...23 Revenue foregone under the Central Tax System: Financial Years 2012-13 and 2013-14. The primary objective of any tax law and its administration is to raise revenue for the purpose of funding Government expenditure. The amount of revenue raised is primarily dependent upon the collective tax base and the effective tax rates. The determinants of these two factors are a range of measures which include special tax rates, exemptions, deductions, rebates, deferrals and credits. These measures are collectively called as ‘tax preferences’. They have an impact on Government revenues and also reflect a significant policy of the Government. The tax policy gives rise to tax preferences and such preferences can also be viewed as an indirect subsidy to preferred tax payers. Such implicit subsidy payments are also referred to as ‘tax expenditures’. It is often argued that such implicit payments should appear as expenditure items in the Budget. The reason being that tax policy should not only be efficient but also transparent. This means that programme planning requires that policy objectives be addressed explicitly and transparent budgeting calls for inclusion of such outlays (tax expenditures) under the respective programme headings. Tax expenditures per se are spending programs embedded in the tax statute. Tax expenditures can also be termed as revenue foregone. Tax expenditure or revenue foregone statement was laid before Parliament for the first time during Budget 2006-07 by way of...
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...Index Law of General Taxation regarding Imports and Exports 2 ARTICLE 1 2 Section I 2 Section II 2 Section III 3 Section IV 3 Section V 3 Section VI 4 Section VII 5 Section VIII 5 Section XIX 9 Section XX 9 Section XXI 10 Section XXII 10 ARTICLE 2. - 10 I. - General Rules. 10 II. - Complementary Rules. 12 Law of General Taxation regarding Imports and Exports ARTICLE 1: The General Taxes of Import and Exportation will be taken into account in accordance with the following: Tariff Section I LIVING ANIMALS AND PRODUCTS OF THE ANIMAL KINGDOM Chapter 01: Living Animals. Chapter 02: Meat and eatable residues. Chapter 03: Fish and crustaceans, mollusks and other aquatic invertebrates. Chapter 04: Milk and dairy products: bird eggs; natural honey; eatable products of animal origin, not expressed nor understood in another part. Chapter 05: Other not expressed animal products not understood in another part. Section II PRODUCTS OF THE VEGETABLE KINGDOM Chapter 06: Living plants and floriculture products. Chapter 07: Vegetables, plants, roots and nutritive tubers. Chapter 08: Fruits and eatable ones; rind of sour fruit-juices (citric), melons or watermelons. Chapter 09: Coffee, tea, grass and spices. Chapter 10: Cereals. Chapter 11: Products of the milling industry; malt; starch; inulin; wheat gluten. Chapter 12: Seeds and oily fruits; seeds and diverse fruits; industrial or medicinal plants; straw and forage. Chapter 13: Gums...
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...Research instruments A questionnaire shall be designed and the following questions shall be addressed: To what extent employees understand the tax regime for global companies? Based on their experience, how complicated do they perceive the tax regime to be? Do they believe that Mauritius is a tax haven? Which country, other than Mauritius, they think is more attractive to investors for carrying out global business? In their portfolio of companies, how many pay taxes to the Mauritian Government? Have they ever come across clients who invest through Mauritius without the main purpose being for lower taxes? How many? What frequency? Have you ever come across a case of tax fraud in your portfolio of companies? Who detected the fraud? What was the outcome? How many clients are satisfying the new requirements for enhanced control and management in Mauritius?...
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...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 Section 234(d) exempts from real property taxes all real property owned by duly registered COOPs AIT “Learning through Quality Training” Local Government Code CDA Memo Circular 93-005 clarifies: Starting Jan 1, 1992, CDA-registered Coops shall exempt from local business taxes and charges. RA 7160 reiterated the exemption from local business taxes under PD 231 and expanded the exemption to...
