Financial transaction tax

1. the Hong Kong profits tax implications to STPL in respect of its arrangement with STPCL (15 marks) • Section 14(1) of Inland Revenue Ordinance (IRO) imposes three conditions for profits to be chargeable to Hong Kong profits tax.…

of imposition of tax on commercial and non-commercial transactions. Individuals and business entities are liable to pay tax charges for the profit or benefit earned by them through operational activities in timely manner. Tax is levied in UK on the basis of statutory norms described by HMRC. Taxes is payable in UK at minimum three different level i.e. central government, local government and devolved national government (Citron, 2010). Present study is focused on description of tax obligation of…

Tax is a compulsory contribution to state revenue, levied by the government on worker’s income and business profits or added to the cost of some goods, services, and transactions (Oxford Dictionary). The federal income Tax system is now at a center of public debate. To illustrate, The United States is currently practicing progressive tax system, which means a person who earns higher income pays higher tax rate. Whereas another income tax system is call flat tax, which is a tax system with a…

States is also one of the most stable economies in the world. • US’s GDP was recorded to be a whooping $17.701 trillion at the end of 2014. • The American dollar is the most used and widely excepted currency internationally for global business transactions. • It is the tenth-highest per capita GDP in the world. • United States is the third largest oil producing economy in the world. • It…

advantage of. Crimaldi opens the article detailing a scam that has cost tax payers as much as $330 million dollars a year (P. 2). The scam involved small businesses exchanging money for the customer’s food stamps, a federal offense that has resulted in 597 convictions and over $197 million in fines (P. 3). The author asserts that fraud of food stamps almost always happens at the bottom fifteen percent that handle food stamp transactions (P. 4). Crimaldi details that in 2010, 931 stores were…

quarterly federal and state income tax deposits, pays the whole contribution of Social Security and Medicare taxes and purchase his or her own insurance and benefits. Independent contractors also work for more than one employer and have specialized training. Whereas, an employee is told how their job is to be performed and what their schedule will be. In addition, the employer contributes to half of the payment of the employee’s benefits, personal income tax, workers’ compensation, as well as…

The New Deal was intended to relieve the poor and the unemployed, recover the sluggish economy, and reform the financial and agricultural system. The policies of the New Deal relieved the economic crisis and social contradictions. However, not all people approved of the New Deal. Some common people and politicians were against the policies and some put forward some policies to replace the New Deal. Martha Gellhorn, Huey Long, and Herbert Hoover are three people who held a negative attitude…

The party believes that those who utilize private health and the private education system should receive vouchers and tax breaks. In addition, they focus on the goodwill of the people, instead of a public system, which they see as a socialist agenda. However, Democrats want to mirror foreign nations by setting up a national health care system. They want to expand the federal…

The intention of mortgage interest deduction is to promote homeownership. Increase in homeownership has wider societal benefits, for instance causing homeowners to improve the conditions of their homes and be more engaged in their neighborhoods than if they were only paying rents. Little of the benefits of deductions go to households that have homeownership problems. In fact, most homeowners face serious housing cost burdens, which mean that they are paying more than 50% of their earnings for…

NuCountry has a bright future ahead of it after the great compromises achieved at the constitutional convention. However, that doesn 't mean there aren 't obstacles ahead for the newly independent country. In the aftermath of the convention, there are clear winners and losers. The most powerful group would most likely be the working professionals. They 're the middle-class of NuCountry and a socialist economy would only increase their size. The working poor group making up 30% would most…