...Exercise Clause of the First Amendment of the US Constitution. Supporting comments: Being a nonprofit 501(c)(3) organization directly limits the control that the government can have on how the organization is run. If churches are stripped of their 501(c)(3) status, then the government can control them and essentially force them to do and say what the government wants (Retrieved from Debate.org opinion poll on the question: Should churches and other religious organizations remain tax exempt?) A tax exemption for churches is not a subsidy to religion, and is therefore constitutional. Supporting Quote: "The grant of a tax exemption is not sponsorship, since the government does not transfer part of its revenue to churches, but simply abstains from demanding that the church support the state. No one has ever suggested that tax exemption has converted libraries, art galleries, or hospitals into arms of the state or put employees 'on the public payroll.' There is no genuine nexus between tax exemption and establishment of religion..." ----Chief Justice Warren E. Burger, majority opinion written for 7-1 decision of US Supreme Court case: Walz v. Tax Commission of the City of New...
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...BUSINESS LAW | Lecturer | MR. ROBIN PETER LANGE | Assignment No. | 1 | Assignment Due Date | 16th of December 2009 | DECLARATION: I hereby declare that the attached assignment is my own work. I understand that if I am suspected of plagiarism or another form of cheating, my work will be referred to the Academic Review Committee/Registrar, which may result in me being expelled from the program. | Signature | | Submission Date | 16th December 2009 | EXEMPTION CLAUSES RELATING COMMON LAWNAME: DOAN THAI BAO NGOC (GEM)CLASS: DIP BA/INTAKE 13THSUBJECT: BUSINESS LAWLECTURER: MR. ROBIN PETER LANGE | QUESTION 1 Discussion of Exemption Clauses Relating To The Common Law Common law can be seen as cases between parties who might involve in expressing terms of contract from a party that could be not read by other parties, buying a ticket or negotiating about contractual terms happening anywhere (Leong 1988, pg.291). Also, the contractual terms from the contract negotiated by both parties in common law are defined as exemption clauses. These clauses seek to exclude or limit their liable for breach of contract from a party to others in common law...
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...EC motor vehicle block exemption reform: are you ready for the new regime? By Susanne Zuehlke and Gianni De Stefano Reprinted from European Competition Law Review Issue 3, 2010 Sweet & Maxwell 100 Avenue Road Swiss Cottage London NW3 3PF (Law Publishers) ZUEHLKE AND DE STEFANO: EC MOTOR VEHICLE BLOCK EXEMPTION REFORM: [2010] E.C.L.R. 93 EC motor vehicle block exemption reform: are you ready for the new regime? Susanne Zuehlke and Gianni De Stefano* Block exemptions; Concerted practices; EC law; Motor industry; Vertical agreements The motor vehicle sector, in particular the distribution of passenger cars, commercial vehicles, spare parts and repair services, is subject to a specific block exemption, Regulation 1400/2002 (the motor vehicle block exemption), which is due to expire on May 31, 2010.1 Following a review launched in mid-2007, the European Commission (the Commission) adopted a Communication on July 22, 2009 to set out the basic policy orientations for the future legal framework that should apply to motor vehicle distribution and aftersales services agreements after the expiry of the motor vehicle block exemption. Currently, the motor vehicle sector is subject to a specific competition law regime which deviates from the general rules applicable to supply and distribution agreements. In particular, the motor vehicle block exemption provides for rules that are stricter than those provided in the general vertical block exemption, Regulation 2790/1999 (the...
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...On November 5, 2013 the voters of Corpus Christi voted against the bond proposal Destination Bayfront. After doing research for this paper and learning about the proposal I disagree with the election results. I think that Destination Bayfront is just what the city of Corpus Christi needs and feel that the benefits of Destination Bayfront out weigh the cons. Destination Bayfront was a proposed plan to dramatically up grade the thirty four acre area along the Corpus Christi Bayfront just south of the downtown area. The proposal included building a large park that would be sectioned off into nine different areas with lots of shade and parking. Some of the areas were to include a boarkwalk along the seawall, a play area for children, improved beach access to McGee Beach, large family areas, a dog park, an area for restaurants and shops, a great lawn for festivals and concerts, and a memorial park for the veterans of Corpus Christi. “You may have been an avid supporter; you may have been a vocal detractor. All things considered, one thing is for certain; Destination Bayfront looked to be a game changer for the Costal Bend” (QTD. Jimmy Willden, The Heart of Our City). The site where the Memorial Coliseum once stood had garnered a lot of attention over the years as both private and public ventures alike put bids for their vision of what this site could become. In the end, deed restrictions that were put...
