Tax > NZ Income Tax Law and Practice (revised edition) > CONCEPTS OF INCOME > [¶40-010] The concept of income [¶40-010] The concept of income Click to open document in a browser Last reviewed: 27 June 2011 Income tax is imposed by s BB 1 of the Income Tax Act 2007. The courts recognise that it is the Act itself which imposes the liability for income tax. The Commissioner acts in quantification of the amount due. These propositions are outlined at ¶10-500. The determination of a taxpayer’s income
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Comprehensive and Other Comprehensive Income. b. Discuss alternative formats for reporting comprehensive income. c. Explain the usefulness of reporting the components of comprehensive income. Section 220 of the FASB codification discusses comprehensive income and all that’s included when reporting. Comprehensive income is the change in equity of a business during a period from transactions and other events and circumstances from nonowner sources. Comprehensive income includes all changes in equity
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NATIONAL INCOME The total net value of all goods and services produced within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation. The important concepts of national income are: 1. Gross Domestic Product (GDP) 2. Gross National Product (GNP) 3. Net National Product (NNP) at Market Prices 4. Net National Product (NNP) at Factor Cost or National Income 5. Personal Income 6. Disposable Income Let
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DEVELOPMENT CENTRE Policy Insights No. 96 May 2012 The Middle-Income Trap: Comparing Asian and Latin American Experiences by Anna Jankowska, Arne J. Nagengast and José Ramón Perea ♦♦ Chinese Taipei; Hong Kong, China; Korea and Singapore (the East Asian Newly Industrialised Countries or NICs) have been successful in attaining income convergence with high-income countries while Latin American countries remain caught in the Middle-Income Trap. ♦♦ The East Asian NICs pursued export-led growth by targeting
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UNIT I NATIONAL INCOME AND MACROECONOMICS 1 National Income National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. Normally this period consists of one year duration, as a year is neither too short nor long a period. National product is usually used synonymous with National income. Alfred Marshall in his ‘Principle of Economics’ (1949) defines National income as “The labour and capital of a country, acting on its
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UNIT I NATIONAL INCOME AND MACROECONOMICS 1 National Income National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. Normally this period consists of one year duration, as a year is neither too short nor long a period. National product is usually used synonymous with National income. Alfred Marshall in his ‘Principle of Economics’ (1949) defines National income as “The labour and capital of a country, acting on its
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THE INCOME STATEMENT By Michael Walker Student, Technical Report Writing February 15, 2010 Formal Report Prepared for Lana Sumpter Facilitator, Technical Report Writing Date: February 15, 2010 To: Lana Sumpter, Course Administrator From: Michael Walker Subject: Final Version of “The Income Statement” Report Attached is my report “The Income Statement” which you requested at the start of class on January 7, 2010. The report contains instructions for non-financial personnel
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WHAT FACTORS AFFECT YOUR INCOME? What are the factors that determine your earnings? Is it your skills, experience, competence, diligence, luck, profession, your network and contacts or your greed? Some people always seem to get more material rewards out of life than others. Many companies have fixed salaries, take it or leave it. Some have job grades with small margins for negotiations, while for some jobs you can negotiate with large margins. Have you ever thought who or what determines how much
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INCOME TAXATION Preservation of book of accounts All the books of accounts, including the subsidiary books and other accounting records of corporations, partnerships or persons shall be preserved by them within 3 years (except in case of a false or fraudulent return) from the Last entry in each book and for which period the commissioner is authorized to make an assessment Exception: 1. Fraud, irregularity or mistakes as determined by the commissioner; 2. The taxpayer request reinvestigation;
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Chapter 1 - Introduction to Taxation Taxation – is an act of imposing tax. Tax - enforced contribution levied by a sovereign state on persons, property and rights/privileges within its jurisdiction, exercised through its legislative branch, for the purpose of raising revenues to defray the expenses of the government and for public purposes. Nature of taxation – an inherent legislative power of any independent state. Scope of taxation - unlimited and comprehensive but subject to inherent
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