Understanding Taxation: A Study on US and UAE Systems

868 Words2 Pages
bulb-icon

Recommended: The importance of value added tax

A tax is a fee levied by the government on both individuals and corporations in order to finance government activities. In this semester I took Taxation as it's a part of my studying plan, which covered almost all the aspects of taxes and everything related to it. In most modern countries taxation is the most important source of revenue.
Through taxation BUS 4163 I gained a comprehensive understanding of how does taxation works in the USA and how will they implement Value-added Tax (VAT) in UAE. I've learned that taxes influence basic business, investment, personal, and political decisions. Taxes are enforced on all corporation and most individuals. There are many types of taxes such as Federal taxes, State and local taxes and implicit taxes. There are three tax systems that each country implement one of them which are the progressive tax system that means when the tax rates increase …show more content…

We had a meeting where I had to divide the work equally and listen to their suggestion about how they want to work on the project and we've set a deadline of our own and we had to be committed to it which was 3 days before the original due date of the project which a great idea because we had enough time to review the work and correct the mistakes. Moreover, group work taught me how to manage time, how to divide work equally and improved my listening skills.
In conclusion, I truly think it's a great course and I'm very grateful to take it because it gave me a better understanding about taxation and VAT especially since VAT will be implemented in the beginning of 2018 which made me figure out how exactly it would work and it also could prevent me from getting fraud by sellers who raise the price very high. Moreover, this course can qualify me more for getting a job at Federal Tax Authority (FTA) in the future since I know much more about taxes and VAT than other

Show More
Related

  • Taxes as Causes to Revolutions

    1694 Words  | 4 Pages

    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)

    Read More

  • Inter-Professional Reflection

    797 Words  | 2 Pages

    By working together there is information sharing, improve safety and quality also collaboration gives knowledge to other professionals. (Littlechild and Smith, 2013).what I have learned through working in partnership with other professionals was creating a poster related to what each professional does. Some of the professionals I did not know how exactly they work together in partnership. Example: I was not aware of how a radiology would work with a social work and the outcome of that was that Radiology develop and maintain collaborative relationship with medical colleagues and participates in regular meetings with other professionals activities to meet the needs of a service users therefore they collaborate with Social Workers. By doing a poster and delivering information I learned a lot from the other team members, shared experiences knowledge and skills with other group members. Group work made me realise how it is very important to work in multi-displinary team, the benefit of it and what others can benefit from. During the poster each of the student was from different professional however we all had the question but each had to look at it in each profession perspectives. This gave an opportunity to everyone to go and search for each professional and communicate with the rest of the group the outcome of the presentation. By doing that, we exchanged ideas learned from each other’s skills and used it into practice. I have learned about sharing information with others, learned about communication and

    Read More

  • The Flat Tax

    482 Words  | 1 Pages

    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.

    Read More

  • Progressive Federal Taxes

    1367 Words  | 3 Pages

    Taxes have been a significant topic of discussion in American politics; affecting everyone in the country, they are a prominent subject of debate during every election season. There

    Read More

  • Business Analysis: Brookshire’s Grocery Company

    1994 Words  | 4 Pages

    In addition to this, I feel that my Team building class gave me good insight into the inner workings and mechanics of how teams work. More work.

    Read More

  • 4-Hrm/531 Week 1 Personal Reflection

    577 Words  | 2 Pages

    During the first year of focusing on culture, I worked with two other group members to teach the rest of my club about the Greek culture. We collaborated with one another to create a presentation and Olympic course after we learned that the original Olympics was held in Greece. This group experience enhanced my skills of cooperation, time management, independence, learning the values of various cultures. As a group, we equally split up the work of researching and presenting, so as a responsible group member, I learned to follow through with my portion of work. Other than doing research, presenting the information and activity to

    Read More

  • Laissez-faire vs Government Intervention

    1571 Words  | 4 Pages

    The use of taxes is one of the government's favorite ways to make its presence known in the economy. While this method seems blatantly obvious, many of the ways the government uses the money collected by taxation is not. Some of the money it takes is used to fund other programs designed to "protect" consumers and to "create" jobs. Be...

