He/she has the sole and initial power to interpret the code provisions and other tax laws. The Philippine tax system is a global and schedular taxation system where domestic and resident taxpayers are taxed on a worldwide income. They tax non-resident payers on their Philippine-source income. Taxes on corporations are imposed at a flat rate and individuals are taxed at progressive rates. The local government agencies are authorized to impose local taxes and allow tax exemptions and incentives for business activities within their areas of jurisdiction.
This chapter presents a broader context of the study subject by reviewing past researchers’ works, related to the effect of tax on revenue, components of taxation, the methods to enhance tax revenue and finally empirical review and conclusion 2.1. Definition and Concepts of Taxation Taxation is seen as a burden which every citizen must pay to sustain his or her government because the government has certain programs to perform for the benefits of those societies. A précised definition of taxation by (Farayola, 1987), is that taxation is one of the sources of income for government; such income has used to finance or run public utilities and perform other social responsibilities. (Ochiogu, 1994), defines tax as a levy imposed by the government
BOHAN ZHANG BSBA12005 Assignment 1. Personal Taxation Personal taxation is a direct tax levied on income of a person. A person includes an individual, a company, an Association of Persons (AOP) or Body of individuals (BOI), a local authority, a non-juristic body of person and an undivided estate. In general, a person liable to personal taxation has to calculate his tax liability, file tax return and pay tax by the end of the year to the government. Taxpayers are classified into resident and non-resident.
Reliability means faithfully representing the transactions and events of the firm, thus information must be free from bias, if a firm is trying to be free from bias they cannot be conservative and then consider what Watts is saying in his paper. Clearly, this age old doctrine is not consistent with the notions of reliability and neutrality. Information should be prepared in such a way that it is useful in making financial decisions, economical decisions and this information should also be transparent, comparable financial information so to ensure optimal decisions are made about investing in
Usually, these charge are passed on to the consumer. 1.4.1 Sales Tax A sales tax is a tax paid to a governing body for the sales of certain goods and service. Usually laws allow or require the seller to collect funds for the tax from the consumer, it is usually called a use tax. Often laws provide for the exemption of certain goods or services from sales and use tax. 1.4.2 Central Sales Tax (CST)
WHAT IS CORPORATE TAX RATE? A levy placed on the profit of a firm, with different rates used for different levels of profits. Corporate taxes are taxes against profits earned by businesses during a given taxable period; they are generally applied to companies ' operating earnings, after expenses such as COGS, SG&A and depreciation have been deducted from revenues. Corporate taxes are usually levied by all levels of government (i.e., State and Country). Corporate tax rates and laws vary greatly around the world, as different governments and countries view corporate taxation in different ways.
Withholding tax is the most basic tax type that each taxpayers engaged in business, trade, or practice of profession is familiar with(Tax and Accounting Center, Inc.). There are three types of withholding tax based on how the individual earns: The withholding tax on compensation, expanded withholding tax, and final withholding tax. Withholding tax on compensation is the tax withheld from employees by the employers. Expanded withholding taxes is prescribed on individuals whose particular income earned is creditable against the taxable quarter or year. Final withholding taxes are paid in full and final amount with regards to the amount of income(Bureau of Internal Revenue).
RESEARCH INTENT RAJI, MOJEED GBOLAGADE PROSPECTIVE PhD STUDENT BEING A RESEARCH INTENT SUBMITTED TO THE GRADUATE SCHOOL OF BUSINESS & ACCOUNTANCY, UNIVERSITY OF MALAYA, KUALA LUMPUR, MALAYSIA IN SUPPORT OF THE ADMISSION INTO PhD RESEAARCH PROGRAMME FIELD OF RESEARCH: ACCOUNTING, TAXATION & FISCAL POLICY TOPIC OF RESEARCH: TAX REVENUE AND ECONOMIC GROWTH: THE NIGERIA EXPERIENCE (2000-2019) Introduction Tax is a compulsory charge imposed by a public authority on the income and properties of individuals and companies as stipulated by the government decree or Acts or laws irrespective of the exact amount of service of the payer in return (Omotoso, 2001). Such goals may be in for of high level of
Corporate tax in Kenya is set at a flat rate of 30% of the profit for local companies and 37.5% for foreign companies. Advantages: 1. Source of revenue for the government Corporation tax is a source of revenue for the government which is used towards national debt or public services. The increase in the collection of tax increases the government revenue. 2.
Section A: Malaysian Financial Reporting Standards (MFRS) Framework 1.0 Introduction on MFRS Framework When MASB was formed in 1997, it was adopted the 24 existing standards issued by the Malaysian Institute of Accountants (MIA) and the Malaysian Association of Certified Public Accountants it accepted with accounting standards. On 1 January 2005, all MASB will renamed Financial Reporting Standards. In February 2006, the MASB further declared that Financial Reporting Standards were coercively for the all entities expect private entities. A private entity to define as a private company combined under the Companies Act 1965. MASB issued an ED75 IFRS-compliant Financial Reporting Standard in June 2011 and followed by a new MASB accepted