...CHAPTER I INTRODUCTION The desire to build a civilized country with a strong and sound economy is the desire of every patriotic Ghanaian citizen. Tax payment is the demonstration of such a desire, although most income earners see it as a means of exploitation by the government. Tax payment is a voluntarily contribution imposed by the Government on personal income earners, companies, investors, exporters, importers etc. revenue realised from taxation is a major source of revenue to the Government of Ghana, and as such is an important tool used in the development of Ghana and her economy. However, tax evasion which is the wilful and deliberate violation of the law in order to escape payment of tax, posses a big threat to income taxation in Ghana as it reduces tax revenue to the Government, thereby hampering economic growth and development. However, this research was undertaken to help increase revenue generated from income tax to the government, by pointing out the challenges faced by tax officials in discharging their lawful duties. Various challenges such as tax evasion on the part of the income taxpayers drastically reduce income tax revenue to the government. This has been a big problem for decades and needs to be properly addressed. 1.1 BACKGROUND OF THE STUDY AND PROFILE OF THE ORGANIZATION After a thorough research on the revenue structure of Ghana, it became evident that revenue from tax was a big source of income to the government of Ghana, and needed much attention...
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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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...CHAPTER 1 INTRODUCTION Background of the Study Taxation is one of the natural powers that every sovereign state possesses. It is the one wherein the state gets its funding to enable the government to discharge its appropriate functions. Every member of the society is obliged to pay taxes in order for the state to pursue its proposed plans where the citizens will get benefit from. Through taxation, manpower needed for economic development is supplied and the gains of such undertaking are expected to improve the quality of human life. The increase of population and the decrease of resources burden government with economic problem which can and shall ultimately pose danger to the peace and order condition of the community, country or nation. In the Philippines the tax department, popularly known as Bureau of Internal Revenue (BIR), is under the support of the Department of Finance. The tax department has enormous and wide ranging administrative and legislative powers when it comes to assessment, enforcing taxes and collection. It is considered to be the main revenue earning agency for the government of Philippines. Annually the bureau collects practically 80 percent of the total generated revenue. The BIR has monthly and annual targets for collection and this is determined by the Development Budget and Coordinating Council, which is an inter-agency council headed by the Department of Budget and Management. Today tax payers can directly pay taxes either to the BIR using...
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...Dissertation by Ishfaque Ahmad 1 Chapter 1 – Introduction Chapter 1 – Introduction “At a time when the Government is tackling the deficit, against a backdrop of global financial uncertainty, it is vital that we focus relentlessly on cracking down on those that break the law and making sure that everyone pays the tax they owe” (HM Revenue & Customs, 2012, p. 4) Every year the UK Government spends billions of pounds to provide a better life for its citizens. Most of the money the Government is spending comes from tax revenue. Tax revenue allows the Government to budget expenditure such as education, health and welfare, housing, protection, re-paying national debts and improving the infrastructure. Without tax revenue, the government would not be able to fund the projects and services that people require. Following the recent recession and the global financial crisis it is important to increase tax revenue for economic growth and keeping the economy moving. The majority of the UK’s individuals and businesses pay their share of tax honestly. However, a minority deliberately seek to evade or avoid paying what they owe while benefiting from the public services (HM Revenue & Customs, 2013). As a result the Government does not receive enough tax as budgeted but spends more than what is collected. This is called budget deficit. It leads to either cuts in the budget of projects or borrowing money from other nations to fill up the deficit. Borrowing is an expensive...