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...To Promote new business, government offer various means of incentives for tax consideration. Some of the most used incentives offered to new business in Bangladesh are as follow: i. Tax Holiday ii. Accelerated Depreciation iii. Tax Subsidy In this paper we will be mainly focusing on Tax Holiday & Accelerated Depreciation and which one is better for a newly established manufacturing concern in Bangladesh. What is Tax Holiday? A government incentive program that offers a tax reduction or elimination to businesses. Tax holidays are often used to reduce sales taxes by local governments, but they are also commonly used by governments in developing countries to help stimulate foreign investment. Used in the hopes of increasing the gross domestic product (GDP) in developing countries, tax holidays are a way in which governments attract foreign investors. Tax holidays are often put in place in particular industries to help promote growth. What is Accelerated Depreciation? Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. The straight-line depreciation method spreads the cost evenly over the life of an asset. On the other hand, a method of accelerated depreciation like the double declining balance (DDB) allows you to deduct far more in the first years after purchase. From Income Tax Ordinance 1984: Tax Holdiay (Chapter V: Section 45, 46A, 46B) Section 45: ...
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...stakeholders. In this break down the project, scope will be conveyed to all parties involved. It is important the project scope be explained to the stakeholders to prevent surprises, as the project is underway. In order to suggest a better solution to the Riordan Manufacturing company one must know what systems the company currently has in place. The current system was installed in 1992. It is part of the financial systems package and keeps track of employee system information. The human resources business systems currently in place keeps track of employee’s personal information such as address, marital status, date of birth. The system keeps track of the employees pay rate. The Human resource system in place keeps track of tax exemptions, this is helpful when the employee files the taxes. This will help maximize or minimize the return depending...
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...last injustice done by religious organization in the new world. The framers of the United States constitution granted the right to freedom of religion among others. But all rights are limited; they cannot be exercised if they infringe upon another’s rights. Furthermore, despite claims of separation of church and state Christianity continues to take precedent over the rights and liberties of many citizens. Today one of the chief injustices regarding religion in America is tax exemptions for religious organizations. Proponents of tax exemption for religious organizations claim that there is no breach of separation of church and state. This claim is made on the grounds that by not taxing religious organizations they are not affiliating with them; therefore separation of church and state is attained. This logic is flawed to an unbelievable extent. The government electing not to tax religious organizations is not separation, but clear cut favoritism. Regular nonprofit organizations receiving tax exemptions are subject to IRS scrutiny and must file a detailed 990 statement cataloguing where the money has been spent (Taxthechurches 1). For religious organizations this requirement is waived, opening up a myriad of problems associated with this lack of supervision. Some churches...
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...changes to owner name, mailing address Grant exemptions Appraise Properties 3. NAME ALL THREE METHODS OF SEARCH OPTIONS WE UTILIZE FROM THE HCAD WEBSITE TO LOCATE BUSINESS AND REAL PROPERTY ACCOUNTS? Name Account number Address 4. WHAT IS HCAD’S WEBSITE, TELEPHONE NUMBER? www.hcad.org 713-957-7800 5. NAME THE TWO TYPES OF ACCOUNT CATEGORIES ON H.C.A.D. WEBSITE. Real Property Business Personal Property 6. HOW MANY DIGITS ARE USED TO LOCATE A BUSINESS ACCOUNT THROUGH HCAD’S WEBSITE? 7 7. WHAT DO THE FOLLOWING ABREVIATIONS MEAN FOR A BUSINESS ACCOUNT? COMP __________________ INV__________________________ SUP ______________________ M&E_________________________ F&F ______________________ MISC ________________________ 8. WHEN CONVERTING A BUSINESS ACCOUNT INTO ACT WHAT DIGITS ARE ADDED ON TO IT? The number 2 in front and 5 zeroes at the end 9. IF AN ACCOUNT HAS NOT BEEN CERTIFIED BUT ASSESSED VALUE APPEARS ON THE WEBSITE WILL YOU RELEASE THE VALUE INFORMATION? AND WHY? No, It has not been certified and something may change 10. WHAT IS A SUPPLEMENTAL CORRECTION? It is the original statement sent out late due to it being certified late 11. WHAT ARE THE REQUIREMENTS FOR OBTAINING A HOMESTEAD EXEMPTION, AND WHAT IS THE HOMESTEAD AMOUNT FOR HARRIS COUNTY...
