Taxes are generally perceived as a burden by most ordinary citizens and legislators however it is through taxation that the government can raise revenue to fund provision of many public goods and services and distributing wealth. “Taxes are what we pay for a civilised society”, wrote Oliver Wendell Holmes. Broadly, the purposes of taxation are vast including funding for physical infrastructure such as rail and other transport systems, funding for social protection i.e. unemployment & disability protection. Tax is thus...
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Executive summary This study will focus on investigating and identifying the relationship between strategies and property tax collection in Tanzania. Specifically, it aims at examining the strategies for the improvement of property tax collection in government, identifying the major challenges confronting property tax collection, and suggests possible measures to overcome those challenges to increase revenue collection from the property owners. The study intends to involve 120 respondents from 4 wards of Ngaramtoni Township Authority at TRA-Arumeru in Arusha, Tanzania. The...
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Introduction A multitude of Multinational Companies (MNCs) across the global economy use ambiguities or loopholes in global tax laws in order to reach a desired outcome, often in the best interest of maximising shareholder and/or private corporate value through paying less tax (Contractor, 2016). HM Revenue and Customs (2016) states that such tax avoidance is often comprised of contrived, artificial transactions which lead to a tax advantage that Parliament never intended. Types of tax avoidance strategies include the deferral of...
4 Pages
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Introduction We all have a slight idea about sales tax. Whenever we purchase an item, the amout to be paid in the bill is higher than the price tag mentioned on the product. This additional amount of money that we pay while purchasing any goods is sales tax. Sales tax can be defined as an indirect tax which is charged while purchasing or exchanging of certain taxable goods, and is charged as a percentage of the value of the product....
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What is taxation and its purposes? Tax assessment alludes to the act of an administration gathering cash from its residents to pay for public administrations. Without tax collection, there would be no open libraries or parks. One of the most often discussed political themes is tax assessment. Tax assessment is the act of gathering cash from residents dependent on their income and property. The cash raised from tax collection bolsters the legislature and permits it to support police and courts,...
3 Pages
1212 Words
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Shampoo, conditioner, razor cartridges, razors, lotion, deodorant, body wash, shaving cream, shirts, pants, underwear, as well as hundreds of items more that women have to pay extra for. Gender-based price discrimination affects almost 50% of the world’s population. Also known as the pink tax, gender-based price discrimination refers to when one sex is charged an unexpected cost in comparison to another sex for identical goods and services. This tax targets women and should no longer exist. Gender-based price discrimination is...
2 Pages
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Taxes help the government operate and work out and really make the economy thrive. Taxes usually increase over the years and some citizens do not abide by the law of this civic duty. Taxes can be hard to pay but it’s a big price of having to do civic duties if you’re in the United States. Taxes help with most budgeting from the government. Taxes are an essential part of the government operating and are fundamental. Medicare is a huge...
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Question: 1 The introduction: Tax liability: Income tax payable is a type of account in the curreincome and brings within its scope all the taxable income, profits or gains of an assessed which fall outside the scope of any other head. Therefore, when any income, profit or gain does not fall precisely under any of the other specific heads but is chargeable under the provisions of the Act, it would be charged under this head. Casual Income: Casual income means...
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Introduction West (2018) describes ethics as someone’s moral principles of good or bad behaviour where it’s not based on consequences of these actions. Another view of ethics involves having a sense of duty to do the right thing as a company and for others (Hoover and Pepper, 2015). Tax avoidance is understood as deliberately sidestepping taxes to lower the tax paid to governments, this method is legal but not predicted by the government involved (www.ibe.org, 2013). There are questions around...
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Introduction According to WHO, the four major non-communicable diseases (NCDs) in the world include of cardiovascular diseases, diabetes, cancer and chronic respiratory diseases. Poor diet and obesity are most common preventable risk factor for the occurrence of the NCDs. Globally 40 million deaths occur due to it. While in Australia 90% of the deaths occur due to NCDs [1] In 2015, 19.7% of the deaths and 9.5% DALYs occurred due to NCDs caused by poor diet. [2] According to the...
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Answer to Question 1 The amounts that Joe should include in his taxable income for the year ended 30 June 2019 is as follows: Income received from clients for electrical services of $150000 should be included in the tax returns under section 6-5 as ordinary income under ITAA 1997. Any deductions that can be claimed against this income is allowed as a deduction from the taxable income earned by the person during a year and the net amount should be...
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Abstract Can India take the big step by combining artificial intelligence with taxation? The major source of revenue for the Government is through taxes. So, can we move towards a system wherein AI will help taxation system to be clear, easy and more compliant? Extensive use of AI & ML will definitely help our tax authorities to be vigilant about the defaulters and create a more comprehensive and transparent system. Can India move towards a taxation system where AI/ML is...
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‘Higher taxes for the rich! Higher taxes for the rich!” is a very popular cliché and a view held by majority in the community, however, it easier said than done. Due to many reasons it is hard to actualize this, but principally taxing the rich goes against capitalism, which is the dominant economic system of business operations adopted in many parts of the Globe. But this discussion is worth not having without answering the following fundamental question. Is it right...
