...tax laws are not designed for the digital age. It highlights the issues faced by countries due to ‘Base Erosion Profit Shifting ‘. The emphasis is mainly on two taxes, namely, ‘Diverted Profit Tax’ and ‘Digital Goods and Service Tax’, which are recently mentioned in the Australian Budget 2015. Organisation for Economic Co-operation and Development’s (OECD) involvement to concrete changes to avoid Base Erosion Profit Shifting (BEPS) has been mentioned. UK’s ‘Google tax’ and the ‘Double Irish Dutch sandwich’ tax evading structure is explained in an effort to elucidate the steps taken by Australian Government to encounter issues similar to them. Facts are stated with regard to the current Australian economy meshing these two new taxes into the existing taxation system. A conclusion is drawn concisely assessing the enforcement of ‘Digital GST’ and ‘Diverted Profit’ taxes and their probable effects on the economy. 1. The need for comprehensive tax reform One of the prime ways of generating economic revenue is to improve the tax capabilities. A good tax system promotes sustainable growth, provides key platform for trade and investments and strengthens the accountability of government to their citizens. The growing complexity in business and technological advances has made it difficult for the existing tax system to keep in pace. Taxes were charged on concrete assets usually that were easy to locate but the emerging mobility has increased the usage of intangible assets that are not easy...
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...What is GST? The Goods and service tax is an initiative towards a reform in which this tax will replace all the indirect taxes in the Centre as well as the State, which can be levied in case of a sale being made or a service being provided. It is especially necessary in the current scenario, due to the degrading effects of the present tax system of CENVAT and State Vat system and the other complexities that prevail in the tax system of India. Some of the taxes that will be replaced under the central taxes are Service Tax, Surcharges, Central Excise Duty, Customs Duties and other Excise Duties. Some of the taxes that will be replaced under the state taxes are Luxury Tax, Entertainment Taxes, Tax on gambling and betting, Lottery Taxes, surcharges etc., as long as they are related to entry tax and the supply of goods and services. Due to reasons, which are social, environment related as well as those related to import dependence, certain products like high-speed diesel, alcohol (human consumption) is not included. Also, the direct taxes will be exempted from the GST, including capital gains, corporate and income tax. To better understand GST, consider the following: There exists a manufacturer, retailer and dealer (wholesaler). Goods and Service Tax is 10%. Now assume that the manufacturer buys the raw materials worth Rs 100 for Rs 140. Therefore, the total GST he will pay is Rs 4 by getting a tax credit of Rs 10 on the raw materials he had purchased. Now, the...
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...Abstract The upcoming commencement of GST, the Goods and Services Tax, in Malaysia has been critically received by citizens. This study has been conducted to gauge the level of awareness and approval of GST among IIUM students. The general outlook on GST is negative, stemming from a lack of awareness as to what GST truly is and the taxpayers mindsets (Abdul Mansor & Ilias, 2013). Questionnaires were distributed to random IIUM students aimed at getting their awareness on GST and its implementation. The findings indicate that IIUM students are aware of GST and its imminent implementation and conflicting views on whether or not they approve of its implementation. Perhaps with a little scrutiny and education it might be possible to increase awareness on GST, and may change people perceptions and reception of it, be it positive or negative. 1.0 Introduction In general, Goods and Services Tax (GST) is a consumption tax which is imposed on the sale of goods and services, and it is divided into two categories indirect taxes and direct taxes and is administered by the Royal Malaysian Custom (RMC). The Malaysian government has announced that the new system which will be implemented starting 1st April 2015 at the rate of 6% (Robinson, 2014). The GST (goods and services tax) system will be replacing the present SST (sales and services tax). In the current tax regime, the 10% Sales Tax and 6% Service Tax is collected by one party (usually the seller) and passed on...
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...Non-Financial and Current Liabilities → Understanding Non- Financial and Current Liabilities Objective 1: Understanding the importance of non-financial and current liabilities from a business perspective. Explanations about non financial liabilities under international standards are based on current: IAS 37 Provisions, Contingent Liabilities and Contingent Asset. It is important for businesses to properly account for their liabilities so they can keep an eye on their cash flows: * Taking advantage of supplier discounts * Controlling expenses and Accounts payable → Recognition and Measurement Objective 2: Define liabilities, distinguish financial liabilities from other liabilities and identify how they are measured. Definition in IFRS and CICA Handbook A liability is an obligation that arises from past transactions or events, which may result in a transfer of assets or provision of services. Liabilities have 3 essential characteristics: 1) They embody a duty of responsibility 2) The entity has little or no discretion to avoid the duty 3) The transaction or event that obliges the entity has occurred A liability relates to a transaction that has occurred (the goods were purchased, they have been delivered and title has passed. Therefore an economic obligation exists at the date of the statement of financial position. Judgment is needed in many circumstances, with management drawing on evidence such as the entity’s past experience, other entities’...
