income Tax

The contribution of income tax is playing a pivotal role in the economic development of Bangladesh Development of Bangladesh has taken various measures to modernize the tax system. “Tax is an expense which is payable by an individual on the basic of his or her level of income” In general tax is imposed earning capacity. In 1984 an industrial enterprise established prescribed within prescribed time limit in the prescribed area shall be exempted from tax for certain period. The main objective of this scheme is to ensure economic development of Bangladesh. On the other hand Investment allowance is given on the investment new machineries. Depreciation allowance is allowed on the new machine it rise used in various industries at a…

Sin Tax Bill

Summary Sumptuary taxes are ostensibly used for reducing transactions involving something that society considers undesirable, and is thus a kind of sumptuary law. Sin tax is used for taxes on activities that are considered socially undesirable. Common targets of sumptuary taxes are alcohol and tobacco, gambling, and vehicles emitting excessive pollutants. Sumptuary tax on sugar and soft drinks has also been suggested.[1] Some jurisdictions have also levied taxes on illegal drugs such as cocaine and marijuana.[citation needed] The revenue generated by sin taxes is sometimes used for special projects, but might also be used in the ordinary budget. American cities and countries have used them to pay for stadiums, while in Sweden the tax for gambling is used for helping…

Estate Planning Paper

Last year, November 2011. The world lost Andy Rooney. Andy Rooney, the “60 Minutes” commentator known to generations for his wry and humorous television essays died Friday in a hospital in New York City of complications following minor surgery. He was 92. A will for Rooney has been filed in surrogate court in New York City. The will leaves the entire estate, which is comprised of $8 million in stocks, bonds and cash and $1 million in real estate, to Mr. Rooney’s four children, Brian Rooney of Los Angeles, identical twins Emily Rooney of Boston and Martha Fishel of Chevy Chase, MD, and Ellen Rooney of London. Mr. Rooney’s wife, Marguerite “Margie” Rooney, died in 2004. They had been married…

Tax Avoidance and evasion

Introduction According to Hyde (2010) tax evasion cost the UK treasury over £15 billion annually. This is approximately 3% of the total tax liabilities that individuals and organisations are meant to pay to the Her Majesty Revenue and Customs (HMRC). While an estimate of £25 billion is lost through tax avoidance annually (Murphy, nd). These are huge sums of money that could go a long way to help the government reduce the national deficit or could have been used for national development projects but have eluded the government. This report seeks to compare and contrast tax avoidance and evasion. Secondly, critically evaluate the effectiveness of HMRC’s approach to the “tax avoidance industry” in recent times. Comparison between tax evasion and…

Tax Incident

Government generally collect taxes to generate revenue and question arise here is that after imposition of taxation, which group will bear the tax burden. After implementation of tax, there would be the division of tax burden between byres and sellers which is known as tax incidence. Tax incidence is linked to the price elasticity of demand and supply. If supply is more elastic than demand then the tax burden falls upon the buyers and when the demand is more elastic than supply then the producers will bear the cost of the tax. Tax incidence is basically the analysis of the effect of taxation on the distribution of economic welfare. Tax incidence expose that which group either consumer or producer is…

Sources Of Support

Local authority Your local authority will have co-ordinators that will help to support people studying or working in early years. They will put you onto a pre-registration briefing to help you with the process. On the briefing they will also give information on the training they offer. The local authority will offer other training where necessary. E.g paediatric first aid, safe guarding. They also have a duty to provide EYFS training. The local authority can be contacted directly. Childminding team Direct line 0161-219-2726 Email address; [email protected] Website; www.manchester.gov.uk/childminding Local childminder drop in meetings Going to these meetings will give you the opportunity to meet other childminders in your area. This will give you some support and you can ask for…