On 25 October 2013, the government introduce the goods and services tax to public. Our Prime Minister Dato' Sri Haji Mohammad Najib bin Tun Haji Abdul Razak announced that the imposition of goods and services tax will start from 1 April 2015 onwards and all the relevant goods and services will be charged the tax and the tax rate is at the rate of 6%. It will be replaced the sales and services tax when the beginning of using of goods and services tax. What is the goods and services tax? Goods and Services Tax (GST) is a tax that levied on the consumption of goods and services at each level of the supply chain and include the importation of goods and services as well. Goods and services tax also known as value added tax in other countries. Those …show more content…
The implement of goods and services tax is part of the government tax reform programme to make the taxation system in Malaysia more efficient, effective and transparent. Goods and services tax is showing it is the more efficient tax system that can help to spur our country’s economic growth. The imposed of goods and services tax make our country is capable to generate a stable source of revenue because it is not easily influenced by the economic fluctuations. The sales and services tax has many inherent weaknesses, thus, the introduction of goods and services can overcome the weakness in the previous tax such as cascading effect, double taxation or taxation evasion. For example, one of the weaknesses of sales and services tax is that there are easy to have tax evasion matter due to the exercise of the business activities and that make the country not collected the actual amount of tax revenue the government should have to receive and thus affect the economy of our country. The rate of goods and services tax is fixed at 6% which is lower than the rate of sales and services tax that is at the rate of 5% or 10% and is considered can reduce the price of goods and services to make sure that lower income consumer is able to consume the goods and
Case 1: Hilary is a famous mountain climber, this is the reason why the Daily Terror Newspaper gain the interest to offer her $10,000 dollars to write her life story, but if she prefer to write in on her own without any help from a writer, she gains all the copyrights to claim the $10,000 dollars coming from the Daily Terror when the story is published. She also decided to sell the manuscript to the Mitchell Library for $5000 dollars and later she also receives $2000 dollars for selling several mountains climbing photographs.
Taxation is a system that the government uses to gain money, they gain this money to support the government and provide public services. The government may secure their profits without taxation from natural resources, products, or services. (Taxation 1)
Tax law changes every year. Laws are updated, loopholes are blocked and other modifications are generated. A few of these changes affect essentially each of the wage earners while others could impact primarily small businesses or higher-income taxpayers.
As the rise of taxation and exemptions has been the focus since the 1970’s, so have court cases to resolve exemption matters. In the case of Greater Anchorage Area Borough v. Sisters of Charity involves the appeal of a tax exemption status of a building owned by the Sisters of Charity. The details of the Sisters of Charity entail of them being a long time health care provider in Alaska the Providence Professional building near the hospital deeded to them in 1959. After the construction in 1970, the building was for recreation, school, and hospital use; thereafter the building was fully opened in 1972. Nevertheless, the professional building was operating, and the three floors of the building are the subject of appeal. The purpose for the appeal
For each generation that grows up in America, there is always one thing that they all share, taxes. Individuals pay taxes on almost everything these days. Taxes are charged on purchases of food, goods, and even services. Taxes are also taken out of payroll checks each pay period and deposited into government accounts for use later. And lastly, at the beginning of the year when income tax is due, if an individual has done what is necessary, they will end up with a refund. If not, they can end up with a high tax repayment bill that leaves them wondering what went wrong. What if, however, there was a way to change the Nation’s taxation system? Would it be worth it to an individual to pay more for items instead of paying taxes at the end of the
A1: Dollar General's main business strategy is to focus on being the leading distributors of consumable basics, with 30% of the merchandise at $1.00 or less. Dollar General believes in maintaining an assortment of consumable merchandise and making shopping for everyday items hassle free and simplistic.
Taxation has always been a major controversy. Just like any major corporation, the government is constantly looking to raise revenue. The easiest and fairest way to do this is by taxing the people. However, how the people will be taxed is always an issue.
Taxes play a big role in society nowadays. Everything we earn and spend is taxed. There are 2 types of taxes, Direct and Indirect i.e. the 2 Ugly Sisters of Tax. Direct refers to Income Tax and Indirect refers to VAT (Value Added Tax) Thomas Paine looks at how tax was shifted from the rich to the poor thereafter a tension arose.