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...THE PERCEPTION OF TAXPAYERS TOWARD GOODS AND SERVICES TAX (GST) IMPLEMENTATION IN MALAYSIA CHAPTER ONE - INTRODUCTION 1.1 Backgroud of Study Malaysian taxation system is generally divided into two, which are direct taxes and indirect taxes. Indirect taxes are controlled by the Royal Malaysian Custom Department (RMCD) and it consists of four components such as excise duties, customs duty, sales tax and service tax. Direct taxes are under the control of the Inland Revenue Board of Malaysia (IRBM). The IRBM is responsible for all policies relating to direct taxes such as income tax of individual and business, petroleum income tax, real property expansions tax, and stamp duty. From the government perception, taxation is a vital economic tool because it can be employed to regulate the economy, to invigorate economic growth through the granting of fiscal incentives as a principal aim of implementing tax policies and to provide funds for development projects (JeyapalanKasipillai, 2005). The contribution of direct taxes and indirect taxes to government revenue in 2009 amounted to RM78.375 billion (49.4%) and RM28.129 billion (1 7.73%), respectively. This shows that taxation contributes more than 60% to the Malaysian government revenue. Recently, the Malaysian government established the implementation of goods and services tax (GST) to replace Sales Tax and Services Tax (SST). The GST plan was first raised in 1988 but at the time it was considered unnecessary because the sales...
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...Introduction The idea of introducing a flat consumption based Goods and Services Tax (GST) in Malaysia has been floated since 1989. It now seems as though this may become a reality in the 2014 Budget, with implementation beginning within 18 to 24 months at an initial rate of 4 % on the supply chain. The plan to overhaul the tax system has begun to gain momentum as the government deals with an increasingly weak economic outlook, combined with global uncertainty. While not at the emergency levels of many advanced Western European economies, Malaysia has not run a structural budget surplus since the Asian Financial Crisis hit in 1997. Federal government debt as a percentage of Gross Domestic Product (GDP) currently sits at 55.4 %.1 For the time being, this is manageable, but it is the government’s ability to reign this spending in, as well as lack of budgetary reform that has led ratings agency Fitch to downgrade Malaysia’s credit outlook to negative this year. The government’s recent 20 sen cut to the fuel subsidy and increasing speculation of a GST framework to be included in the upcoming budget can be seen as evidence that they are trying to remedy both structural and cyclical economic challenges. Furthermore, for far too long there has been an overdependence on the revenue generated from oil and gas dividends, which currently account for over a third of total government revenues. 2 A GST offers a single unified system where the tax burden is equally shared between the services...
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...ESSAY FOR SBI DESCRIPTIVE TEST CYBER CRIMES Millions of people around the world use computers and the internet every day. We all use it in school, work even at home, computers have made our lives easier it has brought so many benefits to the society but it has also brought some problems and cybercrimes with them. Today, the world is moving towards a point where everything from banking stock exchanges, are traffic control, telephones to electric power, health care, welfare and education depends on software. This exponential growth, and the increase in the capacity and accessibility of computers coupled with the decrease in cost, has brought about revolutionary changes in every aspect of human civilization, including crime. As a result, the increased capacities of information systems today come at the cost of increased vulnerability. Information technology has begun to produce criminal opportunities of a variety that the brightest criminals of yore could not even begin to dream about. The term “Cyber Crime” has nowhere been defined in any statute or Act passed or enacted by the Indian Parliament. Any criminal activity that uses a computer either as an instrumentality, target or a means for perpetuating further crimes comes within the ambit of cyber crime. It is rapidly evolving from simple e-mail mischief where offenders send obscene e-mail, to more serious offences like theft of information, e-mail bombing to crashing servers etc.There are various forms of cyber crime like...