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In Kenya, the need to improve tax compliance has been necessitated by the need to increase government revenue, bridge the widening budget deficit and generate adequate revenues to pay debts. While as, taxpayers are generally aware of their obligations and need to make their contribution towards raising the government revenue, there is a growing consensus on focus to role of the state capacity in improving the efficiency of tax administration in a way that contribute to a more accountable and...
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Introduction Benjamin Franklin said there were only two things certain in life: death and taxes. And as something that is put to comparison with death in its certainty; most people fear even the mention of taxes the same as its counterpart, but it does not have to be that way. Taxes are considered as a form of a membership to the society, for the person to become of service to their society. To foster economic growth and development governments need...
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Implementing tax on sugar-sweetened beverages was correlated with substantial increase in soda rates and decrease significant consumption of aerated drinks, sweet teas, flavored water, and sport drinks. In Australia people are getting fat since childhood caused by eating too much unhealthy processed food which address complex disease called obesity. World Health Organization (WHO) suggests that obesity is a risk factor for most of non-communicable disease such as type 2 diabetes, cardiovascular disease (heart attack, stroke, hypertension), cancer etc. To improve...
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The federal government collects revenue from income taxes, capital gains taxes, and payroll taxes. Tax rates depend on income types. Income taxes are progressive – that is, initial dollar amounts are taxed at a lower rate and additional dollars are taxed at higher rates. Income from investments (capital gain) is taxed at a flat 15%. Payroll taxes are charged at a flat rate only on the first $113,700 an individual earns. Let’s look at the tax rates for 2012 and...
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Tourism is a critical source of income for many countries but for Scotland in particular, it is a major source of revenue. Yet a substantial part of the money made from tourism does not go to the local council or benefit the whole population. Instead, the money is going into the hands of accommodation providers, cafes, restaurants and retail outlets. The government has to pay to repair and build new roads and bridges, maintain schools and hospitals and keep free...
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In this essay I’m going to be discussing the following: why the government has introduced a sugar tax and the results of this initiative, future plans to increase this scheme as well as potential alternate methods to improving the nation’s health without punishing the consumer. The government last year joined the ranks of many other nations around the world in introducing what has been dubbed the ‘sugar tax’, joining the ‘sin taxes’ that are already currently in place. This new...
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Aptly described by WHO as an ‘escalating global epidemic’ (WHO, 2002), the burden of obesity on communities is self-evident: an estimated 3 million deaths and 2 trillion dollars in medical costs (Dobbs et al., 2014). To address the challenge member nations have introduced tax policies to regulate people’s nutrition. The phraseology ‘junk food’ is attributed to sugar sweetened beverages and energy dense processed foods and may apply to foods of higher than needed caloric value (Donald et al., 2015). The...
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At the end of 2017, President Trump signed into law one of the largest tax code overhauls since the 1980s. The President assured taxpayers that this bill included a simpler and more reformed tax code, protection for lower- and middle-income Americans and cuts for corporations that would in theory spur investment and economic growth. Once implemented, however, this bill disproportionately benefited higher earners, created loopholes for profitable corporations, increased the federal deficit and did not deliver the high economic growth...
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In America today, there is a constant conversation about taxing the rich. They’re arguments on both sides of the coin. As of right now, since taxes are based on percentages, wealthy citizens should not be required to pay higher taxes because they fairly earned their money and they should get to keep it. On the other hand, some people believe that wealthy people should pay more taxes because they already have plenty of money so it is nothing when they...
2 Pages
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Poverty is an increasing issue in modern day that stems from wealth inequality. Families that hold wealth throughout generations are making an increasing gap in income in the United States which is making the poor even more poor. Poverty can have several negative effects on a person’s long-term health, including heart attacks, inflammatory diseases, and even can attribute to a premature death. While some argue that a more aggressive progressive tax is the best way to solve things, the most...
3 Pages
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One of the most important questions that has to be raised is whether it is right or even ethical for smokers to pay a high amount of tax on tobacco or not. Or even whether individuals who live a healthy lifestyle and don’t smoke are forced to pay a cost for something that they never even did. There are 3 reasons as to why, in my opinion, smokers should pay an extremely high tax on tobacco. Firstly, the most obvious...
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Many organizations are benefiting from us. They are promoting a lot of unhealthy food at a very low price, taking benefit from it by having us to agree with a ridiculous idea that it’s good for us to purchase these unhealthy products. Big Food Brands like Anheuser Busch, Nestlé, and PepsiCo are responsible for using this tactic manipulating people of America to buy extra of their products. With so many of these unhealthy options at an alarmingly low fee, they...
2 Pages
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“Nobody spends somebody else’s money as carefully as he spends his own…”, – Milton Friedman. Taxation, a means by which governments finance their expenditures by imposing charges on citizens and corporate entities, is used according to the ACCA (2013) for one of three reasons: to raise revenue, to redistribute wealth, and to change behavior. This essay will focus on income and wealth taxation in the United States, which makes up 81% of the federal revenue (National Priorities Project, 2015). Most...
7 Pages
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Obesity has been a big problem in the UK because the government hasn’t taken control over the consumption of sugary goods, especially sugary drinks. Market failure is created when the allocative efficiency is not used in its maximum efficiency. So, when community surplus is not maximized, we have market failure. A certain product is either over or under produced. Merit goods will be under supplied, and demerit goods will be over supplied. In market failure, it’s a study about realizing...
2 Pages
772 Words
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