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...Tax incentives Singapore is well positioned to maintain its economic competitiveness in today’s global environment with a low headline corporate tax rate of 17%, generous tax exemptions for small-to-midsize companies, and industry-specific tax incentives. The Government of Singapore provides a comprehensive package of tax concessions and incentives to businesses whose business activities reflect the direction in which the state plans to steer economic development. 1. Development and Expansion Incentive (DEI) The DEI encourages Singapore-based companies to move into high value-addition business activities, expand their operations in the country, and procure advanced machinery and equipment by offering a reduced tax in the range of 5%-10% on incremental income derived from qualifying activities. 2. International / Regional Headquarters Award (IHQ / RHQ) The Regional Headquarters Award and International Headquarters Award provide a reduced corporate tax rate on incremental income from qualifying activities. * Regional Headquarters Award: Under the (RHQ) Award, qualifying companies can enjoy a concessionary tax rate of 15% for five (3+2) years on incremental qualifying income from abroad, instead of the regular Singapore corporate tax rate of 17%. In other words, if applicant company satisfies all the minimum requirements by the third year of the incentive period, it will enjoy the 15% concessionary tax rate for an additional 2 years on qualifying income. This scheme applies...
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...be payable at the rate or rates specified hereinafter for each year of assessment upon the income of any person accruing in or derived from Singapore or received in Singapore from outside Singapore in respect of: S10(1) (a) Gains or Profits from Trade, Business, Profession or Vocation. S10(1) (b) Gains or profits from Employment. S10(1) (c) Delete by Act 29/65 S10(1) (d) Dividends, Interest or Discounts S10(1) (e) Pension, Charge or Annuity S10(1) (f) Rents, Royalties, Premium & other Profits arising from Property S10(1) (g) Any Gains or Profits of income nature not falling within any preceding paragraphs Tax Exemption Scheme (Theory) Full Tax Exemption Companies Limited by Guarantee (CLGs) will be allowed to qualify for the tax exemption scheme for new start-up companies effective from YA2010. For new start-up companies, tax exemption will be granted on the first $300,000 of a qualifying company’s normal chargeable income for any of its first three consecutive YAs, as follows: * Up to the first $100,000 normal chargeable income, 100% of the income shall be exempt from tax. * Up to the next $200,000 normal chargeable income, 50% of the income shall be exempt from tax. A “qualifying company” means a company incorporated in Singapore, which for each of the first three years of assessment is resident in Singapore for that, YA; and has its total share capital beneficially held directly by no more than 20 shareholders: * All of whom are individuals...
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...Box 0.3: Blurring the Line Between Profits and Nonprofits Yes, I would donate my used items to Portland, Oregon’s, Goodwill. Some people may disagree with me based on the amount of money the organization’s president, Michael Miller, and other top executives bring home per year. Some may disagree because Portland, Oregon’s Goodwill is a nonprofit organization, which by virtue of this title is tax exempt. Still others may disagree based on the ideal that a nonprofit organization that makes such a large profit, which does not appear to be reinvested into the organization, is crooked. However, after considering each of these arguments and evaluating my own beliefs, I would still donate to Miller’s organization. In order to determine whether you would support a nonprofit organization that operates using a business template we must define the main difference between the two. A for profit organization is just that, it is an organization whose goal is to make a profit, a business. A nonprofit organization is created to improve circumstances and affect a greater good for a target audience. The main question posed in this exercise asks if you would you support a nonprofit organization that is making a large profit which appears to be benefiting the organization’s top executives in excess? It is becoming increasingly popular for nonprofit organizations to adopt a business template in their quest to raise funds. Undeniably, there is an overhead cost to run any organization, regardless...