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...Literature Review 1.1 Readiness, Perception and Awareness of people towards GST. The literature on the GST is extremely wide . The are many areas that can be focus on basically while doing my research . The most highlight areas on GST is on the public reaction towards GST in Malaysia before the implementation which can known their readiness , perception and awareness on GST. According to ( Mohd Rizal Palil ,2011) he has done a research in Malaysia on the impact of Good and Service Tax towards Middle Income Earners. The author has done survey towards people all around Kuala Lumpur through questionnaire. Based on the finding of his research he reveals that most of the employees does not support the government decision for the implementation of GST and also they strongly does not accept the fact that GST will be implemented in the nearest future. At the same time they strongly does not support the implementation. Based on (K. Saira ,2010) he has done a research on the awareness of the people towards GST and his finding indicates that people are not aware that GST will be charge on Goods and Services. The researcher conclude that people are not aware of GST as soon its going to be control in their life. Beside that they are not aware that it will impact on the economy very well. (K. Saira ,2010) There is also another research which is concerning about the perception of Tax Payers on GST by (Tan Mei Lian ,2010) .The author has also done survey questionnaire towards people...
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...FEDERAL WEALTH TRANSFER TAXATION: CASES AND MATERIALS FEDERAL WEALTH TRANSFER TAXATION: STUDY PROBLEMS SIXTH EDITION 2013 Supplement by PAUL R. MCDANIEL James J. Freeland Eminent Scholar in Taxation and Professor of Law University of Florida Levin College of Law JAMES R. REPETTI William J. Kenealy, S.J. Professor of Law Boston College Law School PAUL L. CARON Professor of Law Pepperdine University School of Law Herzog Summer Visiting Professor in Taxation University of San Diego School of Law FOUNDATION PRESS © 2013 © 2013 By FOUNDATION PRESS ISBN PREFACE This supplement is designed to update our casebook and accompanying study problems book: Federal Wealth Transfer Taxation: Cases and Materials (6th ed. 2009), and Federal Wealth Transfer Taxation: Study Problems (6th ed. 2010). We hereby grant permission to users of Federal Wealth Transfer Taxation to distribute copies of this supplement to students, either in hard copy or in electronic form. This supplement is current through August 1, 2013 and incorporates The American Taxpayer Relief Act of 2012 (Pub. L. No. 112-240, 126 Stat. 2313 (2013)) and The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub. L. No. 111-312, 124 Stat. 3296 (2010)). We want to thank Jack Bogdanski (Lewis & Clark) for his detailed comments on the prior edition of these books. This is the third update to Federal Wealth Transfer Taxation since the July 16, 2010 death...
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...chart of accounts * Setting up a datafile * Daily banking * Invoicing * Sales & receivables * Purchases & payables * Writing cheques/making deposits * Payroll * GST/BAS * Reporting * Emergency response - getting your books up to date, and working with your accountant to get accurate figures to present to the ATO * Start-up services - setting up your accounting software, chart of accounts, and recording all those records that were going to be done 'one day' * Maintenance services - ongoing support and maintenance, with a full financial management service, including updating of your accounting software as required, and presenting those finance reports which make it easier for you to do business. We do: * Accounts payable and receivable (particularly chasing those slow payers!) * Payroll and superannuation * Budgets and cashflow * BAS / PAYG / IAS returns * Account reconciliations and financial reports * Setting up chart of accounts, classes and jobs, so that you can track your clients, your income and your expenses on a job-by-job basis We work with: * QuickBooks * MYOB (Account Right) * MSExcel (especially generation of charts and tables for easier grasp of the facts) * Secure banking, superannuation and other financial sites Predominately you will be managing your own section of the the Accounts Payable ledger including matching invoices to purchase orders, processing...
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... Taxable supply. Exempt supply. Zero-rated supply. Exempt import. Exemption from GST. Supplies outside the scope of GST. No. 6 Goods and Services Tax Act 2009 ii PART V –BASIC RULES RELATING TO IMPORTS 25. Time of import. 26. Value of import. PART VI –CALCULATION AND PAYMENT OF GST NET AMOUNT 27. Net amount of GST to be remitted in a tax period. PART VII –INPUT TAX CREDITS 28. Goods or services for which no input tax credits are allowable. 29. Input tax credits. 30. Acquisition or importation by resident agents. PART VIII–GST DOCUMENTATION GST invoices and sales receipts. GST credit and debit notes. Documentation issued by or to agents. Requests for GST documentation. Prohibition. Retention of records. PART IX–GST RETURNS AND PAYMENTS GST returns. Due date for payment of GST. GST payable on imports. Due date for payment of GST on imports. PART X –REFUNDS 41. Refunds. PART XI–ASSESSMENTS Assessments . Assessment of recipient. Negation of tax benefit from a scheme. General provisions relating to assessments. 31. 32. 33. 34. 35. 36. PART II–IMPOSITION OF GOODS AND SERVICES TAX 14. Imposition of GST. PART III –REGISTRATION Application for registration. Registration of persons. Cancellation of registration. National register of persons registered for GST PART IV – RULES RELATING TO SUPPLIES Time of supply of goods. Place of supply. Value of supply. Post-supply adjustments for GST adjustment events. Post supply adjustments for bad debts. Reverse charge on imported...
