CHAPTER 1 – TAXES AND TAXING JURISDICTION Taxes are pervasive because they: o Are so widespread. o Come in so many varieties, and o Affect virtually every area of modern life. Taxes are dynamic because tax law changes so freque ntly. o Rate of change reflects fact that economic and poli tical assumptions on which tax structures are based are constantly ev olving. Tax – Payment to support the cost of government. o Differs from fine or penalty because tax is
Words: 3218 - Pages: 13
TX1 Basic Concept Tax policy Branch o the department of finance: responsible for the development and evaluation of federal taxation policies and legislation. Canada Revenue Agency: actual collection of taxes and interpretation of tax law Tax payable by persons resident in Canada: An income tax shall be paid … on the taxable income for each taxation year of every person resident in Canada at any time in the year. Persons: including corporations and anybody representing such persons
Words: 4848 - Pages: 20
system in the context of reforms that have taken place over the last 22 years. This section attempts to draw together elements such as the changing structure of income tax and National Insurance contributions, the taxation of different forms of saving and developments in indirect taxation, corporation tax and local taxes. 2. Revenue raised by UK taxes Total government receipts are forecast to be £398.4 billion in 2001–02, or 40.2% of UK GDP. This is equivalent to roughly £8,500
Words: 13377 - Pages: 54
that they would, for example, replace the federal income tax with a consumption tax. Other people propose varying degrees of change to the existing federal tax system, like adding or expanding tax incentives to encourage savings, modernizing the international tax rules to better address today's global economy, or making procedural changes to improve compliance. The most important question is how should proposed changes be analyzed? The American Institute of Certified Public Accountants (AICPA) has
Words: 1855 - Pages: 8
“This tax guide is for the use of CLIENTS and STAFF only and covers the taxability aspects of the salary as per Pakistani income tax laws applicable to Tax Year 2012” A. Salam Jan & Co. - Chartered Accountants – is a member of AFFILICA International – a network of independent accountancy firms. ASC – GUIDE ON SALARY TAX – TY 2012 1 INTRODUCTION This tax guide gives information for arriving at the taxable income of a salaried person and computation of tax liability thereof under
Words: 2446 - Pages: 10
June 28, 2012 Updated 7/25 After the close of business on June 28, 2012, Sara Lee Corporation spun-off its international coffee and tea business through a stock dividend to Sara Lee shareholders. Several separate transactions occurred in connection with the spin-off: First, Sara Lee distributed all of the common stock of DE US, Inc., the U.S. subsidiary that held Sara Lee’s international coffee and tea business (“CoffeeCo”), to an exchange agent on behalf of Sara Lee shareholders of record as of
Words: 2125 - Pages: 9
Travis, I enjoyed our lunch yesterday. It was good to catch up. I can’t believe it’s been five years since we last worked together! While it’s been a bit of a transition, I’m enjoying my work here at Tipstar Gaming. These guys are creative geniuses. Their goal is to be the industry leader in multi-player, online gaming, and they are really pushing the envelope. They are close to releasing a new game now that is just unbelievable. It's all very hush hush, but I've seen some early versions. Think World
Words: 9237 - Pages: 37
economic environment will have a significant impact on the acquisition activity. For example, countries who have signed a bilateral investment treaty or a double-taxation treaty would have a different performance according to the data collected by authors. Huizinga and Voget（2009）state that impose high levels of international double taxation are less likely to attract the parent companies of newly created multinational firms. On the contrary, some preferential policies like tax sparing will motivate
Words: 467 - Pages: 2
or transnational corporations should be defined. Multinational corporations have many dimensions and can be viewed from several perspectives (ownership, management, strategy and structural, etc.) The following is an excerpt from Franklin Root, International Trade and Investment | Ownership criterion | Some argue that ownership is a key criterion. A firm becomes multinational only when the headquarter or parent company is effectively owned by nationals of two or more countries. For example, Shell
Words: 2635 - Pages: 11
purposes in relation to their business operations. Some of the main reasons for keeping accurate and up-to-date financial records are: Financial records provide information to allow you to monitor the performance of your business; By law, the Australian Taxation Office (ATO) requires you to keep certain business records and penalties may apply if you do not comply; Business is required to keep financial records for a minimum of five years after they are prepared; The obligations to keep records for five
Words: 1117 - Pages: 5
