...A Study on Analysis of Value Added Tax System By Ajay Dongol P.U. Reg. No. 2007-2-03-0176 Roll. No. 831455 A Summer Project Submitted to: Ace Institute of Management Pokhara University In Partial fulfillment of the requirements for the degree of Bachelor of Business Administration New Baneshwor Kathmandu December, 2009 i ACKNOWLEDGEMENT I would like to express my gratitude to Ace Institute of Management along with Mr. Prakash C. Bhattarai, our course instructor for providing us the opportunity and supervising us to carry out the Summer Project. I would also like to thank Inland Revenue Department, Lazimpat for providing me with the time and necessary materials that helped me complete this project. Similarly I would like to thank Pokhara University for providing us the opportunity to explore the outer world in due course of study. I would specifically thank the following people who have given their valuable time and advices for my project. Mr. Ram Shrestha – Store, IRD Mr. Binod Lamichane – Tax Clearance, IRD Mr. Achyut Adhikari – Taxation in Nepal Teacher, Nicolson College I would also like to thank the participants of my project, the business persons who has answer to my queries and shown some real picture of VAT system. At last I would also like to thank my friends and teachers for continual guidance and providing their valuable time in preparation of this report. Ajay Dongol BBA- IV ii Contents ACKNOWLEDGEMENT ......
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...Taxation Updates For COOPERATIVES Dean Estelita C. Aguirre Resource Person AIT “Learning through Quality Training” Objectives of the Seminar To review: > the tax exemption provisions of COOP Code vis-à-vis the NIRC and the LGC; and > the COOP BIR compliance requirements. To present and clarify > recent tax rulings, RR and court decisions > problem areas affecting COOPs AIT “Learning through Quality Training” Presentation Outline Part I Review 1) Legal Bases of Exemptions 2) Classification of Coops 3) Tax Exemption/taxability of Coops 4) Taxability of COOP Members & Directors Part II Recent Development 1) CTA Decisions: Final Tax on Interest 2) RMC 34-2008 on Director’s fees 3) RR14-2007 on Microfinancing 3) BIR ruling on CTE AIT “Learning through Quality Training” Legal Bases of Exemptions AIT “Learning through Quality Training” Legal Bases of Exemptions 1. Cooperative Code of the Philippines Article 61 Article 62 2. Bureau of Internal Revenue Section 109 of NIRC RR No. 20-2001 3. Local Government Code of 1991 Section 133 Section 234 AIT “Learning through Quality Training” Article 61 and 62, RA 6938 apply to Art 61 Coops transacting with members only Art 62(1) Coops transacting with members and non-members with Reserves of P10M & below Art 62(2) Coops transacting with members and non-members with Reserves of over P10M AIT “Learning through Quality Training” Local Government Code Section 133(n) exempts all duly registered COOPs from taxes, fees and charges...
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...C:11-58 a. E&P, January 1 $155,000 Current year taxable income before distribution $40,000 Capital gain on distribution of land* 30,000 Minus: Federal income taxes [$7,500 + (0.25 x $20,000)] (12,500) 57,500 E&P before distribution $212,500 Minus: Cash distribution (100,000) Property distribution (100,000) E&P, December 31 $ 12,500 *E&P and tax gains are the same. Both distributions are fully taxable as dividends to Jeff and John in the amount of $100,000 each. John takes a $100,000 FMV basis in the land he receives. b. AAA, January 1 $125,000 Current year ordinary income $40,000 Capital gain on distribution of land 30,000 70,000 AAA before distribution $195,000 Minus: Cash distribution ( 97,500) Noncash distribution ( 97,500) AAA, December 31 $ -0- AE&P, January 1 $ 30,000 Minus: Remainder of cash and property distributions ( 5,000) AE&P, December 31 $ 25,000 Of each distribution, $97,500 is nontaxable assuming the shareholder has sufficient basis in his stock. The remaining $2,500 of each distribution is a dividend included in the shareholder’s gross income. John takes a $100,000 FMV basis in the land he receives. ...
