...Foreign Account Tax Compliance Act (FATCA) Overcoming challenges relating to operational implementation Editorial In March last year, the US President signed the HIRE Act, thus paving the way for the implementation of the Foreign Account Tax Compliance Act (FATCA). In our first brochure “Mastering the challenges of the new US regulations”, we presented the fundamental considerations which were necessary following the introduction of the FATCA regulations. We also explained how FATCA works, and how participating foreign financial institutions (“participating FFIs”) will be affected as from 2013. Because the text of the HIRE Act functions within the meaning of a framework legislation and the specific guidance are still to be drawn up that there is considerable uncertainty among financial intermediaries. The focus is particularly on the question of whether or not a financial service provider consitutes an FFI as defined under the FATCA regulations and must make appropriate analysis. On the other hand, there are the issues of identifying customer and US accounts and the treatment of withholdable payments. Finally, there also appears to be widespread uncertainty concerning the question of what – if any – alternative strategic options an FFI has. The US Internal Revenue Service (IRS) shed some light on this issue by releasing Revenue Notice 2010–60. This notice deals in particular detail with the issues concerning the identification of customers and US accounts as well as the...
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... Problems and Prospects of Municipal Holding Taxation System: A Study on Bhairab Pourashava Md. Samiul Huda* Muhammad Rashidul Hasan** Abstract Local governments in Bangladesh have several options at hand to finance their activities and pursue their fiscal policy. These options include the imposition of taxes and the generation of non-tax revenues through fees, levies, cost recovery and user charges, property and investment income, domestic and foreign borrowing, the sale of assets and domestic and foreign grants. Urban Local Governments (ULGs) in developing countries are in dire need of resources not only for investment to meet the increasing demand of growing urban population but also for maintenance of the existing services. But the resources of the municipal bodies are inadequate; infrastructures are in poor condition and services maintenance is neither enough nor would cover the new expansions. Inefficient governance of the municipal bodies is partly responsible for this. Holding tax plays an important role in own revenue of Pourashavas. About 35-45% revenue comes from holding tax. But in Bhairab Pourashava it contributes only 18-20%. Every year, its demands and collection are decreasing. Many factors are responsible for this. This study tries to find out the problems of holding tax collection and assessment. Pourashava requires to pay more attention to solve these problems. If the amount of holding tax is increased, this will help Pourashava gradually become self-financed...
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...States. The illegal immigrant crisis is not one of discrimination, or racism it is financial. The federal benefits that illegal immigrants receive are a financial drain to every American taxpayer. Illegal immigrants annually cost taxpayers billions of dollars. Population demographics of illegal immigrants Based on the March 2008 Current Population Study (CPS) ( 2008) conducted by the United States Consensus Bureau, there are roughly 12 million illegal immigrants living in the United States, this equals the combined populations of Iowa, New Mexico, and Arizona. Researchers with the Pew Hispanic Center, estimate that a half million illegal immigrants cross over the border every year. Of the 12 million illegal immigrants that have crossed over, 1.5 million are children. In October 2008, Passel and Cohen compiled a study on unauthorized immigrant trends and demographics. They concluded that the majority of adult illegal immigrants did not graduate from high school; in fact, one-third had less than a ninth-grade education. Whereas, 90% of American citizens with the same economic standing had finished high school. In a different study conducted by Passel and Cohen, (2009), A Portrait of Unauthorized Immigrants in the United States, approximately 8.8 million illegal immigrant households can be found across the United States. Listed below are some typical characteristics of illegal immigrant households: o a family consists of two adults and two to three children o in 84% of...
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...contributors Are author’s credentials noted: All information under DBSA Is the author an expert in the subject area? Qualified to write information? All members of DBSA team are collaborative and comprised of individuals living with a mood disorder and provide information to reputable studies, sites, educational information and support groups. In 2012 collaborated with International Society for BP Disorders and the Collaborative Care Initiative in hosting Concordance 2012. Is there a link that will allow the user to contact the author? Yes Depression and Bipolar Support Alliance (DBSA) | 55 E. Jackson Blvd, Suite 490 | Toll-free: (800) 826-3632 | Chicago, Illinois 60604 | Fax: (312) 642-7243 | Privacy Policy :: Terms of Use | Copyright © 2016 DBSA | | | 3. Funding Is the site a not-for-profit site? Yes DBSA is a not-for-profit Illinois corporation qualified under section 501(c) (3) of the Internal Revenue Code. All gifts are deductible based on federal IRS regulations. Please consult your tax advisor if you have questions regarding the tax ramifications of your gift. DBSA’s federal tax identification number (FEIN) is 36-3379124. Is there any commercial funding? No Are there any potential conflicts of interest? No Are there any advertisements on the site, if so are they clearly labeled? No ads 4. Validity and quality Is the site last update specific? No Is there a clear statement...
