...Published in April 1958 IMPACT OF TAXATION ON SMALL AND MEDIUM SCALE INDUSTRIES BY MURARJI J. VAIDYA (Text of a public lecture delivered under the auspices of Forum of Free Enterprise on April 9, 1958 in Bombay. The author was Founder-Vice-President, Forum of Free Enterprise). It is necessary at the outset to define the terms, “Small Scale” and “Medium Scale” industries because there appears to be a deal of confusion over the precise connotation of these terms. Government have defined small industries as those which employ 50 workmen where power is employed and 100 workmen where power is not employed and the industry is manually operated. In the matter of capital, the limit of Rs.5 lakhs as invested is the maximum limit to qualify an industry as a small-scale industry. As far as medium scale industries are concerned, there is no specific definition. From time to time, various figures have been given. In my opinion, industries employing up to 500 workers and with an invested capital of Rs.5 lakhs should be considered as medium scale industries in the context of present costs of putting up such factories. The Government of India, however, have not laid down any definition of medium scale industry and, I am sorry to say, that they have not taken much interest in the development of medium scale industries. In April 1956, in my presidential address to the 26th Conference of the All- India Manufacturers’ Organisation in...
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...Published in April 1958 IMPACT OF TAXATION ON SMALL AND MEDIUM SCALE INDUSTRIES BY MURARJI J. VAIDYA (Text of a public lecture delivered under the auspices of Forum of Free Enterprise on April 9, 1958 in Bombay. The author was Founder-Vice-President, Forum of Free Enterprise). It is necessary at the outset to define the terms, “Small Scale” and “Medium Scale” industries because there appears to be a deal of confusion over the precise connotation of these terms. Government have defined small industries as those which employ 50 workmen where power is employed and 100 workmen where power is not employed and the industry is manually operated. In the matter of capital, the limit of Rs.5 lakhs as invested is the maximum limit to qualify an industry as a small-scale industry. As far as medium scale industries are concerned, there is no specific definition. From time to time, various figures have been given. In my opinion, industries employing up to 500 workers and with an invested capital of Rs.5 lakhs should be considered as medium scale industries in the context of present costs of putting up such factories. The Government of India, however, have not laid down any definition of medium scale industry and, I am sorry to say, that they have not taken much interest in the development of medium scale industries. In April 1956, in my presidential address to the 26th Conference of the All- India Manufacturers’...
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... 1.1 Background of the study Traditionally the government of Zimbabwe had been charging duty on imported goods in local currency. Enterprising Zimbabweans have been taking advantage of the overvalued Zimbabwean dollar to import cars and other luxury goods for resale in Zimbabwe. According to the central bank figures, Zimbabweans have been spending an estimated US$400000 a day importing an average of 80vehicles from Britain, Dubai, Japan, Singapore and the United states. This resulted in a boom in the used car industry. The business had become so brisk; some foreign car dealers were advertising their latest brands of cars in the Zimbabwean press. The government through Zimra moved from its traditional way of charging duty in local currency through the statutory instrument 80A of 2007 which stipulated that with effect from 5 April 2007, importers of cars and other luxury goods were now required to pay duty in foreign currency. “Payments of customs duty and value added tax on the importation of any items designated as luxury shall be payable in US dollars, Euros, or any other currency denominated under the exchange control”Mumbengegwi said.(The herald 9 April 2007).An official at the reserve bank said that the move to levy duty in foreign currency was a “hostile reaction” to the central bank’s refusal to devalue the local currency.(Newzimbabwe.com).He further went on to say the government has decided to levy duty in...