The purpose of this paper is to illustrate the layout of taxation. I will differentiate the types of taxes and the roles that they serve currently. Subsequently, I will explain what equity, efficiency, effectiveness and transparency (EEET) are and show how they apply to taxation as a whole. Lastly, I will conclude how the EEET applies to the four tax types.
Taxation is a compulsory levy imposed on the income, value of goods and services of individuals, partners and companies by the government. It is can be said to be an approach of imposing tax on the citizen. This imposition of tax, is expected to yield income which should be utilized in the provision of both basic and substantial infrastructural amenities, both social and security, as well as creates conditions for the economic well-being of the society at large.
A report on Value Added Tax Introduction Value Added Tax originated in France in 1954 and is under implementation in more than hundred countries. Value Added Tax is perceived by many as means to promote neutrality and uniformity of tax burden and to provide incentives for increased productivity and industrialization. The spread of VAT to the developed and the developing countries alike certainly, makes for an interesting study. Financial Times (London) too stressed the growing importance of VAT when it observed in its centennial review “The economic and technological changes of the second half of the century have made VAT the quintessential modern tax”. It will not be an exaggeration if one were to say that the emergence of the VAT as an important and elastic source of revenue over the last four decades is unparalleled in the history of taxation.
The government use of taxes plays a crucial role in today’s economy as well as personal finances, it has and will continue to leave its mark on the world we live in.
Taxation is one of the most important and most common methods used for financing a nation and the world. Government services maximize the social welfare of the communities by reducing unemployment and inflation, delivering and securing public goods and services and by increasing income. The government of Iran will not be able to obtain a social development or welfare until it develops this type of infrastructure. Economic indicators must be promoted to increase revenue streams and it is difficult to create a culture where the citizens voluntarily and willingly pay taxes to support such a nation. In general, people think about how to pay less taxes at the end of the tax year and are reluctant to pay more than they have to pay. In Iran people have negative feelings about taxes and historically view tax agents negatively. Confidence is low in the tax system in Iran and measures should be developed to increase the people’s faith and create trust. The tax is a social share of those working and living within the society
C & C grocery store currently operates under a goal approach. They were committed to customer service and satisfaction. This approach provided the grocery chain with the profitability and growth they strived to obtain. The stores operative goals were attained and the chain had over 200 stores in operation. For years overall performance for C & C was excellent and came with ease. Unfortunately employee development and innovation and change weren't a top priority and it began to show. To remain successful C & C had to outsource and get advice from a team of consultants. The team dissected the company from top to bottom and advised the chain to implement an internal approach to go along with the goal approach. Implementing the internal approach will give the store managers full control of their stores which they do not currently possess. The store managers should be knowledgeable in all areas of the store to be able to fully communicate with staff. It was difficult for the district managers to give each store location the time and attention they needed when they were responsible for several other stores. Giving store managers more responsibility was a terrific idea of the consultants because the store managers have more day to day customer and employee interaction and could better assist needs. C & C was in desperate need of providing employee training and development. Cross training is beneficial for company as well as employees. Employees get the opportunity to learn other job positions and have the ability for advancement opportunities within the company. The company benefits from cross training because it provides flexibility if a store is short staffed, and it provides empowerment. A store full of happy employees from mana...
There are two things in life that are certain: death and taxes. In today's world, the majority of our government's income comes from taxation. A tax is not a voluntary payment or donation, but an enforced contribution imposed by government (Mikesell, 2011). Taxes are an amount of money collected from citizens, and they are used to provide public goods and services to benefit our communities. Taxes are amounts established in a political process of structured laws to determine how the collective cost of government services will be distributed among elements of the market economy. The two most important tax policies are the level of taxation, or how much taxes should be, and the structure of the system, or how revenue is to be raised (Mikesell, 2011). To better understand taxation and its purposes, this paper will discuss in detail the different tax structures- income taxes, sales taxes and property taxes and describe their advantages and disadvantages based on equity, economic effects, collectability, and transparency.