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...Exemption clause looks to limit the liabilities that may emerge from the legal relation. For instance an exception provision can be incorporated as "Party A will just acknowledge risk up to the measure of 60 dollars." Exemption clause is by and large incorporated into a contract to protect the party drafting the agreement from being sued by the other party for damages, negligence or different misfortunes. Exemption clause can be utilized by the party to distribute danger between them. Exemption clauses can be part into avoidance statement and constraint proviso. Exclusion clauses excludes liability completely for specified outcomes. Limitation clauses constrains a greatest on the measure of damages the party may need to pay if there is a failure of some piece of the agreement. Courts by and large translate exemption clauses barely altering it to sensible circumstances. On the off chance that the court thinks that the exemption clause utilized as a part of the agreement is absurd, court can announce it as void. As an agreement can't be made unilaterally, just reasonable confinements can be brought by exemption...
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...services. Non-Profit healthcare organizations mission is to serve communities by providing healthcare without regard for a patient’s ability to pay. For-profit hospitals are legally responsible to their owners and stockholders and performance is based on profitability and the return on equity to its shareholders. Profits from earnings can be distributed to owners and stockholders. There are also tax treatment differences for the for-profit and non-profit hospitals. (CBO, 2006) The non-profit hospitals are exempt from federal and state corporate income taxes, as well as local sales and property taxes. The for-profit hospitals are required by law to pay federal and state corporate taxes. For-profit Hospitals do not receive tax exemptions and are not required to meet community-benefit standards. Criticisms of For-Profit Healthcare Organizations The criticisms of the...
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...Environmental sustainability is gaining much focus in the recent years as people are beginning to strive for a balance between economic growth and sustainability. In fact, many developed countries such as UK, Japan have implemented strict environmental policies to enhance the quality on the environment and to preserve the sustainability of its resources. It is viewed that Malaysia’s effort has been marginal in achieving effective management of resources, pollution control and prevention of environmental degradation. Tax Incentives ENERGY Energy sector is one of the target sectors of Green Technology under the National Green Technology Policy. Various attractive incentives are given to businesses to encourage the generation of renewable energy (RE) such as biomass, biogas, hydropower and solar power, and the efficient use of energy (EE). Conservation of energy is a promoted activity under the Promotion of Investments Act of 1986, companies providing EE services or companies that incur capital expenditure for conserving energy for own consumption can be considered for the Pioneer Status or the Investment Tax Allowance. Besides, for companies who intend to implement Power Quality Improvement Projects can apply for Accelerated Capital Allowance (ACA). On top of these, income received from the sale of certified emission reduction would be exempt from income tax. Incentives Available to Companies Adopting RE/EE Initiatives: a) Pioneer Status: Exempt from income tax on 100%...
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...URA PRESENTATION The Theme of the Business Forum is : “Developing the Private Sector is Developing Uganda’’. The Purpose is to promote Trade, Investment and Tourism between Uganda and Nordic Countries. Topic : “The Role of URA in the development of Private sector in Uganda’’. Presenter: Katungwensi John Tinka Manager South Western Region( DT) 17th – 19th September 2013 Copenhagen Sweden. PRESENTATION OUTLINE. Introduction - Brief about Uganda Revenue Authority( URA) - The structure of Ugandan Tax System, - The contribution of URA in budget financing of Uganda Tax administrative measures Tax exemptions and allowable deductions enshrined in Tax statutes Tax dispute settlement. BRIEF ABOUT URA URA was set up in 1991 by Act of Parliament(URA Act 196) as a central body for the assessment and collection of specified tax revenue, to administer and enforce laws relating to such Revenue and to account for all revenue to which those laws apply. URA’s Vision: To be model for best practice and Innovation in revenue services. URA Mission Statement: To provide excellent revenue services with purpose and passion. URA Core Values: Excellence, Integrity, Teamwork and Respect. STRUCTURE OF THE UGANDAN TAX SYSTEM Executive • President assents to Parliament’s bills Parliament • • Enacts Laws that guides URA Approves policy Ministry of Finance, Planning and Economic Development • • • Represents the Executive arm administration Drafts government Tax...
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