In 1954, Goods and Services Tax (GST) was first adopted by France Government to replace their old tax system which were defective and ineffectiveness on collecting taxes. By general, GST is proposed to be a comprehensive indirect tax levy on the manufacturers, the sales and consumption of goods. It was also known to be Value Added Tax (VAT) due to its multi-stage consumption tax of goods and services, although it is charged on local consumption by multi staging, eventually is borne by the end consumers. The register vendors able to claim it back from the respective government. In the late 1980s, the Government of Canada was the second country to adopt GST by eliminating their old tax system Manufacturer’s Sale Tax (MST). The main motive behind …show more content…
All countries have their own policies on collecting taxes from their people, and most of the business are paying multiple taxes and higher levels of taxes that will ultimately borne by the consumers, ended up high price of goods and discouraging business activities environment. Besides, GST do provide effectiveness and transparency on preparing accounts. It helps to build corruption-free tax administration when all taxes are integrated and systematic. Moreover, most nations that adopt GST will able to predict income from collecting taxes from the people due to the effectiveness of taxing system, it will help build the nation’s wealth and has the ability to repay debts, if there is any. Besides, GST create a fair and equate taxing system towards companies. In generally, before GST was implemented, most of the industries has respective tax rate on their production and service, it depend on the government policy. (Refer to Diagram 2) After adoption of GST, all industry shall share the same tax rate depending on their respective government on deciding the rate. (Diagram 3) Adaption of GST will also increase the government revenue due to the tax collections now are wide coverage of goods and …show more content…
This tax system exist for decades since early of 1970s after our independent day. Until 31st March 2015. On 25oth October 2013, our Prime Minister as well as a Finance Minister Datuk Seri Najib Razak has announced that GST will be commence from on 1st April 2015. Rome wasn’t built in a day, it same goes to GST. GST discussion was first initiated on year 1983. The Malaysia government sends a researcher team to South Korea to study the potential of GST if implementing in Malaysia. After 9 year, in 30th October 1992, Dato’ Seri Anwar Ibrahim, the Minister of Finance at that time, announces GST to be included for the 1993 Malaysia Budget. It was rejected and deferred. In 2009, the GST bill was tabled for reading at Dewan Rakyat. It was further deferred again for it defectiveness and lack of laws and regulation on implementing it. Finally on 2013, after the 13th General Election, the Prime Minister Datuk Seri Najib Razak declares GST of 6% in Malaysia effectively commence from 1st April 2015. Please refer to Diagram
They required them to pay this tax on every piece of printed paper they used--ships papers, legal documents, licenses, newspapers, magazines, and other publications. Even playing cards were taxed! The colonies were supposed to buy paper from Britain that had an official stamp on it which showed they paid the tax, hence it became known as the Stamp Act. The tax collected from the Stamp Act also allowed the British to pay for the French and Indian War.
I told you this is taxation without representation. They think they can just become more strict and demanding out of nowhere? We will show them. We must configure against the parliament. That is the fastest way to ban this act.
The colonists were required to pay tax on the molasses and this would bring money to the British Parliament. This tax was reduced by half compared to the previous Molasses Act. Next, the purpose of the Sugar Act was to raise money for the military expenses. The Prime Minster, George Grenville, strictly enforced the tax collection. He established courts for people who did not pay their
He cut GST from 7% to 5% and he lord payroll taxes by 15%. The payroll taxes went fromOne dollar in and $1.88 – $100 in 2016 and set up a plan for it to be $1.49 – $100 in 2017. From January 2015 to present he set up a plan to lower payroll taxes by 15%. After two terms Harper cut taxes in
This act required that many documents such as licenses, diplomas, contracts and even playing cards to be printed on embossed paper that had a tax on it. This act was the very first attempt to tax the colonists directly for activities that occurred solely with the colonies themselves. After the French and Indian War the British national debt skyrocketed and the Prime Minister was eager to pay it down before the government was bankrupted.
After battles that lasted for almost a decade, Great Britain and France signed an agreement that ended the war and gave Canada to the British. Americans and Britons alike were thrilled with the victory, the colonists had never felt so proud to be British. However, Great Britain was left in huge debt after the war. How would they make the money they needed if all the british citizens were already being taxed as much as they could pay? Great Britain came up with the “ingenious” solution of taxing the colonists without their consent who they had previously left alone.
When it comes to the research the tax has affected the country in a negative way, simply because the war was fought because of taxes that were seen as not needed as well the fact that the country fought the British to oppose taxes, and then Washington turns around and imposes a tax on the people after what they sacrificed to fight for the right to be free of taxes and to be supportive of their new government was tough because people did not have money to pay taxes at
Anywho, king George the third agreed with the tax without any arguments. They sent ten thousand soldiers along with stamp act officials which who handle the tax and stuff. This was the beginning of the stamp act and the real reasons of why the British established the stamp
This was previously enacted in 1733 under the name of the Sugar and Molasses Act. This act was the first tax on the American colonies imposed by the British Parliament. Parliament began enforcing this tax more strictly than the Molasses Act tax. Colonists were expected to “… pay a tax of six pence per gallon on the importation of foreign molasses.” The new act included taxes on, “foreign wines, coffee, textiles, and indigo imported into the colonies…” Colonists were outraged that the Act about to expire was renewed and changed to have more taxes imposed.
In the late 1800s, the U.S Treasury Department used sales tax and tariffs to fund its federal budget. A tax or tariffs are funds that are paid to the government that are added when something is bought that is considered valuable. Because of the Civil war, there was a financial burden on the country. In 1861, Congress reacted by implementing taxes on individuals. The first income tax started off by taxing individuals 3% making more than $800, while people who made more than that gave up a larger percentage.
People were getting really mad that they were getting taxed for no reason and some people even blamed it on King George lll.
A massive and unusual effort had support the war overseas and had loaned the Canadian government all of the money it needed to fight the war. The resulting debt of more than $2 billion would fundamentally change the nature of our post-war economy. To pay off our debt, the Canadian government must now may over $164 million per year. This debt that was collected due to this excessive war is the cause for our current establishment of income tax and other extra fees. Although World War 1 did bring some positive change to Canada, it also had much negative impact on our nation, our people, and our future.
Taxing is huge since it supplies the country with its demands (http://go.galegroup.com)
After the French and Indian War in 1763, economic elements forced Britain to feel the need to raise funds to pay off the war debt. The policies that were enforced by the new prime minister resulted in America's fight for independence. Some of the taxed imposed upon the colonies included the Sugar Act, the Stamp Act and the Tea Act. All three of these acts forced the Americans to pay a tax on everyday goods. Americans viewed the new tax on sugar and other imports as a burden and violation of their rights, for the British, the taxes were a modest imposition necessary to pay for the cost of eliminating the French from North America and administering the colonies (Keene, 101-102).
Terms of Reference H&M also known as Hennes & Mauritz is one of the most leading apparel companies globally; one of creativity and style. The company is one which believes that it should offer to its customers fashion and quality at the best price. The aim of this report is to assess H&M’s company organizational culture as well as the core competencies and capabilities of the company; and how it has used these to attain the position at which it is at today in the fashion and apparel industry.