The Value Added Tax: Concept, Structure and Effects Taxes have been around since the old kingdom of Egypt, Roman, and Persian Empires. Taxes took many forms through the years as inheritance tax, transfer tax, expatriation tax, etc. The sole purpose of imposing taxes is to raise revenue to fund the government so it can provide services for the citizens such as health-care system, public transportations, etc. Half a century ago a breakthrough change occurred in the taxation system after adopting an
1.0 WHAT IS GST? Good and Services Tax or known as GST is a multi-stage broad-based consumption tax on good and services based on the value added concept. In some jurisdictions, it is also known as Value Added Tax (VAT). The idea of introducing GST in Malaysia was first conceived in 2005 for various reasons including to be a sustainable source of income to the government. After series of debate in the parliament, discussion and engagement series with stakeholders to take public concerns into account
profit earned. The pPerformance of a profit centre needs improvement. iii. EVAEconomic Value Added (EVA) Economic value added (EVA) is an improvement over the RI. It is the a trademark tool created by Stern Stewart & Company, a management consulting firm. It is calculated as follows: Economic value added = Net operating profits after taxes – (percent cost of capital X aAverage operating assets) or After-tax operating income – [cCost of capital x (total assets – current
SERVICE TAX IN RESTAURANTS Going out to eat on a weekend, you order main course, soup, desert and whatever you wish to eat after going through the menu. When the bill comes, you are shocked! A difference of 15-20% in the prices you saw before placing the order and the digits on the bill. These are the add ons because of service tax and service charge which inflate the amount on the bill. Having waited the entire week for a nice weekend at a fine dining place, you do not want to question so you pay
or the firm that has the responsibility of paying the tax. Direct taxes include income taxes, inheritance taxes, corporation taxes on company profits and capital gains taxes due to properties or other values. On the other hand, indirect taxes are the ones taken only indirectly from incomes spent on goods and services. This taxes can also be called expenditure or outlay taxes. Indirect taxes may include sales taxes, tariffs and the taxes added to the price of goods and services. Duties taxes on alcohol
Individual written defense A tax is an important financial source for the country. It plays an important role in case of economical crisis. It is a compulsory amount of money that collected from individual and business based on their income and returns, to attain government goals such as building parks, hospitals , supporting and funding some services such as military, education and other public utility. It contributes in achieving of social justice by re-distribution of income and in economic
Literature review of finance in relation to strategic management Financial planning determines how managers carry out planning process in organizations so as to meet the business needs. An organization comes up with the right direction to take, goal set and how to meet the objectives therein. This is accomplished by gathering and data analyzation , implementation and evaluation and monitoring of results. The strategy to adopt must be figured out depending on the total cost. Strategic planning offers
C. Zonal Values Analysis The importance of the zonal valuations as said by the BIR is important for taxation purposes. At the moment, it is only useful for buyers and sellers in computing for real estate taxes when purchasing or selling a property. This is because the BIR has not been able to revise or update the zonal valuation which is why it does not reflect the value of a property in terms of its market prices. Consequently, the actors in the real estate market would refer to the fair market
CHAPTER 2: LITERATURE REVIEW "Fear is the tax that conscience pays to guilt." 2.1 Definition of Taxation Taxes are levied in almost every part of the world. Since this dissertation is based solely on tax, a definition of tax seems important. According to the Concise Oxford Dictionary, the word ‘tax’ is defined as “A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.” On the other
resources, DR Congo remains one of the poorest countries in the world with at least 50% of its population living below the poverty line. They deal with ill effects of the government, war, barbaric dictators, and poor government. In this paper I’m going to discuss the rise and fall of this culturally diverse country, its poverty, the ill effects of the government, and some of its health issues; and how all of this overall affects the economy on a in depth scale. Economic Profile of DR Congo The country’s