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...VALUE ADDED TAX (VAT) SCHEME ON THE REVENUE GENERATION CAPACITY IN GHANA A LONG ESSAY PRESENTED TO THE SCHOOL OF ARTS AND SOCIAL SCIENCES (SASS), REGENT UNIVERSITY COLLEGE OF SCIENCE AND TECHNOLOGY, IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BACHELOR OF SCIENCE DEGREE IN ACCOUNTING AND INFORMATION SYSTEMS NII TORTO QUAO (022 0207) DECEMBER 2009 DECLARATION I hereby declare that this long essay is the original research undertaken by me, including all references from other books, handouts, internet, magazines, textbooks, etc under the supervision of the under signed lecturer. Mr. Albert Akanferi …………………………….. ……………………………….. (Supervisor) Signature Date Nii Torto Quao …………………………….. ………………………………. (Student) Signature Date i ABSTRACT A strong and efficient tax system provides the basis for enhanced economic growth and development. Ghana’s fiscal structure prior to 1983 had generally been characterised by low tax revenue. As a result Ghana undertook a number of reforms prescribed by the International Monetary Fund and the World Bank under the Economic Recovery Programme (ERP) and the Structural Adjustment Programme (SAP). Tax reforms constituted one of the essential ingredients of SAP. The tax reform process has assumed diverse dimensions over the pass two and half decades. One of those tax reforms was the Value Added Tax scheme (VATs). The purpose of this study is to assess the impact of the VATs on revenue mobilisation in Ghana using tax buoyancy...
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...Directed Independent Adult Learning COURSE SYLLABUS FEDERAL INCOME TAXATION ACC-421-GS Course Syllabus FEDERAL INCOME TAXATION ACC-421-GS ©Thomas Edison State College January 2008 Course Essentials Federal Income Taxation is a one-semester course designed to help you learn the basics of federal income taxation of individuals. The course covers the basic tax calculations, filing status, gross income inclusions and exclusions, gain and loss recognition, business and personal deductions, tax credits, and filing requirements. It also looks briefly at the taxation of partnerships, as well as that of corporations and special “S corporations.” Objectives By successfully completing the learning activities of the course, including careful study of the textbook, use of chapter self-tests, and problem solving, you should be able to: 1. Apply all steps in preparing individual taxable income and tax. 2. Indicate which items are included in income and which items are excluded. 3. Recognize deductible business expenses and nonbusiness deductions. 4. Calculate depreciation, bad debts, and losses. 5. Apply the rules for capital and ordinary gain and loss recognition. 6. Demonstrate conversance with available individual tax credits. 7. Articulate the fundamentals of the taxation of corporations and partnerships. Course Syllabus—Course Essentials S-3 Required Textbook In addition to the Course Syllabus, which consists of “Course Essentials,” “Course Calendar,” “Written...
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...Enterprises towards Implementation of GST in Kuala Lumpur and Johor Bahru CHAPTER ONE – INTRODUCTION 1.1 Background of the Study The production of a good or service, in general, goes through several stages before the final product or service reaches the consumer. To illustrate, if the production and distribution process is divided into three basic stages of manufacturing, wholesaling and retailing, value is added at each stage through further processing, packing or other improvements before it reaches the consumer via the retailer. The GST is a tax on the value added to the output or service at each stage of the process. In its generic form, the GST is a value-added tax (VAT). These terms are used interchangeably in this note. A multi-stage tax like the GST protects tax collections through two built-in features. First, the multi-point collection and invoice trail minimizes tax avoidance and tax evasion. This is because the need to issue and obtain invoices to claim tax deductions for taxes imbedded in inputs from a previous stage of the production chain fosters greater compliance. Second, the GST is better able to protect revenue from tax evasion by retailers as compared to a single-stage sales tax imposed solely at the retail sales tax (RST). This feature, however, comes with greater administrative and compliance costs. 1.2 Problem Statement The introduction of GST in Malaysia has...
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...Chapter 1 1. The most probable price which a property will bring in a competitive and open market under all conditions requisite to a fair sale is: a. transaction price. b. most probable selling price. c. market value. d. investment value. 2. Investment value: a. is an objective estimate of a property’s worth as an investment. b. is the value of the property as an investment, and therefore is also the most probable selling price. c. from the present owner’s perspective sets the upper end of the range of possible transaction prices. d. is unique to the individual investor and need not be closely related to market value or most probable selling price. 3. The term market value, as generally employed by appraisers, means: a. the most probable price a property will bring in a competitive and open market under all conditions requisite to a fair sale. b. the most probable price that will result from arm’s-length bargaining between an equally informed buyer and seller. c. the highest price in terms of money that a property will bring if exposed to the market for a reasonable length of time. d. the price a prudent buyer would pay if fully informed of all relevant facts regarding the property. 4. The relationship between investment value and most probable selling price is: a. investment value will always exceed most probable selling price, at least by the amount of the transaction costs. b. most probable selling price will always exceed investment value,...