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...SOCIALISM OF SOCIETY IN INDIAN ECONOMY INTRODUCTION Impact of Dr. B.R.Ambedkar's thoughts on Indian economy is evaluated under the following main heads: * Reforms on agricultural lands. * Currency problem. * Financial problem in public. * Taxation policy. * Industrial growth on national level. * Economic development. * Socialism of state. * Miscellaneous economic Problems. I. Economy enterprises. II. Over population III. Upliftment of women for economic development. IV. Human capital. V. Hindu economy. (1) Reforms on agricultural land:- After long study on Indian agriculture Ambedkar recognised that problems of agriculture related to farmers should be solved, in one of his article i.e. "Small Holdings in Indian and their remedies"(1917) and also in "Status and minorities"(1947) he has suggested some reforms which has included in the manifesto of the "Swatantra Majdur Paksha"and the Scheduled caste Federation. Ambedkar recognized that small subdivided and fragmented holdings of land are the major problem of Indian agriculture with affects. It has resulted in various disadvantages, and there were difficulties in cultivation and utilization of resources increasing cost, low productivity, inadequate income, Low standard of living etc. According to Dr. Ambedkar reforms on agriculture is not related only with the size of holdings but also with other factors such as capital, labour and other inputs, so the concept of "Idea of...
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...CHAPTER ONE INTRODUCTION 1.1 Background to the Study Since the 1960s to date, small and medium sized enterprises (SMEs) have been given due recognitions especially in the developed nations for playing very important roles towards fostering accelerated economic growth, development and stability within several economies (Yitzhaki, 2006). They make-up the largest proportion of businesses all over the world and play tremendous roles in employment generation, provision of goods and services, creating a better standard of living, as well as immensely contributing to the gross domestic products (GDPs) of many countries (OECD, 2000).Over the last few decades, the contributions of the SMEs sector, the development of the largest economies in the world have beamed the searchlight on the uniqueness of the SMEs; and this have succeeded in overruling previously held views that SMEs were only ―miniature versions‖ of larger companies (Al-Shaikh 1998; Gaskill et al. 1993). And although Small and Medium Enterprises have been at the center of the policy debate for quite some time in both developed and developing countries, little analytical work has been undertaken in this area.The dearth information that exists among researchers on Small and Medium Enterprises however provides a sense of how important this sector is for sustainable development in emerging economies (Medina, 2001). For instance, recent studies conducted by United Nations Industrial Development Organization (UNIDO) concur that SMEs...
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...this evidence, policy emphasis has shifted to pinpointing complementary policies that will lead an economy from stabilization to growth. The policy debate today focuses on reforms. Ghana immediately after independence made tremendous effort towards achieving full employment and socio economic development through public investment in medium and large scale enterprises. Notwithstanding the direct involvement and the effort of the government, the sector is saddled with a lot of constraints, including scarce capital, intensive technology, foreign exchange constraints, poor management, corruption and inadequate attention to economic viability and market prospects which has resulted in poor performance of the industries in terms of output and employment (Steel & Webster, 1992). Following an economic recession in the 1980’s which resulted in the retrenchment of workers from the civil service, the rationalization of production in the private sector under the Economic Recovery Programme (ERP) was launched in 1983, and the high population growth rate of 2.6% per annum, coupled with the inability of the medium and large scale enterprises to grow and expand over time to absorb the idle labour, the SMEs has become an important option and alternative source of employment. SMEs have been...
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...INCOME TAX ADMINISTRATION AND PERFORMANCE OF SMALL SCALE ENTERPRISES IN UGANDA ACASE STUDY OF GULU MUNICIPALITY BY HENRY EGYEYU ABSTRACT The research study was aimed at establishing effect of Income Tax Administration on the performance of small Scale Enterprises. Using Gulu Municipality as a case, in all Small Scale Businesses which were selected were analyzed and supplementary data was got from the respondents. The objectives of the study were to examine the Income Tax Administration, to examine the Performance of SSEs in terms of Growth, Profitability, and Survival, to find out the relationship between income tax administration and the performance of SSEs. In the methodology the researcher used research design, study population, sampling procedures which included sample design and also sample size, the data sources like primary data, secondary data, data collection methods and other methods of collecting data. Presentation, interpretation, and the discussions of the findings basing on the responses from the respondents of the questions and the findings were tax payers don’t get tax education, make little profits from their business among others Summary, conclusions, recommendations of the findings of the research analysis the findings of the study and draws summary of the main findings of the study and finally the research draws and gives recommendation and further research. CHAPTER ONE ...
