Tax

Purpose of the Research Over the years, the government has tried to combat tax avoidance and tax evasion schemes through various approaches such as improvements to existing legislations, strict enforcements and collaborations with international counterparts. This is done in effort of protecting the government’s main source of revenue and the integrity of the tax system. However, clear and distinctive boundaries between tax evasion, avoidance and planning were never established in the legislation,

A flat tax is a tax that is applied at a consistent rate with no variables in its application. In contrast with progressive or regressive taxes, where the rate levied varies by income or according to other parameters, a flat tax means that everyone pays the same percentage. Flat taxes can be levied as sales or excise taxes, but the term is referred to the proposal of a single rate for all taxes on personal income (“History and Debate of Flat Tax”). The proposal for a flat tax has been brought

Tax Shelter I. Definition Any method of decreasing taxable income in a payments to tax collecting entities, including state and federal government. The most common type of tax shelter is an employer-sponsored 401(k)plan. a. Types of tax shelters Some tax shelters are questionable or even illegal: Offshore companies. A company which is incorporated outside the jurisdiction of its primary operations regardless of whether that jurisdiction is an offshore financial centre. Due to differing tax

Under the tax law, certain tax benefits can significantly reduce a taxpayer’s regular tax amount. The alternative minimum tax (AMT) applies to taxpayers with high income by setting a limit on those benefits. It helps to ensure that those taxpayers pay at least a minimum amount of tax. The AMT is the excess of the tentative minimum tax over the regular tax. Therefore, the AMT is owed only if the tentative minimum tax is greater than the regular tax. The tentative minimum tax is figured separately

Vs. Ajit Mills Ltd & Anr. Citation: AIR 1977 SC 2279: (1977) 4 SCC 98: 1977 SCC (Tax) 536 Decided On: 31.08.1977 Bench: 7 Judge Bench consisting of the following Justices of the Supreme Court of India: Chief Justice M. Hameedullah Beg., Justice N. L. Untwalia, Justice P. N. Bhagwati, Justice P. S. Kailasam, Justice S. Murtaza Fazal Ali, Justice V. R.

SOCIO-ECONOMIC PROBLEM OF TAX AVOIDANCE AND EVASION IN NIGERIA: AN OVERVIEW Dominic Asada LL.B. (Hons.) B.L, LL.M. Tax Avoidance and Evasion are some of the most perplexing problems facing the nation today. It is widely believed that there is a considerable difference between estimated revenue from taxation every year and what is actually collected. This disturbing aversion to taxation has some historical antecedents. Traditionally, there has always been a hostile response to the payment of tax by the people

A dividend tax is an income tax paid on the earnings from a corporation that is distributed to its shareholders. Dividend payments are treated as ordinary income, and they are taxed as if the taxpayer had earned income through active work. Presently, there is much controversy surrounding dividend tax. The government taxes dividends twice: It first taxes corporate income, then taxes the same income again when shareholders receive dividends paid out of corporate income. The double taxation raises

* * Part A: Tax Avoidance and evasion Introduction According to Hyde (2010) tax evasion cost the UK treasury over £15 billion annually. This is approximately 3% of the total tax liabilities that individuals and organisations are meant to pay to the Her Majesty Revenue and Customs (HMRC). While an estimate of £25 billion is lost through tax avoidance annually (Murphy, nd). These are huge sums of money that could go a long way to help the government reduce the national deficit or could

Flat Tax Rate: Rich Households Have Had Enough Rich households have been paying too much in taxes these past years. “Earners in the top 1% pay about 43% of their incomes in tax. [While] people in the middle quintile pay 25%. [And] the poorest fifth pays 13%” (Barro). And yet some politicians, like Donald Trump, think the solution to resolving our country’s debt is by taxing the top percent more. In reality, the United States should have a flat tax rate due to the fact that it is the fairest plan

the report is an exploration of a career option and a Tax Auditor at Canada Revenue Agency. The purposes of this report are to not only prepare myself for the position by examining and learning but also introduce a different field of work to colleagues All residents in Canada must pay a tax and Canada Revenue Agency (CRA), formally known as Revenue Canada, is a federal agency that has as its main function the administration of Canadian tax laws for most of the provinces and territories of Canada