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...budget analysis of FY13-14. First and foremost, we would like to express our gratitude to Imrana Sharmin, senior lecturer, Dept. of Economics. Her Eagerness to help us in every step of learning encouraged us to drive ourselves accomplished and well understood. Chapter No. | Description | Page | 01 | Introduction * Background of the Study * Purpose, Scope of the Study * Methodology of the Study * Review of existing literature * Limitation of the Study | 02 02 02 03 04 | 02 | Economy and Capital market * Economic Highlights * Key Economic indicators * Incentive for Capital Market | 06 07 07 | 03 | Revenue Analysis * Total Revenue composition * Total Tax Revenue Composition * Revenue Estimates | 10 10 11 | 04 | Government Expenditure * Public Sector * Power and Energy * Education * Health * Interest * Defense Service * Agriculture | 14 15 15 16 17 17 17 | 05 | Budget Deficit | 20 | 06 | Overview of Fiscal Measure * Personal Income Tax * Surcharge * Corporate Tax * Import Duty and Supplementary Duty * Value Added Tax | 23 23 23 24 25 | 07 | Macroeconomic Target | 27 | 08 | Discussion of...
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...TAX COMPETENCIES, COMPLIANCE COSTS AND INCOME TAX COMPLIANCE AMONG SMEs IN UGANDA BY ANNET NAKIWALA 2007/HD10/11264U A DISSERTATION SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT S FOR THE AWARD OF THE DEGREE OF MASTER OF SCIENCE IN ACCOUNTING AND FINANCE OF MAKERERE UNIVERSITY September, 2010 TAXCOMPETENCIES, COMPLIANCE COSTS & INCOME TAX COMPLIANCE DECLARATION I, Annet Nakiwala, declare that this dissertation is my own work and that it has never been presented for a degree award at any other university. Signature: ………………………………………… Date: ……………………………………………… ii TAXCOMPETENCIES, COMPLIANCE COSTS & INCOME TAX COMPLIANCE APPROVAL This is to certify that this dissertation has been submitted in partial fulfillment of the requirement for the award of a Masters of Science degree in Accounting and Finance of Makerere University with my approval as University Supervisor. Joseph Ntayi (PhD) Supervisor Signature: ………………… Date: ……………………… Arthur Sserwanga Supervisor Signature: ………………… Date: …………………….. iii TAXCOMPETENCIES, COMPLIANCE COSTS & INCOME TAX COMPLIANCE DEDICATION I dedicate this entire effort to my late Mother Gorreth Nabagereka. We miss you dearly. iv TAXCOMPETENCIES, COMPLIANCE COSTS & INCOME TAX COMPLIANCE ACKNOWLEDGEMENTS Completion of this research has been a result of both direct and indirect support of many people to whom I owe acknowledgement. I owe profound gratitude to my supervisors Dr. Joseph Ntayi and...
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...CHAPTER 1 UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS Question/ Problem 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Learning Objective LO 1 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 3 Topic Revenue neutrality Controlling the economy Encouraging industries Research and development expenditures Social considerations Earned income credit Charitable contributions Fines and penalties Home ownership Higher education incentives Tax credit versus deduction Alleviating the effect of multiple taxation Double taxation and effect of a credit versus a deduction Wherewithal to pay concept: transfer to controlled corporation Avoiding the corporate income tax Wherewithal to pay: example Recognized gain versus realized gain: amount Like-kind exchange versus involuntary conversion: losses Settlement time period Installment method Keogh Plan: grace period Bracket creep: indexation Community property states Community property states Deterrence provisions $13,000 annual gift tax exclusion: audit Status: Present Edition New New New New New Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Modified Modified New New New New New New New New New New New Q/P in Prior Edition 6 7 8 9 10 11 12 13 14 15 Instructor: For difficulty, timing, and assessment information about each item, see p. 1-3. 1-1 © 2012 Cengage...