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...Abhinav International Monthly Refereed Journal of Research In Management & Technology Volume II, October’13 ISSN – 2320-0073 CUSTOMER SATISFACTION - A CASE STUDY OF SYNDICATE BANKING SERVICES Tanu Bajaj1 and Kavita Dua2 1 Lecturer, Pt. N.R.S. Govt. College, Rohtak (Haryana), India Email: tanubajaj2011@gmail.com 2 Reserach Scholar, Maharshi Dayanand University, Rohtak (Haryana), India Email: Kavitaduaphd@gmail.com ABSTRACT Banking is an important field of study. In Indian economy where more than 70% population depends upon agriculture, there is a strong need of banking system. Syndicate bank is one of oldest & major commercial banks of India, which provides financial assistance to its local weavers. Customer is the pivot upon which whole banking business revolves. Banking is a service sector industry & customer service is the differentiating factor. Now the needs of customers have fully changed. Customer satisfaction is one of the mysterious concepts because every customer has its own expectations, beliefs, and psychology & physical variables. So it is very difficult for banks to work aligning with their customers’ needs. Therefore to know the customer satisfaction in syndicate bank research is conducted on 75 respondents. The respondents are of different background in age, sex, education &occupation etc. The study revealed that Syndicate bank customers are satisfied in many aspects such as bank’s basic amenities, loan procedure, and innovative...
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...GST, the Goods and Services Tax, in Malaysia has been critically received by citizens. This study has been conducted to gauge the level of awareness and approval of GST among IIUM students. The general outlook on GST is negative, stemming from a lack of awareness as to what GST truly is and the taxpayers mindsets (Abdul Mansor & Ilias, 2013). Questionnaires were distributed to random IIUM students aimed at getting their awareness on GST and its implementation. The findings indicate that IIUM students are aware of GST and its imminent implementation and conflicting views on whether or not they approve of its implementation. Perhaps with a little scrutiny and education it might be possible to increase awareness on GST, and may change people perceptions and reception of it, be it positive or negative. 1.0 Introduction In general, Goods and Services Tax (GST) is a consumption tax which is imposed on the sale of goods and services, and it is divided into two categories indirect taxes and direct taxes and is administered by the Royal Malaysian Custom (RMC). The Malaysian government has announced that the new system which will be implemented starting 1st April 2015 at the rate of 6% (Robinson, 2014). The GST (goods and services tax) system will be replacing the present SST (sales and services tax). In the current tax regime, the 10% Sales Tax and 6% Service Tax is collected by one party (usually the seller) and passed on to the tax authorities. For instance, in...
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...INTRODUCTION TO FEDERAL INCOME TAX ACCT 5135 Spring 2014 MONDAY 5:45-9:05pm HMH 1-103 Instructor: Tammy Naples, CPA, MBT Office Hours: By appointment, CSOM 4-259 Phone: 612-624-6077 E-mail: naples@umn.edu TA: Nathan Reigstad reigs025@umn.edu Course Prerequisite: ACCT 2050 Introduction to Financial Reporting Course Objectives: To introduce the student to the philosophical, economic and legal aspects of the United States federal system of income taxation. Specifically, the course will: (1) provide a historical perspective with respect to the system of income taxation in general and with respect to various specific provisions within the system; (2) examine the interrelationships between legislative authority (the Internal Revenue Code), judicial, and administrative authority; (3) analyze the structure of the Internal Revenue Code and its provisions with respect to specific areas of the law; (4) introduce the reading of case law and other tax authority; and (5) provide a basic knowledge of tax research tools and techniques. You will not be a tax expert when you complete this course, but you will be familiar with fundamental income tax rules, primarily with respect to individuals, and how the federal tax system works. The instructor will also attempt to provide some insight into the role of the tax professional in private and public practice in order to help you to determine...
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... No. 2 Causes of Tax Evasion in Pakistan: A case study on southern Punjab Waseem Ahmad Khan (Corresponding author) Lecturer, Department of Management Sciences, The Islamia University of Bahawalpur, Pakistan E-mail: waseemkhan_hcbf@yahoo.com, Tel: +92-333-3133540 Prince Fawad Ahmad Student, Department of Management Sciences, The Islamia University of Bahawalpur, Pakistan Accepted: October 15, 2014 DOI:10.5296/ ijafr.v4i2.6484 URL: http://dx.doi.org/10.5296/ ijafr.v4i2.6484 Abstract Introduction: Tax evasion is main problem in Pakistan due to which Pakistan remains under a lot of stress. Tax evasion results in less revenue. Many causes have been discussed which play major role in tax evasion in Pakistan. It is a primary research. Literature review: Many authors have discussed impacts of tax evasion in different sectors of economy. Previously tax evasion cause major trouble in Tanzania & Greece. Methodology: A questioner has been filled by targeted population of 100 Professionals & Business students of Department of Management Sciences Islamia University of Bahawalpur. Questioner was consisted of 5 major parts i.e. Tax System, High rate, Go with the flow, Corrupt Govt. & Progressive taxation. Findings: Most of the population agrees that these causes play a vital role in the tax evasion in the Pakistan. Conclusion: Tax evasion is main problem of Pakistan which needs to be eliminating by following the recommendations that tax system must base on...