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...CONCURRENCE OF CREDITS, definition. It implies possession by two or more creditors of equal right or privileges over the same property or all of the property of a debtor. PREFERENCE OF CREDIT, definition. It is the right held by a creditor to be preferred in the payment of his claim above other out of the debtor’s assets. NATURE AND EFFECT OF PREFERENCE 1. A preference is an exception to the general rule. For this reason, the law as to preferences is strictly construed. 2. Preference does not create an interest in property. It creates simply a right of one creditor to be paid first the proceeds of the sale of property as against another creditor. 3. The law does not give the creditor who has a preference a right to take the property or sell it as against another creditor. It is not a question who takes or sells, it is one of the application of the proceeds after the sale—of payment of the debt. 4. The right of preference is one which can be made only by being asserted and maintained. If the right claimed is not asserted or maintained, it is lost. 5. Where a creditor released his levy, leaving the property in possession of the debtor, thereby indicating that he did not intend to press his claim further as to that specific property, after that act, his claim to preference, if one had been asserted y him, could not exist because he had ceased to contest. WHEN RULE OF PREFERENCE APPLICABLE 1. Apply only...
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...adviser. For free counsel: · Service Corps of Retired Executives (SCORE) · The Small Business Association (SBA) · Micro Mentor · Additional online business resources 3. Create a Start-up Budget *Calculate your start-up costs and complete a start-up budget worksheet 4. Develop a Business Plan *Define your company's mission, the product/service you intend to offer, the industry and market segments you want to enter, the setup and structure of your business, and a financial analysis *Some free online business resources: · Myownbusiness.org - free online business course · Small Business Association - a collection of basic articles on writing a business start-up plan. · Allbusiness.com - specific articles on business plan creation as well as some downloadable templates. · SCORE - an online business workshop · Bplans.com - over 500 free sample business plans 5. Get Financing for the Start-Up *Some frugal financing options: · Friends and family • LendFriend • Lending Karma • LoanBack • WikiLoan · Take on a business partner · Microfinance · Grants, scholarships and entrepreneurial competitions For information on government, grants see: Business.gov Grants.gov A list of State Development Agencies...
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...Roberta Jones Mr. Hickman English 1600 22 October 2012 A Rose for Emily A Rose for Emily is about Miss Emily who is the main character in a story written by William Faulkner. Miss Emily is a proud aristocratic whose story is staged sometime during the Civil War somewhere in the south. Miss Emily has a strong southern up bringing which ultimately leads to her demise and mental break down. During this period in the South Miss Emily’s is expected to be married and not being so was socially unacceptable. Southern society encouraged this and believed that to be happy it was necessary for one to be married, or be considered an old maid. Faulkner’s short story “A Rose for Emily” is an example of classical Southern literature because it has all the important things that ruled Southern culture of that time period family, community, religion, time and place. Miss Emily’s father was one who was compelled to bring her up with all the southern social values and controlled all that she did and whom she would court and what she would wear. Emily’s was regarded as her father’s property like the house in which they both lived. The house is as an example of the lavish expense and show of the wealth as well as the visitors and clothes. Miss Emily believed herself better than most and her father felt no suitor was good enough for his daughter the Grierson family represented the elite and spoiled. Because of this snobbery Miss Emily never married and eventually became a relic of Southern gentility...
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...Roberta Jones Mr. Hickman English 1600 22 October 2012 A Rose for Emily A Rose for Emily is about Miss Emily who is the main character in a story written by William Faulkner. Miss Emily is a proud aristocratic whose story is staged sometime during the Civil War somewhere in the south. Miss Emily has a strong southern up bringing which ultimately leads to her demise and mental break down. During this period in the South Miss Emily’s is expected to be married and not being so was socially unacceptable. Southern society encouraged this and believed that to be happy it was necessary for one to be married, or be considered an old maid. Faulkner’s short story “A Rose for Emily†is an example of classical Southern literature because it has all the important things that ruled Southern culture of that time period family, community, religion, time and place. Miss Emily’s father was one who was compelled to bring her up with all the southern social values and controlled all that she did and whom she would court and what she would wear. Emily’s was regarded as her father’s property like the house in which they both lived. The house is as an example of the lavish expense and show of the wealth as well as the visitors and clothes. Miss Emily believed herself better than most and her father felt no suitor was good enough for his daughter the Grierson family represented the elite and spoiled. Because of this snobbery Miss Emily never married and eventually became a relic of...
