Financial Center For The Asian Pacific Region

The Gini coefficients of rural populations increased about 75% and the urban increased about 113% in these 30 years. Moreover, the aggregate Gini coefficient for China reached 0.4 by 2000, which imply the serious income inequality of China in general.

The reason this book would be read one hundred years from now is because of the fact that women and children being afraid to

Furthermore, when analyzing the different classes, and the distributions of wealth and income in the United Sates; for instance, the upper, middle, and lower classes – it is an astronomical amount of wealth that the top 1 percent acquire. It is also noted by Johnson & Rhodes (2015), “that income and wage inequality have risen sharply over the last thirty years” (pg. 228). Equally important to this, is how the average change in income is divided in Americas quintiles and the widening gaps. For example, in Table 5.2, while the lowest fifth quintile increased from $11,128 to $11,361 – a difference of $233.00 from years 2006 to 2012; the highest quintile increased from $289,446 to $319,918 – an exponential increase of $30,472 (pg. 229). With income inequalities at this rate, it is difficult for the majority of the United States to experience upward social mobility. Pursuing this further, in a line stated by Johnson and Rhodes (2015), “The wealthiest Americans can live on the dividends from their investments without having to touch the principle or work for a salary” (pg. 230). From this, it is visible to see how society has compartmentalized different levels of functions to keep a so called balance for the greater

This fact remains accurate after government attempts at wealth redistribution such as taxes. This shows that the government is not successful at helping to redistribute wealth and the dramatic increases in wealth of the rich while the poor barely improve show the inefficacy of the “trickle-down economy” model. To figure out why the 10% is gaining wealth so quickly, the people that make up this small group must be analyzed. The top 10% is essentially comprised of three main groups: superstars, CEOs, and high-income professionals. However, the incomes of superstars and CEOs are increasing more rapidly than those of the high-income professionals (Belsie). While the incomes of high-income professionals and superstars are market driven, they do not benefit from the same rate that CEOs do.

• Section 14(1) of Inland Revenue Ordinance (IRO) imposes three conditions for profits to be chargeable to Hong Kong profits tax.

The major components of the tax revenues are the taxes on personal income, profits and gains (39%), taxes on goods and services (28%) and taxes on corporate income and gains (18%) (David, 2015). However, the taxes on property accounts for 9% which is also important. Household income, equity, and economy are all affected by taxation on properties in a broad way, thus special consideration is required before imposing taxes on returns of the property holdings. In other words, any change of taxation policy on such entities may lead to various changes in the economic conditions, especially, where the major investment for most population is in real estate

After the announcement of increase in consumption Tax in April2014, by 5% to 8% the performance of corporate is highly impact due to demand

From the figure 7, we can infer that Indonesia has lowest Income inequality, but in the recent few years, the seems to be increasing. Malaysia has high income inequality but it is having a decreasing trend. Singapore’s income inequality trend is almost at the same level. In the year 2015 the income inequality of all the three countries has become almost equal i.e. ~ 41%.

Taxation systems are usually modeled in such a way that they take into consideration the social welfare of the citizens. The government and other policy makers have the responsibility of ensuring that the system takes into account the needs of the citizens. The bottom line is that taxation should foster equal distribution of resources. The rate of taxation is usually arrived at after several considerations have been made. The rates are not fixed as they depend on the various economic changes. The issue of how taxation should be distributed among the different economic classes is yet to be addressed.

Real system of taxation now comprises of small, medium and large taxpayers. Major alteration occurred in this type of regime is that it is self-assessed regime in comparison to previous system of estimated regime of taxation. Latest amendments for the fiscal regime of Cambodia for the year 2016 was implemented on 17th of December 2015 (Royal Kram No. NS/RK/1215/016).

A thorough examination of the current national taxation policy reveal that it is comprehensive when compared with earlier attempts at designing a policy. However, there are some perceived challenges that this draft is likely going to face because of the experiences of past taxation laws. These challenges are as follows:

The income gap that exists between the rich and poor countries has become substantial. In 2003, the richest fifth of the world’s population received 85% of the total world income, while poorest fifth received just 1.4% of the global income (infoplease, 2005).When the GDP is

Back on 8 March, 2000, Mr, Donald Tsang Yam-kuen, who severed as Financial Secretary, fifth budget for the Finance Year 2000-2001 in Legislative Council of Hong Kong stated that it is an issue of broadening the tax base. 3 month later, HKSAR Government promulgate that a 16 members Advisory Committee on New Broad-Based Taxes Is formed, lead by Mr Moses Cheung. Mr Donald Tsang also announced that the Advisory Committee is to advise on several question, involve what types of broad-based tax may suitable for Hong Kong, and should it be introduced including a consumption-based tax. A formation of Task Force to Review the Public Finances is also announced, and is responsible to exam the details that government’s from 1998-19999 and 1999-2000 up to 2002-2003 on the tax base,

As is clear and obvious from the forecasts of KPMG that if tax systems are not transformed they will absolutely affect the smooth working of the economy and this will bring about a consistent decline in the income earned by the government and consequently this would lead to improper

According to traditional trade theorists such as David Ricardo and Heckser-Ohlin, trade was only plausible and could only lead to mutual gains if countries had different technologies or differed in their resources (Emanuel Larao Pg. 2). They believed that trade could only consist of inter-industry trade, which was the exchange of goods in different product categories. Heckscher-Ohlin more specifically believed that trade could still be beneficial between two countries, if a country that was endowed with an abundance of capital; the country exported capital-intensive goods to a country that had an abundance of labor. The country with an abundance of labor would then export the labor to the country with an abundance of capital goods and import capital-intensive goods (Andrew Clark Pg.3). Two countries that adopted these characteristics are Malaysia and Singapore after 1992 when the association of Southeast Asian Nations (ASEAN) signed the ASEAN free trade agreement (Andrew Clark Pg.6). Singapore has been know to be the world financial center and is more capital abundant. This is demonstrated by (K/L)S > (K/L)M. Malaysia however, is more labor abundant and employs the (L/K)S < (L/K)M theory. When discussing Labor and Capital abundance the 2x2x2 model cannot be excluded. This model says that there are two countries (Singapore and Malaysia) two goods (x and y) and two factors of production (capital: K and labor: L). When (w/r)S > (w/r)M, Singapore is said to be capital abundant