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...& R Block H & R Block A Study of TDABC Costing Robert Kaplan defines activity based costing (ABC) as a system that “provides the conceptual framework for linking financial, production, scheduling, order-entry, marketing, and sales data… into a comprehensive costing and profitability model that reports profitability by individual product, customer, and even by order. (Kaplan, 2009). Time-driven ABC has taken this methodology a step further and simplified the process to make an even more powerful tool to measure the financial effectiveness of a company. This paper is attempts to take a U.S. service company and map out an implementation of TDABC to prove the ease and effectiveness of this accounting tool. Company Description H&R Block is one of the oldest and largest tax service providers. It was founded in 1955 by brothers Henry and Richard Bloch. The company began franchising in 1956 and went public in 1962. It employs over 100,000 trained tax professional both within the U.S. and worldwide. According to their web-site, H&R Block prepares one in every 7 U.S. tax returns.(HRBlock.com, 2013) One key to their success is that they claim to have a retail office within 5 miles of most Americans. H & R Block offers their services both in person and on-line. The tax-payer can chose to walk into an office and work face-to-face with the tax specialist, they can work totally on their own using the online or packaged do-it-yourself tax prep tools, or they can utilize...
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...be explored along with tips to protect consumers and businesses from having their identities stolen or data breached. Legislation in place to prevent and prosecute identity theft will be discussed. How to report identity theft is also explained. Defining Identity Theft The U.S. Department of Justice defines identity theft, also called identity fraud, as “all types of crime in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud or deception, typically for economic gain” (U.S. Department of Justice, 2015). Identity thieves use personal data such as Social Security numbers, bank account or credit card numbers to personally profit at the victim’s expense. These breaches allow thieves to take funds out of bank accounts or in the worst cases, take over a victim’s identity completely, running up huge debts and committing crimes using the victim’s name. Victims not only suffer the out-of-pocket financial losses, but they may have to rebuild their reputation in the community due to the perpetrator’s actions (U.S. Department of Justice, 2015). Identity theft is expected to surpass traditional theft as the leading form of property crime. Security analysts state everyone should prepare to be a victim of identity theft at some time in their lives (Anderson, 2013). Identity theft is a three stage process: acquisition, use, and discovery (Office of Justice Programs,...
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... 24 25 2 Executive Summary The National Board of Revenue (NBR), as the central authority of tax policy and administration in Bangladesh, plays a critical part in the development of the country. During the current fiscal year (FY 2010-11), NBR is expected to collect Taka 75,600 crore, providing much needed support to the government‟s development efforts. In recent years, Bangladesh‟s tax collection has recorded an impressive growth averaging 20% per annum. Despite this good achievement, a lot remains to be done. Bangladesh‟s tax-GDP ratio at 9.3% remains quite low when compared with other similarly placed countries in South Asia. Less than 1% of the population pays income tax and tax evasion is persistent even though a significant amount of tax revenue is given up in the form of tax incentives. Together, curbing tax evasion and dealing with tax incentives could add 5 percentage points to the tax-GDP ratio, potentially adding about 40,000 crore to the revenue collection. Most of NBR‟s processes are manual and there is little in the nature of taxpayer service and taxpayer education. The NBR also faces problems in its functioning due to its current administrative structure. Despite being under the same board, the different wings of the NBR (Income Tax, Value Added Tax (VAT) and Customs) operate almost independently providing little support to each other in combating tax evasion and providing a unified front to taxpayers. Moreover, the NBR faces the problems of acute shortage...
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...the Goods and Services Tax (GST) in the Singapore Construction Industry Low Sui Pheng and Carol P.W. Loi Introduction The Goods and Services Tax (GST), to be pegged at 3 per cent across the board for the first five years, was introduced by the Singapore Government on 1 April 1994. While this may just be another tax for many businesses, the rules and regulations governing the mechanism of this tax are entirely different from what companies and individuals have so far experienced from corporate and personal income tax respectively. Because GST is a transaction-based tax, it is levied at every stage of the business process and will finally be borne by the end consumers. Businesses registered for GST purposes become in essence the taxcollecting agents for the Inland Revenue Authority of Singapore (IRAS). The manner in which businesses have traditionally been conducted will need to be changed. There will also be changes to both external and internal documentation to be maintained by GST-registered businesses. Like Value Added Tax (VAT), GST is a tax on domestic consumption. It is paid when money is spent on goods or services, including imports. It is not paid when money is saved and invested in productive capability. A business will therefore charge GST on the output it sells (called the “output tax”), pays a tax on materials and services it buys (called the “input tax”), and hands over to the tax authority the difference between its output tax and input tax in each accounting period...