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........................................................................................................................................ 7 ALBANIA .................................................................................................................................................... 8 MARKET POTENTIAL ................................................................................................................................... 10 . FACTORS OF COMPETITIVENESS ................................................................................................................. 11 HUMAN FACTOR ......................................................................................................................................... 12 COST/BENEFIT ANALYSIS ............................................................................................................................ 13 . APPENDIX 1 Networked Readiness Index 2012...
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...Indiana University Kelley School of Business Indianapolis BUS A375 18265 Internal Auditing: Process Controls BUPA A575 18579 Internal Auditing and Corporate Governance Fall 2011 Meetings: 6:00- 8:40 W, August 24 – December 14, 2011, Room BS2007 Required Textbook: Internal Auditing: Assurance and Consulting Services 2nd Edition, Reding et al., © 2009, The IIA Research Foundation, ISBN-13: 978-0-89413-643-6. Optional Materials: Gleim CIA Review Manual, 14th edition, Part I and Part II. The CIA materials are available in the third floor computing lab. Instructor: James Reinhard, MS, CPA, CIA, CISA Adjunct Faculty Office: BS4032R Voice: (317) 753-9663 E-mail: jareinha@iupui.edu Office Hours: 5-5:45 the day of class, and by appointment COURSE OUTCOMES Overall Learning Outcome The overall learning Outcome is to obtain a fundamental knowledge and a sense of skills related to internal auditing. Specific Learning Outcomes After completion of this course, the student should achieve the following outcomes: * Given a business process, students will be able to perform the 3 steps of an audit process (planning, fieldwork and reporting) by applying the International Professional Practice Framework (IPPF), the International Standards for the Professional Practice of Internal Auditing (Standards) and guidance to the practice of internal auditing, and COSO framework. (PUL 1, 2 ;PBL 1, 3; MSA Goal 3, 4) * Students will...
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...THE GLOBAL FINANCIAL CRISIS AND ITS IMPACT ON THE FINANCIAL SECTOR IN JORDAN: APPLIED STUDY ON FINANCIAL COMPANIES LISTED IN AMMAN STOCK EXCHANGE Fayez J.S. Alnajjar, Jadara University, Irbid, Jordan. Mahmood I. Noor, Al-Isra Private University, Amman, Jordan. Nazem M.M. Al-ahmad, Jadara University, Irbid, Jordan. Suzan S. Issa, University of Petra, Amman, Jordan. ABSTRACT The study adopted a comprehensive survey of companies listed on the Amman Stock Exchange, in order to identify the most important effects of the global financial crisis on the financial sector in general, and its constituent sectors particularly in Jordan, Through the movement of the index for each sector of the financial sectors, the study found that Jordan like other countries in the world has been affected by the global financial crisis, but to a lesser extent due to the lack of modern financial instruments in the financial market such as derivatives. The study found also that the financial sectors in Jordan has recorded a sequential decline it was most severe in the diversified financial services sector, followed by the real estate sector and the banking sector varied, then the insurance sector, where it notes that the diversified financial services sector and real estate sector have been a sharp rise at the beginning of 2008 so they are the most affected at the time of the global financial crisis, as shown by the similarity of the study of vulnerability to a large extent. The study also found that the financial...
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...What is Linear Technology Current Payout Policy? Linear Technology (LT) is like many firms where it used a combination of dividend payments and share / stock repurchases to distribute cash to its shareholders. With a cash dividend, cash is paid directly to shareholders while, with a stock repurchase, a firm uses its cash to buy back its own shares from the market which in turn reduces the number of outstanding shares (Titman and Keown et al., 2011). LT wanted to be able to attract different dividend clienteles of investors which have the both income goals and growth goals (Baker and Wagonfeld, 2004). As stated in the article provided, LT is a developer and manufacturer of analog semiconductors and in 1992 it initiated dividends (Baker and Wagonfeld, 2004). The firm’s Chief Financial Officer, Paul Coghlan, described this decision as being based on the fact that LT was very well positioned within the industry and that the firm had promising expectations for its business within its flourishing market (Baker and Wagonfeld, 2004). He also highlighted that LT had positive cash flows ever since its IPO and so by paying dividends to its shareholders they would send a stable and confident message of appeal to potential investors in a relatively risky market (Baker and Wagonfeld, 2004). The firm primarily set their quarterly dividend at a relatively low price of US$0.0625 per share and, with a Net Income of US$36.4 million in its 1993 Fiscal Year, only US$5.3 million was paid as dividends...
