companies (LLCs), general and limited partnerships, and sole proprietorships. These entities differ in terms of the formalities that must be observed to create them, the legal rights and responsibilities conferred on them and their owners, and the tax rules that determine how they and their owners will be taxed. 2. [LO 1] How do business owners create legal entities? Is the process the same for all entities? If not, what are the differences? Answer: The process of creating legal entities
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law Tax formula, tax rates and tax offsets Administrative aspects of taxation Readings from Australian Taxation Law 2014 CCH (referred to in this lecture as “W”) Introduction to taxation law W 1-550; W1-310 to 1-620 Tax formula, tax rates and tax offsets W 2-000 to 2-040; W2-100 to 2-150 W2-200; W2-300 to 2-405 W2-500 to 2-520; W 2-640 Administrative aspects of taxation Tax rulings, tax returns and assessments:W30-000 to 30-025; W30-033 to W30-040; W30-055 to 30-104; W30-140 to 30-155 Tax appeal
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ECOLOGICAL CONDITION OF SOUTH AFRICA Population and GDP South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. At the end of 2007, South Africa began to experience an electricity crisis
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summary: A new industry of ready-made garment is to be set up in Bangladesh. The reasons on which this decision is based includes, flexible business and investment policy of Bangladesh government, economic security, cheap labour, tax exemption etc. Garment industry requires less investment capital. Raw material would be purchased from the local markets, this will save time and money. Different brands will be launched according to the financial conditions of the consumer, this will
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LEGISLATION 11 Law Practitioners Act 12 Companies Act 12 Public Procurement Act 13 Competition Act 13 Trade and Investment Framework Agreement 13 Employments Rights Act and Employment Relations Act 14 Financial Services Act 14 Securities Act 14 Insolvency Act 14 Other investment incentives 15 TRIPS Agreement 15 2. Fiscal policy 16 3. LIBERALISATIONAND DIVERSIFICATION 17 4. MACROECONOMIC STABILITY 19 Social and political stability 19 Exchange
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considerable intellectual and theoretical attention in the literature. Taxation is one of the most volatile subjects in governance both in the developing and developed nations. Tax refers to a “compulsory levy by a public authority for which nothing is received directly in return” (James and Nobes, 1992). According to Nightingale (2001), “a tax is compulsory contribution, imposed by government, and while taxpayers may receive nothing identifiable in return for their contribution, they nevertheless have the benefit
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CH 12 The scope of the estate tax Sec 2033 Section 2033 · Gross estate: Value of the property to extend of interest at time of death Section A · estate tax is excise tax: “tax included on the property” · Tax base must include the value of the property that most obviously is transferred (FUNCTION OF 2033) · Section 2033 includes (GROSS ESTATE) o Decedent’s securities o Bank deposits o Real state o Income earned before death are collectible by the estate § Rent
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Important concepts Entities – tax versus legal • Tax entities o People, partnerships, joint venture, companies … are considered to be entities for the purposes of calculating income tax. • Legal entities o Companies, which have separate legal personalities, are legal entities. Income flows • Income should be considered as a cash flow stream, where timing is important. • The question is, when the income recognised as earned or deducted (because tax delayed is tax denied)? CLASS 1.2
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of value added tax (VAT) – Section 3 1) The value added tax is chargeable and payable at the rate of 15% on the value mentioned in section 5, on all goods imported into Bangladesh, except the goods mentioned in the First Schedule of the Act and on the supply of all goods not listed in the said Schedule and on all services rendered in Bangladesh, except services specified in the Second Schedule of the Act. (2)Notwithstanding anything contained in sub-section (1), zero rated tax would be imposed
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aspects that regulate businesses in Pakistan, using, for this purpose, a language accessible to potential investors and business managers. We are aware that it is not easy to synthesize in a booklet of this nature all the legal, accounting, auditing, tax and labour rules/requirements that regulate businesses in Pakistan. However, if we have achieved our goal, contributing, by this way, to business development in Pakistan, we will be very satisfied. The booklet is designed to give some general information
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