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...UNIVERSITY OF LIBERIA An Assessment of Tax Policy in Liberia: A Case Study of the Property Tax Division at the Ministry of Finance, 2006 – 2010 BY MORRIS A. KIAZOLU, JR. (BSC – Economics- 1999, BBA – Accounting - 2003) A Thesis Submitted to the Graduate Program in Business and Public Administration in Partial Fulfillment as Requirement for Master Degree in Business Administration – MBA/Accounting, UL November 2011 TABLE OF CONTENTS Page Declaration i Abstract ii Acknowledgement iv Dedication v 1.0 CHAPTER ONE: INTRODUCTION 1.1 Introduction 1 1.2 Background to the Study 2 1.3 Statement of the Problem 3 1.4 Purpose of the Study 4 1.5 Research Questions 4 1.6 Significance of the Study ...
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...©2011 CCH. All Rights Reserved. Chapter 5 59 Chapter 5 Gross Income—Exclusions SUMMARY OF CHAPTER Having just completed the study of gross income in the preceding chapter and thus gained a comprehension of what income is and when it is taxable, the student should now be ready to proceed to the concepts underlying exclusions from gross income, which are discussed in the present chapter. Since gross income includes income from all sources, to be excluded from gross income the items must be expressly exempted by law. Sections 101–139 list those items. Common Exclusions from Gross Income ¶5001 Gifts and Inheritances A gift, bequest, or inheritance is excluded from gross income. Thus, the donor does not receive a tax deduction for the property transmitted. If property received by gift or inheritance later produces income, the income is taxable. ¶5015 Life Insurance Proceeds Generally, life insurance proceeds received by the benefi ciary are not included in gross income if such amounts are paid by reason of death of the insured. It is immaterial who the benefi ciary is or whether the policy was part of a group life insurance plan or was individually purchased. However, if payment is delayed and the total amount when received includes interest, the interest is taxable. ¶5025 Sale of Residence Sales of principal residences on May 7, 1997, and thereafter are eligible for a $500,000 exclusion from gross income ($250,000 for single individuals). A two-year ownership and occupancy...
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...College of Business Administration Department of Accountancy Accounting 351 Federal Tax II Fall 2014 Instructor: Simon R. Pearlman Phone: (562) 985-4578 E-Mail: sy.pearlman@csulb.edu Office: CBA 400 Office Hours: Mondays and Wednesdays - 2:00 p. m. – 3:00 p.m. / Wednesdays 5:00 p.m. 6:00 p.m. Others by appointment Text: Smith, Raabe, Maloney, Taxation of Business Entities, South-Western, 2015 edition Class Times: 12:00 p.m.-- 1:50 p.m.-Mondays and Wednesdays (CBA 237A); Section 4 3:00 p.m. – 4:50 p.m. – Mondays and Wednesdays (CBA 227); Section 1 6:00 p.m. – 9:50 p.m. – Wednesdays (CBA 235); Section 3 Objectives: To gain an understanding of the federal income tax laws as they apply to corporations, partnerships, and other business entities. Grading: There will be two mid-term exams, a comprehensive final exam, tax returns, one computer research project and discussion problem assigned. The mid-term exams and the final will carry a value of one point per question, the discussion question (20 points), the tax return (10 points), computer research project(10 points) and classroom participation and homework will carry a total value of 10 points. For extra credit (10 points), a student can present a Wall Street Journal tax article to the class on a timely basis. Based upon the ratio of total points accumulated by each student to the maximum total points possible, plus classroom participation, final grades...
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...These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. | Date Taken: | 11/15/2014 | Time Spent: | 3 h , 17 min , 15 secs | Points Received: | 75 / 75 (100%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 8 | 8 | Essay | 2 | N/A | | | Grade Details - All Questions | Question 1. | Question : | (TCO B) In which of the following situations may taxpayers file as married filing jointly? (Becker CPA Review Course) | | | Student Answer: | | Taxpayers who were married but lived apart during the year. | | | | Taxpayers who were married but lived under a legal separation agreement at the end of the year. | | | | Taxpayers who were divorced during the year. | | | | Taxpayers who were legally separated but lived together for the entire year. | | Instructor Explanation: | RULE: In order to file a joint return, the parties must be MARRIED at the end of the year. Exception: If the parties are married but are LEGALLY SEPARATED under the laws of the state in which they reside, they cannot file a joint return (they will file either under the single or head of household filing status). Choice "a" is correct. Per the above rule, taxpayers who are married but lived apart during the year are allowed to file a joint return for the year. The fact that they did not live together during the year has no bearing on...
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