for government.I study in this semester taxation BUS 4163 and I learn many things about taxation which help me in my life. Also, I know the taxes have many different types and our sir is explaining the concept of all types of taxes and why is important. In this course we study how to calculate the taxable income, tax liability of the individual and the taxable income of business entities. I will write in this reflection about individual and corporate taxation. The last thing which I will write it
Is Starbucks` tax planning and practice setting a bad precedent? The following is a review on the Reuters’s report on ‘How Starbucks avoids UK taxes’: Reuters (2013). It looks at what tax avoidance and tax evasion are, and the issues affecting the ethics on Starbucks` tax planning and practice. Finally, to comment on whether Starbucks` tax planning is recommended for any other multinational company. 2. Tax Evasion or Tax Avoidance 2.1. A review about the tax planning Tax avoidance, subject to what
Why there was Discontent Amongst the Members of the Third Estates by the Late 1780's The Third Estate was a very mixed group of people, who were neither clerics nor nobility. By far the greatest proportion of this estate, comprising between 80 and 90% of the population as a whole, was peasantry. The remainder was made up of the bourgeoisie and the urban workers. The bourgeoisie (middle classes) is a rather vague term, which is often divided in turn to the haute bourgeoisie, such as the wealthy
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. Despite the widespread proclamation of VAT, there have been difficulties in implementing VAT in its true spirit like in the case of Argentina, Brazil, Canada and India. VAT has been introduced in more than 120 countries – developed, developing
Mercedes-Benz was looking to build their first auto manufacturing plant in the United States in 1993. The company was intent on locating in North Carolina because of their experience with their large truck division plant that was located in that state. The company’s officials did not intend on visiting Alabama and was not considering the state when Governor Jim Folsom, Jr. and other officials signaled their intent to bid on the new plant. This “give-away” was viewed negatively in a state that has
Taxation on income has been a very controversial. Ever since congress passed the 16th amendment Americans have had to pay income taxes. Large taxes on the rich first started in America during FDR’s administration. During this time such high taxes were necessary because of the need for money to fund World War Ⅱ. During this time taxation on the rich reached an all time high at 94% on the income of the wealthy. Once president Reagan took office he dramatically lowered taxes (below 70%). Some people
Austrailian GST (Goods and Services Tax) The GST (Goods and Services Tax) proposed by the Howard government is a new tax which plans to add ten percent to the cost of every item purchased whether it be a car or a pen with only a few exceptions. The tax set to commence on July 1 2000 may still not become a reality if the senate does not have a majority vote on the issue. The VAT (Value Added Tax) of the United Kingdom is much the same tax adding seventeen and a half percent to all goods and
be a vital pro-growth step taken by Congress. However, given the fickle and high risk nature of investments and entrepreneurships, and the importance of maintaining a competitive economy in a global environment, capital gains should be exempt from taxation altogether. A zero percent capital gains tax would attract entrepreneurial risk taking, which is very important to economic growth. It would entice wealthy investors to invest in a certain enterprise, which in small numbers would immensely increase
Taxation, the government acquisition of property from the individual has mixed support in any Western democratic system. To make its way into the good will of the majority, taxation has surrounded itself with doctrines of justification. No law which lacks public approval or acquiescence is enforceable, and to gain such support it must address itself to our sense of correctness. This is particularly necessary for statutes authorizing the taking of private property. Sometimes depicted as ‘theft’ by
Prior to 1978, local governments maintained a great deal of freedom in budgeting. The majority of revenue for local governments came from property taxes. They were able to set their own property tax rates based on revenue needs and meet the service demands of residents while avoiding budget deficits. However, the adoption of Proposition 13 in 1978 put a major constraint on property tax as a source of revenue. The impact was felt much more in counties than cities, as property tax made up around two-thirds
Most of the problems of the United states are related to the economy. One of the major issues facing the country today is social security. The United States was one of the last major industrialized nations to establish a social security system. Social security is a government program that helps workers and retired workers and their families achieve somewhat of economic security. Social security provides cash payments to help replace income lost as a result of retirement, unemployment, disability
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
The law that applies to the crime of evading taxes in the United States of America is under section 7201 called Attempt to defeat or avoid tax. It states that “Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall. In addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than $100,000 ($500,000 in the case of a corporation), or imprisoned not more than five years
Question 1 – What triggered the controversy? The entire controversy was triggered by Dan Loeb, CEO of Third Point who also owned 5.8% Yahoo. Dan sent a letter to Yahoo’s Board of Directors which he then made the contents public. The letter detailed how Thompson’s resume included false claim that he holds a degree in computer science from Stonehill College, when in actual fact Thompson’s degree was in Accounting only. Loeb sites that Stonehill College only warded computer science degrees four years
several hundred times their first home equity investment. In sales of primary homes there is a tax advantage that the IRS permits, as long as the proceeds are invested into another home, the capital gains on your existing home sale are exempt from taxation. However, if the property in question is an investment, a capital gain tax is assessed every time there is a sale that includes a gain. A tax strategy that investors can employ in such situations is to transfer their investment property for another
Municipal Budgeting and Revenue Introduction Every government entity has a primary goal, which is to be as efficient and effective as possible while expending the smallest amount of resources. In addition, the resources expended cannot be more than the resources received as revenues. The budgeting process is a tool that assists government entities in being both efficient and effective. Before a budget can be adequately prepared, you must first understand the budgeting concept and secondly be
revenue. Texas uses a regressive tax type, because it lacks of income tax revenue that divides each individual by brackets according to their incomes, while the sales tax charges everyone the same rate, regardless of their income, making this type of taxation a big problem for the poor. Utah also has a regressive tax because it charges a flat 5 percent from income Tax to e... ... middle of paper ... ...ve their advantage and disadvantage in regards their tax system; however, we can see that the state
Mini Case Assume that you recently graduated and have just reported to work as an investment advisor at the brokerage firm of Balik and Kiefer Inc. One of the firm’s clients is Michelle DellaTorre, a professional tennis player who has just come to the United States from Chile. DellaTorre is a highly ranked tennis player who would like to start a company to produce and market apparel she designs. She also expects to invest substantial amounts of money through Balik and Kiefer. DellaTorre is very bright
determine what Peter’s taxable income will be on 2014/2015 and 2015/2016. Income in Australia is considered and includes income according to ordinary concepts and statutory income that is defined in tax legislation. Based on Federal Commissioner of Taxation v Stone (2005) , incomes which are of ordinary concepts clearly includes income from employment, running a business and performing services. Receipts from a one-off prize, such as when we gamble and win would be ordinarily not considered as
1. Public procurement Odhiambo and Kamau define public procurement as the purchasing, hiring or obtaining by any contractual means, goods, construction works and services by the public sector. Arrowsmith defines public procurement as government’s activity of purchasing goods and services it requires in order to perform its functions. Therefore the term public procurement refers to the purchasing by governments and local authorities of the works, goods and services they need to operate. There