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...“DIRECT TAX” ] [Amendments vide Finance Act,2010 are applicable for June 2011 and December 2011 terms of Examination] AMENDMENTS vide FINANCE ACT, 2010 on “DIRECT TAX” Tax Rates Rates of Income - Tax for Assessment Year 2011-12 1.1 (A) For woman, resident in India and below the age of 65 years at any time during the previous. Upto Rs. 1,90,000 Rs. 1,90,001 to Rs. 5,00,000 Rs. 5,00,001 to Rs. 8,00,000 Above Rs. 8,00,000 Nil 10% 20% 30% 1.1 (B) For an individual (man or woman), resident in India who is of the age of 65 years or more at any time during the previous year. Upto Rs. 2,40,000 Rs. 2,40,001 to Rs. 5,00,000 Rs. 5,00,001 to Rs. 8,00,000 Above Rs. 8,00,000 Upto Rs. 1,60,000 Rs. 1,60,001 to Rs. 5,00,000 Rs. 5,00,001 to Rs. 8,00,000 Above Rs. 8,00,000 Surcharge: NIL Education Cess (EC): Education Cess at the rate of 2% on income-tax shall be levied. Secondary and Higher Education Cess (SHEC): “Secondary and Higher Cess (SHEC) on income-tax: at the rate of 1% of income-tax in all cases shall be levied. Nil 10% 20% 30% Nil 10% 20% 30% 1.1 (C) Individuals, [other than those mentioned in para 1.1(A) and (B) above] HUF, AOP/BOI (other than co-operative societies, whether incorporated or not) Directorate of Studies, The Institute of Cost & Works Accountants of India Page 2 AMENDMENTS vide FINANCE ACT, 2010 on “DIRECT TAX” 2. Other Assessees: Assessee Rate of Tax 30% Education SHEC Surcharge Cess 2% on income 1% on income 7.5% of income tax, if Net tax tax Income...
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...IMPACT OF TAXATION ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN MUKONO TOWN COUNCIL BY WOLIJJA ROSERN REG. NO: 10/U/7704/EKE/PE A RESEARCH PROPOSAL SUBMITTED TO THE FACULTY OF ARTS AND SOCIAL SCIENCES IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF BACHELOR OF ARTS IN ECONOMICS OF KYAMBOGO UNIVERSITY JULY 2013 DECLARATION I………………………………… hereby declare to the academic board of Kyambogo University that this is my own work from my effort and that it has never been presented to any university or any institution of higher learning for the award of a diploma or a degree. Signed: ……………….. Name: Date:…………………… APPROVAL This is to certify that this research proposal by………………………………………………. ……………………………..Reg.No……………… carried out under my supervision. I recommend that it is now ready for submission to the academic board, Kyambogo University with my due approval. Signed: …………………Date: …………………….. MS University Supervisor Signed:………………… Date:…………………. Ms.……………………….. Supervisor DEDICATION I wish to dedicate this piece of work to my father Mr.………………..and my mother Mrs.……… who saw enlightenment in education and sent me to school. I also dedicate this report to my Supervisor Mr.………………………… who has struggled much so that I bring out good presentable...
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...PRIORITIES IN E-GOVERNANCE RESEARCH PAPER SUBMITTED BY Lokesh Sharma Ankita Prasad Contents Abstract 4 Introduction 4 Research Objective 8 Literature Review 9 Research Approach 10 Impact Assessment of various projects 11 Union Government MMPs 11 MCA21 11 Online Passport Services: 12 Online Income Tax 13 Pension 14 Banking 15 E-office 15 Central Excise 16 U.I.D 17 Insurance 17 State Government MMPs 18 Land Records 18 Road Transport 18 Agriculture 19 Police 19 Treasuries 19 Municipality 20 Commercial Taxes 21 Gram Panchayats 21 Employment Exchange 21 Integrated MMP 22 CSC 22 e-Courts 22 e-Trade 22 India Portal 23 National Service Delivery Gateway 23 e-Biz 23 e-Procurement 23 Prioritizing with respect to parameters 24 Conclusion 25 References 26 Abstract e-Governance is the form of interaction between government and citizens ,businesses and other arms of government using information technology .These technology can help government is fulfilling various needs like improved interaction between business and industries ,better delivery of services to citizens ,improved interactions with business and industry ,better...