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...An Analysis of the Government's Role in the Mining Industry in the Philippines Steven B. Baria Kim Edbonn C. Castillo Maridy D. Nuyda Economics 151 Prof. Teresa J Ho March 13, 2013 The stance of the government in recapturing the essence of the mining industry in the country has been reiterated time and again. The industry has been tapped as one of the most viable provider of revenues and employment through local and foreign investments. Past administrations had stressed the importance of favorable investment conditions that is supposed to promote the economic growth and progress, particularly in the mining industry. However, various issues has haunted the implementation of a holistic mining industry in the nation. This paper aims to provide a view of the efficiency and equity issues that plagues the whole of the mining sector and what the government can do in order to cater to these considerations. The Philippine case would be the vantage point of the study. The paper starts by defining some terms that is helpful in understanding the entire paper. A discussion of the externalities emanating from the mining industry and equity and efficiency arguments follows suit. Lastly an analysis of the government’s role in the Philippines and some recommendations are given. Mining: Some Definitions Mining is the useful extraction of minerals and other geological materials from the surface of the earth. This involves complicated and expensive processes and is accompanied by externalities...
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...mineral wealth, the mining industry can be a key driver of economic growth. However, the industry is hounded by various issues and challenges. These include the social and environmental costs, a revenue sharing agreement that is seen as unfair and inequitable, the overlapping and weak enforcement of mining laws, and other problems relating to the mining sector. Unless these are addressed through a clear, consistent and competitive mining policy, the sector’s huge potential to bring economic benefits will unlikely be realized. The SEPO Policy Brief, a publication of the Senate Economic Planning Office, provides analysis and discussion on important socioeconomic issues as inputs to the work of Senators and Senate Officials. The SEPO Policy Brief is also available at www.senate.gov.ph. Introduction The mining industry has a great potential to be a key growth sector in the Philippines given the country’s vast and rich mineral resource deposits. Mining can spur economic growth and generate employment opportunities in local communities as mining companies invest in infrastructure, utilities and other facilities within the mining sites. It can likewise contribute to the country's foreign-exchange earnings through exports and bring much needed revenues to the government through taxes and fees paid on mining and other related activities. It appears though that the Philippine mining industry has not lived up to its potential. Critics have argued that the industry has had negligible contribution...
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...www.pwc.co.uk The direct economic impact of gold October 2013 www.pwc.co.uk The work carried out by PricewaterhouseCoopers LLP ("PwC") in relation to this report has been carried out only for the World Gold Council and solely for the purpose and on the terms agreed between PwC and the World Gold Council. The report does not constitute professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this report and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences to anyone acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. © 2013 PricewaterhouseCoopers LLP. All rights reserved. In this document, "PwC" refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom), which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. The direct economic impact of gold Contents Foreword ........................................................................................................................................................................1 Executive summary ...........................................................................................................................................
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...“A STUDY ON PROBLEM FACED BY GOLD INDUSTRY AND PROVIDING FEASABLE SOLUTONS TO OVERCOME IT” Dishant Gosain1 Mehak Ahuja2 Sonu Kumar3 1, 2, 3 Student, Delhi School Of Management, Delhi Technological University (formerly DCE), New Delhi, India dishant3281@gmail.com, mehak.ahuja3@gmail.com, sonurca11@gmail.com ABSTRACT In India, gems and jewellery has always symbolized wealth and prestige. It has always ignited desire unlike any other object of importance. This industry has always been an important driver of Indian economy with its great influence in large-scale employment generation, earnings from foreign exchange through exports, and value addition. The Indian gold industry, which has a vast potential of being a kingpin of the financial system of India, is currently facing potential stagnation, with difficulties at multiple fronts. It is hence essential for its various stakeholders, like the government, Reserve Bank of India, and the gold industry, to initiate large-scale transformation so as to ensure a sustainable and well modulated industry. In this article we try to develop a clear policy framework to address key structural and regulatory challenges. The various institutional mechanisms required to bring the entire gold industry under standard and uniform governance to pilot long term direction setting on gold are formulated and numerous suggestions on reducing the supply constraints in gold without perturbing CAD have been proposed. The aim of the article is...