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...policies. “The real problem in such communities, especially those of color, was not the drugs(Hart 717). I disagree because drugs can have very addictive chemicals in them making it hard for people to stop taking them. According to the National Institute on Drug Abuse, “Marijuana potency, as detected in confiscated samples, has steadily increased over the past few decades. In the early 1990s, the average THC content in confiscated marijuana samples was roughly 3.7 percent. In 2014, it was 6.1 percent. Also, newly popular methods of smoking or eating THC-rich hash oil extracted from the marijuana plant (a practice called dabbing) may deliver very high levels of THC to the person. The average marijuana extract contains more than 50 percent THC, with some samples exceeding 80 percent. These trends raise concerns that the consequences of marijuana use could be worse than in the past”(...)....
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...Analytical Note SC/TDP/AN/TF/2 June 2013 Original: English HOW FAR DOES THE TRADE FACILITATION NEGOTIATION TEXT (REV.16) GO BEYOND THE WCO REVISED KYOTO CONVENTION (RKC)? SYNOPSIS This Note assesses the extent to which the Trade Facilitation negotiation text (Rev.16) goes beyond the WCO Revised Kyoto Convention (RKC). The backdrop to this Note is the erroneous view that the TF Agreement only differs slightly from the WCO RKC. This assessment finds that The RKC has a much more limited Membership than the WTO. Seventy-odd WTO Members are not Contracting Party to the RKC. In Africa, only 6 have accepted all the provisions of the Convention. Around half of the articles of the TF negotiation text introduce a new legally binding obligation where no related provisions exist in the RKC. Examples are Interval between Publication and Entry into Force, Opportunity to Comment on New and Amended Rules, Advance Rulings, Disciplines on Fees and Charges Imposed on or in Connection with Importation and Exportation, Post-clearance Audit, Establishment and Publication of Average Release Times, Prohibition of Consular Transaction Requirement and Preshipment Inspections. For another half of the TF provisions there are indeed related provisions in the RKC but the TF Agreement introduces a stronger, broader and/or a more legally binding commitment. June 2013 Geneva, Switzerland This Analytical Note is produced by the Trade for Development Programme (TDP) of the South Centre to contribute...
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...Join Climate Change Pact Summary of News Item The New York times on November 30 2015 published an article authored by Giovanni Russonelo that two thirds of Americans want US to join the climate Change Pact. A solid majority of Americans say the United States should join international treaty to limit impact of global warming but on this and other climate related questions opinion divides sharply along partisan lines, according to the latest New York Times/CBS News Poll.This represents a shift in public opinion, advocates for climate change are hopeful that the paris talks could be a turning point. Poll Results • 63% of Americans including a bare majority of republicans support domestic policy limiting carbon emmisions from plants • 75% of Americans polled said global warming was already having a serious environmental impact • Nine to Ten democrats agreed , compared 58% of Republicans • One third of republicans said it will never have an impact • 50%of all Americans said the government should take steps to restrict drilling ,logging and mining on public lands, compared to 45% who approved restrictions. • Among democrats support for limiting mineral extraction on public lands rose to 58% • One out 5 Americans favored increasing taxes on electricity as a way to fight global warming • Six in ten opposed, including 49% for Democrats • 36% support increasing taxes to curb global warming • 51% of respondents worried about global warming • Among adults under 30 the...