    Read More

  • Critical Analysis of Group Work

    1636 Words  | 4 Pages

    In order to evaluate my role within the group, it is important to identify what makes a group. A group must firstly consist of more than three members, “Two members have personal relationships; with three or more there is a change in quality” of the personal relationship. (Bion 1961, p26) The group must have a common purpose or a goal in order to succeed. Having now completed my group work task, I can look back and reflect upon the process that my group went through to get to the presentation end point.

    Read More

  • Government Spending of Tax Dollars

    1823 Words  | 4 Pages

    Taxes are the dollars that we pay to government to supply the services that are not or can not be provided through the free enterprise system. Taxes have been around since the beginning of organized societies. They come in various forms. Most common are income taxes both federal and local government. These taxes are assessed on the amount of income a person earns. Other taxes come in the form of user taxes; these taxes are imposed on the people that are using the goods being taxed, such as gas tax, alcohol tax, sales tax, and luxury taxes. Property taxes make up the major revenues for local and city governments. Furthering the burden of taxation are taxes that are attached to such bills as utility bills and rental expenses.

    Read More

  • The Four Types of Taxes

    1538 Words  | 4 Pages

    The four types of taxes this paper will discuss are income tax, sales tax, property tax, and user fees. Income tax was not permanently established until the 16th Amendment was passed in 1913. Most federal taxes had been previously derived from excise taxes on tobacco and alcohol and other consumer goods. The US Constitution, when written and still continues to, legitimize taxation in the United States through Article I, Section 8, that Congress has the power to lay and collect taxes, duties et al, pay the debts or provide for the common defense and general welfare of the United States (Cornell Law LII). Investopedia defines income tax as ‘a tax government(s) impose on financial income generated by all entities within their jurisdictions (Investopedia, 2014). Businesses and individuals are required to file an income tax return every year to determine if they owe taxes or qualify for a refund. That is determined by measuring the total income one earns to a designated tax rate, calculating one’s taxable income, which are some or all items of income reduced by other adjustments or expenses in that tax year. There are different subcategories of income tax; there is a federal income tax that is set by the federal government, apart from a few states, there is a state income tax that is imposed on their respective residents, as well as the possibility of there being local income tax ...

    Read More

  • Reflection On Problem-Based Learning

    1468 Words  | 3 Pages

    My group and I agreed on a deadline for every piece of research work. The tight deadlines propelled us to complete our assigned research on time.

    Read More

  • What Is Intersecting Identity?

    552 Words  | 2 Pages

    We did have a couple days where we had randomly established group work time, but I found that not being able to come to class prepared to work together meant that we did not really have anything ready to be able to get anything done. If we were able to know going into the class period that we would have time to work together, I feel we would have been a lot more efficient in getting things done. Overall, I enjoyed this project and really appreciated my group members and everyone’s willingness to work

    Read More

  • Canon of Taxation by Adams Smith

    2064 Words  | 5 Pages

    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.

    Read More

  • Reflective Reflection On Taxation

    741 Words  | 2 Pages

    Taxation is one of the most important courses that the students have to study at Accounting Specialization. It covers various topics that required by the governments to the nation. Besides, it produces an approach to the taxation of individuals, including a more in-depth study of the imposition of several business entities builds solid professional knowledge. As a student, I think this course will support me to gain a thorough understanding of taxation and a talent that many employers are exploring in accountants. This reflection covered the points I learned about individual and business tax in this class, the challenge that I faced, and the experience I got it from working in a group and being a leader of them.

    Read More

  • The Four Characteristics Of A Good Tax System

    763 Words  | 2 Pages

    A tax, as defined by the Taxation UWI text book, is a legal obligation to pay a certain percentage of income or profits to government imposed on taxpayers, that is, any person or organization required by law to pay tax. Legal penalties would be forced upon taxpayers for failure to make tax payments.

    Read More

More about Understanding Taxation: A Study on US and UAE Systems

Open Document