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...IRREVOCABLE OR NOT? MODIFICATIONS TO TRUSTS ERIC G. REIS Partner Thompson & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, Texas 75201 Phone: (214) 969-1118 Fax: (214) 880-3183 State Bar of Texas 33 Annual Advanced Estate Planning and Probate Course June 10-12, 2009 Houston, Texas rd CHAPTER 10 NOTICE: In compliance with requirements imposed by IRS Circular 230, please be advised that any tax advice contained in this outline is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or other matter addressed herein. TABLE OF CONTENTS I. II. INTRODUCTION. ...................................................................................................................................................................1 LEGAL CONSIDERATIONS. .................................................................................................................................................1 A. Texas Trust Code Provisions on Modification of Trusts. ....................................................................................................1 B. Merger of Trusts..................................................................................................................................................................2 C. Sale to New Trust. .............................................
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...Introduction The purpose of this assignment is to focused to provide learns with the knowledge on different components of marketing process and able to assess the benefits and costs of a marketing orientation for KFC Holdings (M) Berhad. Macro and micro environmental factors able to see and the buyer behaviour can affect marketing decisions. KFC continues to develop in Asia. KFC come to Malaysia in 1973, the American establishment fast food since has extending forcefully to become the biggest Fast Food chain in Malaysia, it has 275 outlets. In Malaysia, KFC fast food restaurant was first opened in year 1973 on Jalan Tunku Abdul Rahman. The headquarter of KFC is located at Jalan Sultan Ismail,Kuala Lumpur. In year 2013, there are total of 579 outlets nationwide. Projek Penyayang KFC was established in year 1995 that provide food to 150++ homes every quarter. In addition, they have make an effort to enable orphans and underprivileged kids to enjoy their meals at KFC. Every year over 6,500 children are treated with “so good” food. Today, 3 of KFC Restaurants are controlled by speech and hearing-impaired staffs that was intended to serve physically challenge people. They serve to disperse the myth that an inability obstruct a man from driving an ordinary life and gives them a feeling of certainty and self-regard. Task 1 a) Explain any TWO (2) of the various elements of the marketing process in relation to the organization Create value for customers and build customer...
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...and advice to a broad range of companies and government agencies. We specialise in solving problems arising from policy, legal, strategic, regulatory, market and environmental issues. Our delivery of high-quality, objective advice has provided confidence to some of the largest industrial and governmental organisations in the Asia-Pacific region. Authorship This document was written by Shane Vuletich. For further information email shane@covec.co.nz or phone (09) 916-1961. Disclaimer Although every effort has been made to ensure the accuracy of the material and the integrity of the analysis presented herein, Covec Ltd accepts no liability for any actions taken on the basis of its contents. © Copyright 2008 Covec Ltd. All rights reserved. Covec Limited Level 11 Gen-i tower 66 Wyndham Street PO Box 3224 Shortland Street Auckland New Zealand t: (09) 916-1970 f: (09) 916-1971 w: www.covec.co.nz Contents Executive Summary ............................................................................................................... 1 1. Introduction .................................................................................................................... 6 1.1. 2. Overview: Bringing the World to Auckland............................................................6 Drivers of Tourism Demand ......................................................................................... 13 2.1. 2.2. 3. General Drivers of Tourism Demand...
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...checklist Appendix 4: Intention test checklist Appendix 5: Economic reality test checklist Appendix 6: Employee Checklist 2 2 3 3 3 3 4 5 5 5 6 6 6 7 8 9 9 11 12 13 14 14 A-Z of Employing is available to EMA members only, via email, or online at www.emadvice.co.nz Contact AdviceLine to obtain your password. AdviceLine is open 8am – 8pm Monday to Friday (excluding public holidays) Contracts for Services OVERVIEW 1 2 3 A contract for service contrasts with a contract of service. An employee is a person under a contract of service and a contractor is a person who enters into a contract for service. The concern with the correct classification of a relationship is usually over whether a person has been prevented from accessing rights and protections available only to employees. The Employment Relations Act 2000 does not define a contract of service but defines the meaning of employee. The terms are interchangeable therefore the meaning of a contract of service is the meaning of employee as provided by the Act. Thus the meaning of a contract for...
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