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...INDIA AND THEIR ENTRY STRATAGIES) My Project report covers: * Introduction * Types of Entry Strategies in India * Two Case studies * Conclusion * Sources Introduction: India Strategy Assessment Businesses entering India should analyse the following points before selecting the Entry Strategy: * Am I entering India at the right time? * How do I get my project approved and deal with the legal regulations? * Who are my sourcing partners? India an incredible promise, demonstrating rapid growth and entrepreneurial spirit. Brickwork India is definitely the gateway to the best of India. We help you in evolving innovative and intelligent strategies to foray your efforts into India. We are a specialist firm that can develop, mould, and monitor your India business strategies. We visualize, implement, and realize India entry strategies for companies from across the globe. Our services include consultancy in Setups, Mergers and Acquisitions (M&A), Partner Search, Market Research, Procurement Research, Supplier and Distributor Research, etc. We have an exclusive network of professionals, analysts, thought leaders, industry experts, and bureaucrats who help you in a smooth execution of India Strategy projects. Market Intelligence Market & Industry Analysis Company Profiling Feasibility Studies Competitor Analysis Entry Strategy Market Entry Strategy Business Planning Location Assessment Taxation Planning Project Management ...
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...Scotland, U.K. Tel: 00-44-141-330-5426 e-mail: n.garrod@accfin.gla.ac.uk On Accounting Flows and Systematic Risk Abstract The body of work that relates accounting numbers to market measures of systematic equity risk was largely undertaken in the 1970s and early 1980s. More recent proposals on changes in accounting disclosure of risk mean that a rigorous theoretical model of the relationship between accounting measures and market measures of risk is timely. In this paper such a model is developed. In addition, the assumptions required to develop the model are explicitly identified. By so doing it becomes possible to identify the potential cross-sectional differences which drive the empirical relationship between accounting and market based measures of risk. The model developed highlights a clear relationship between accounting and market measures of risk which can be exploited in situations where accounting data alone is available. It also provides a framework within which the environmental factors leading to cross-sectional differences between companies can be further explored. On Accounting Flows and Systematic Risk I. Introduction Work that relates accounting numbers to market measures of systematic equity risk was largely undertaken in the 1970s and early 1980s (Ryan, 1997). More recent proposals on changes in accounting disclosure of risk (Scholes, 1996) mean that a theoretically sound model of the...
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...Unit One: Case Study (MIP) Kaplan University – GB519 Measurement and Decision Making March 2010 What is the ROI for MIP based on original estimates? • Operating assets ( development costs were $140 million • Sales ( annual operating income was expected to be approximately $25 million ROI for MIP = 25 million / 140 million = .18% What is the ROI if Richard Lawrence’s new revenue projects are used? • likely generate operating income of just $17.5 million per year ROI for MIP with new figures = 17.5 million / 140 million = .13% Elaine feels pressure to deliver “good news” to Blake. What advice would you give to her? Given the possible personal financial rewards that Elaine may enjoy if GSM goes public, would your advice change? The truth in the figures is exactly what Elaine should be showing to Blake. Although the numbers are less than satisfactory to Blake and his expectations, the numbers are the numbers and should be reported appropriately. It would prove Elaine less than assertive and capable of doing her new job if she sugar coated the news. Managers and executives require solid information in order to make sound decisions. What responsibilities does Elaine have to other GSM employees, the board of directors, and the venture capitalists? Elaine’s duty is to report to Blake. However, this is information that also affects all those involved with the possibility of MIP going public. Because of this, Elaine...
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...Added Tax is one of the most important sources of tax revenues in Bangladesh. Since its introduction in 1991, VAT is one of the most effective and efficient tools in resource mobilization. Value Added Tax has emerged as a principal instrument of taxing domestic consumption world wide during last four decades. It is now in operation in more than 130 Countries. Value added tax is a primary source of tax revenue in many European and other developed countries. Its importance is also increasing in the developing countries because of its effectiveness in mobilizing local resources. VAT proves to be an efficient tool for revenue collection; its performance, therefore, has direct impact on fiscal mobilization, macroeconomic stability, and development. The basic advantages of Value Added Tax can be stated as its neutrality, tranparency, certainty and self policing mechanism. Customs is an Authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods including animals, personal effects and hazardous items in and out of a country. Depending on local legislation and regulations, the import and export of some goods may be restricted or forbidden, and the customs agency enforces these rules. Customs duty synonyms of tariff and involves a tax on commodities entering and leaving the country. In Bangladesh the levy and chargeability of customs duty are governed by the Customs Act 1969. Objective of the Study ...
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