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...Eli Broad Graduate School of Management, Michigan State University, 370 North Business College, East Lansing, MI 48824, USA Received 2 November 1998; received in revised form 16 May 2003; accepted 23 October2003 Available online 24 December 2003 Abstract Companies seeking to expand abroad are faced with the complex task of screening and evaluating foreign markets. How can managers define, characterize, and express foreign market opportunity? What makes a good market, an attractive industry environment? National markets differ in terms of market attractiveness, due to variations in the economic and commercial environment, growth rates, political stability, consumption capacity, receptiveness to foreign products, and other factors. This research proposes and illustrates the use of two complementary approaches to preliminary foreign market assessment and selection: country clustering and country ranking. These two methods, in combination, can be extremely useful to managerial decision makers in the early stages of foreign market selection. D 2004 Published by Elsevier Inc. Keywords: Country ranking; Clustering; Foreign market selection; Country market assessment 1. Introduction Marketing across national boundaries has become imperative for long-term company survival and profitability. However, faced with so many countries to evaluate, a business executive can be overwhelmed with the diversity and complexity of alternative market opportunities. There are vast differences among...
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...depreciation is the cumulative amount of an asset’s depreciable value that has been expensed. 8-6 Valuation implies some measure of present market value. In contrast, depreciation is the systematic allocation of the original cost of the asset to as an expense on the income statement over the useful life of the asset.s useful life. 8-7 Depreciation is a method of cost allocation, not valuation. It simply allocates the cost of an asset to the periods that benefit from its use. 8-8 No. Keeping two sets of books is necessary if two separate purposes are being legally fulfilled. In many cases two sets of books are required, sometimes more than two. Requirements include external financial reporting, internal managerial needs and tax reporting. 8-9 Both choices are between initially greater current income and asset values (straight-line and...
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...international oil market. According to Asechemic (1999), the pervasive presence of public sector is due, in part, to the historical national condition of a weak private modern sector in the past colonial Nigerian economy. The economy activity of government arising from this historic condition has made the Nigerian public sector very large. A need to reduce the size of the public expenditure has become clear to many observers. The privatization and commercialization project in the structural adjustment programmers (SAP) is an office response to the call for a reduction of public sector spending. The second issue is the financial accountability of public officer. Corruption and lack of accountability by holders of public officer have long been a problem in Nigeria. So much have been said about the need for public accountability in the recent past, that there can hardly be anybody in Nigeria who is not convicted that the public services as expected (asecheme,1999:21). The third issue...
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... whether for recreation or medical use. Marijuana has been researched, analyzed, studied, and proven to have positive impacts on the American society. A couple of these impacts are a boost to the economy (additional taxes) and health care (medical benefits). It is going to take society becoming more educated and with up-to-date scientific data to prove or disprove previous misconceptions about the drug and finally remove the bad reputation that this drug has garnered. During the late 19th century through the early 1920’s, marijuana was legal and a widely used ingredient for medicinal purposes and even sold at local pharmacies. In 1937, the US passed a law that ultimately ended up prohibiting sales and use of the drug in the Marijuana Tax Act of 1937 in an effort to control the Mexican immigrant population in the Southwest. The Act, after being deemed unlawful, was replaced by the Comprehensive Drug Abuse Prevention and Control Act of 1970. The federal government lists marijuana as a Schedule 1 narcotic which defines it as “narcotic drugs with no known acceptable medical use, that carry a high abuse potential” (Drug Enforcement Agency [DEA]). Regardless of the barriers in place by the government, marijuana health benefits are being found at an extraordinary rate. According to the late Dr. Tod Mikuriya, a former director for the National Institute of Mental Health Center for Narcotics and Drug Abuse Studies, he stated “After dealing with about 10,000 patents in the last 15...
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