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...machinery, tools, lumber production, construction, cement and metal fabrication. Performance in the industrial goods sector is largely driven by supply and demand for building construction residential, commercial and industrial as well as the demand for manufactured products. When the economy contracts and consumers save more and spend less, activity in this sector drops because companies will postpone expansion and produce fewer goods. The industrial sectors are drawn for each contain a mixture of international corporations, national companies, entrepreneurial smaller and medium-size enterprises (SMEs) and informal local businesses. Each part of a sector may have different impacts and dependence on economics activity. In many of the examples, the process of changing performance in industry sectors has followed a common sequence, though the detail varies considerably between sectors. For example, a realization by the leaders of major companies that their long-term business interests, survival as well as profitability, depend on understanding and addressing a wide range of the expectations of key audiences. In malaysia, there is a...
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...has an important role for development, then this role is achieved through the “institution” that he/she represents. SME activities that would help to propel development and promote the wellbeing of the citizenry most governments are now playing various facilitation roles in collaboration with NGOs and other stakeholders to enable the private sector provide diverse goods and services, including job creation for the people. Many developing countries have shifted their strategic economic focus to embrace the development of an entrepreneural middle-class with the private sector as the engine for attaining sustained economic growth. In Ghana, the private sector is also considered as the engine of growth of the economy and mostly of micro, small and medium size enterprises, generally called the SMEs. The SMEs Sector in Ghana is estimated to be made up of 70% of all industrial establishments. They contribute about 22% to GDP and account for about 92% of...
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...Threats of New Entrants Intensity of rivalry among existing competitors Bargaining Power of Buyers Bargaining power of Suppliers Threat of Substitutes Summary Methodology 1.1Choosing the topic: Here we will describe why did we choose a selected topic. 1.2Formulating the research questions: After choosing the research topic, there was a concern that what should be our research question? So, we should focus our research on the issue that what can be suitable and effective marketing strategy for our selected industry in Pakistan? A suitable marketing strategy can be developed by understanding internal strengths and weaknesses and the external opportunities and threats. 3. Objective of the Research: The objective of our research should be to get a complete and overall picture of the whole situation in Pakistan that how our selected industry can grow and sustain by keeping in view the threats and opportunities present in the...
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...TAXATION 2 ASSIGNMENT 1 PREPARED BY: MOHD HISYAM BIN RODIN 01-201106-00434 LECTURER: MRS. DIANA SALES AND SERVICE TAX Objective Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable service. Sales tax is a single stage tax imposed at the import or manufacturing levels. In Malaysia, manufacturers of taxable goods are required to be licensed under the Sales Tax Act 1972.. Concept Companies with a sales turnover of less than RM100,000 and companies with Licensed Manufacturing Warehouse(LMW) status are exempted from this licensing requirement . A service tax applies to certain prescribed goods and services in Malaysia including food, drinks and tobacco; provision of rooms for lodging and premises for meetings, conventions, and cultural and fashion shows; health services, and provision of accommodation and food by private hospitals. The tax also applies to professional and consultancy services provided by accountants, advocates and solicitors, engineers, architect, surveyors (including valuers, assessors and real estate agents), advertising agencies, consultancy firms, management service provider, insurance companies, motor vehicle service and repair centres, telecommunication services companies, security and guard services agencies, recreational clubs, estate agents, parking space services operators and courier service firms. ...
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