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...RES/351 Article Critique Article Critique Carl Bubeck University Phoenix Abstract The critique of "Attitudes Towards Tax Evasion: A Demographic Study of the Netherlands" will show if the article and the study followed, or failed to follow, the criteria for good research, as described in Chapter 1. I will describe if the writer’s conclusions were warranted and which were not based on the information in the article and its supporting documents. Article Critique In the article "Attitudes Towards Tax Evasion: A Demographic Study of the Netherlands" Ross and McGee attempt to say that the new studies about the attitudes of tax evasion have better support and research about those attitudes. The authors use a variety of historic studies and a recent study to support their theory. Depending on the reason people feel it is ok to avoid paying taxes. Attitudes Towards Tax Evasion: A Demographic Study of the Netherlands A number of studies have examined the relationship between tax collection and various demographic variables. However, until recently most of those studies have involved a United States sample population (Ross, McGee 2012, P2). This article review the data from typical IRS data as well as additional supportive criteria for the sturdy. Ethical issues were introduced through a series of questions to members of differing demographics. This data was then compared in a trend analysis to determine if there has been a change in the views of people regarding...
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...1.Do you feel that Karen is an independent contractor or an employee? What is your rationale for this decision? The differentiation between an independent contractor and an employee is a critical one for any employer to make. Furthermore, this choice can have significant implications for the business regarding additional fees and taxes. In this situation, Karen was initially hired as a temporary employee. Moreover, Karen has functioned as an independent contractor for 5 years. If one were to look at her employment status, they would see that Karen has additional clients outside of the local utility as well as the fact that she has not received benefits or proper tax documentation for this period time. For these reasons, Karen should be classified as an independent contractor for the local utility. 2.What factors do you feel help contribute to Karen being an employee? The IRS generally makes this determination. The IRS uses three characteristics to determine the relationship between businesses and workers, including the concept of behavioral control that covers facts that show whether the business has a right to direct or control how the work is done through instructions, training or other means. In addition, financial control covers facts that show whether the business has a right to direct or control the financial and business aspects of the worker's job. Lastly, the type of relationship factor relates to how the workers and the business owner perceive their relationship...
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...ACT 564 Homework Problem 1.1 Information technology is continually changing the nature of accounting and the role of accountants. Write a two-page report describing what you think the nature of the accounting function and accounting information system in a large company will be like in the year 2020. When thinking about the future of accounting and the accounting function and accounting information system, it is hard to imagine what it will be like in the future. We have come so far in such a little time technology wise. The year 2020 isn’t that far off into the future if you actually think about it and so much is bound to change! Though as a side note, if I started thinking about the Mayan calendar and how they believe the world will end on December 21, 2012. If this is true, will there even be the year 2020 to look forward to? I can remember my cousin, who is an accountant, doing all her work on paper and in a book. She always stayed late to make sure she wouldn’t get behind on her work. Now ten years later ninety percent of her work is all on the computer. Not only does this save her time but it can also make things easier when automated. In the next eight years, I believe that ninety-eight percent will all be done on the computer. The only thing that will need to be hands on or on paper will be backup copies in case something happens to the computer database. I expect large companies will only need maybe two accountants once everything is almost automatic...
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...citizen is $41,673.83 (Social Security Administration, 2011). Although these statistics are loosely based the average is a sample. One could argue it is not accurate to the current economic standings although the debt values are. This explains why currently the approval rating for Congress is below 20% according to the new Gallup polls (Gallup, 2011). The Washington Post posted an article called, Poll: Voters say throw out entire Congress, where the writer explains that Americans are displeased by Congress and a high percentage wish they were all removed (The Washington Post, 2011). All of these statistics are pretty predictable considering the 112th Congress is filled with uncompromising members who value the census of their constituents over the importance of making good Public Policy. In addition, the loyalty is no longer focused on making good “Public Policy,” it lies with member’s political party. As a result members are unwilling to work together which leaves bills on hold and a lack of oversight. Presently, we are faced with a divided government and a President that has received many backlashes as a result of it. Republicans currently hold the majority of the House while the Senate is split. This has created a congress that has chosen not to work with one another and see compromise as a sign of weakness. The Washington Post article, Bipartisan group of senators to push for larger deficit cuts, by Peter Wallsten...
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