Goods and Services Tax

As tax professionals, it is essential to maintain and follow the rules and standards which govern our industry. It is expected for tax professionals to follow the ethical standards that contain information which governs the standards and provides guidance to become a professional taxpreparer. IRS Code 6694(a) focuses and addresses tax return preparers concerns including the conflicts involved from tax preparers who decide their claims may surpass an unreasonable position within sections or…

aggregate demand must be increased. For this, we need a rising level of government expenditure and tax cut. But liberals and conservatives are on two front regarding how to allocate the government expenditure in economy. While the liberals…

government asks an individual to pay tax they are fined if they don’t. When the government asks a large multinational company to pay tax a political party gets a donation, and no tax gets paid. The Australian government has regardless of which political party, over many years shown that its preference is to allow large multinational companies including Google, Apple and Amazon to avoid their tax obligations while doing very little to help those in need with any form of tax relief. In 2013-14…

regulations and tax rates in the argument that it would lead to economic growth. The policy claimed that producers would be able to supply low-priced goods to consumers who in turn had a high disposable income to spend on the goods and services in the market (Feldstein 38-39). Reaganomics was not different from the Supply Side Economics. During Ronald Reagan’s campaign for presidency in the 1980s, he announced a recipe to save the United States economics mess. He promised to cut tax burden,…

Value Added Tax – imposed on the net sales value of non-exempt, qualifying goods and services in Nigeria, it is 5% of the value; Capital Gains Tax – 10% imposed on capital gains derived from sales or disposal of chargeable assets; Stamp Duties – imposed on instruments executed by individuals and corporate entities in Nigeria’ the rate on Stamp duties varies; Excise Duty – imposed on the manufacture of goods within the Government territory and collected by the Nigeria Customs Service; Import…

doctor to come to their home (Cutler, 2000), hence, they provided a service to the community that the community would otherwise be required to provide. These organizations generated little income and as such were granted tax exempt status (Cutler, 2000). Modernization of healthcare has transformed hospitals from places for the poor to seek care to places for society to receive care and as such the historical support for the tax exempt status has grown less relevant and in actuality, it can…

COST OF GOODS SOLD Cost of goods sold is a deduction on a taxpayer’s taxable income. For tax purposes, Piratephernalia Corporation must capitalize a portion of their overhead expenses into the annual inventory calculation. Additionally, cost of goods sold includes only the inventory sold throughout the fiscal year. Unsold purchased inventory will not be deducted from the taxable income. INTEREST INCOME Generally, state bond interest is exempt from taxation. Further, interest income from…

increasing income equality, multiple laws, regulations and tax credits have been effectuated. For a period of three decades, economists have advocated the use of a tax system for this purpose. For example, transferring the responsibility to a tax system such as Earned Income Tax Credit (EITC) has been proven to be more efficient than other methods, such as the welfare system. The welfare system has not been completely transferred to a more efficient tax system due to political reasons, not…

Thank you for approaching Visionary Tax Planners Limited for advice to set up a self-guided walking and hiking tour business called Kauri Hikes together with bed and breakfast accommodation (Kauri BnB) for their short stay guests. However, it is really important to remember that undertaking this suggestion does not preclude you from going down to a particular path, rather it will only assist you to make informed decisions about if the option is likely to go furthest towards satisfying your…

exemption from taxation of interest on state and local bonds and the tax deductibility of state and local income and property taxes. 2. The arguments favoring local over federal provision of public goods are that local governments will be more responsive to the community's needs and preferences and have greater incentives to provide services efficiently. But differences in the way that state and local…