...payments. Have reconciliations of tax accounts duly prepared. Track and calculate Invoices made by 9714 Grupo and have a follow up of the pending balances. By December 31st, calculate the annual tax payment scenario by preparing all the files requested by UK International Tax Direction. Request the tax reconciliation template to Latam Entities each quarter and monitor the posted figures. Prepare the tax reconciliation template of mexican Entities each quarter and monitor the posted figures. Weighting 35 Due Date 12/31/2016 To obtain the 100% of VAT refunds and offsets as well as the Income Tax offset by the following month in case it is refunded automatically or by the end of the third month in case documentation is required, as well as train The AP responsible and the Royalties responsible giving them the know-how required for this task. By December 31st, 2016, both trainees will have to be able to submit any tax refund or offset, the amount refunded will have to be 20 Million MXN at least whereas offset’s status will have to be “accepted” in a 100%, with the support of the Electronic Accounting Records that will be entirely functional with the same...
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...“Is Obamacare Really Helping Our Citizens?” The Affordable Healthcare Act, also referred to as Obamacare, is one of the most controversial legislative decisions in President Obama’s term as our leader. Many American’s are ignorant to the law and others face economic hardships making it difficult to pay fees associated with getting the insurance. Regardless of the circumstances behind not having insurance, Americans have to compare and contrast the benefits of Obamacare, with the penalties of opposition to the Affordable Healthcare Act. Is Obamacare really helping our American citizens, or is this more of the same dictatorial legislation riddled with confusing jargon that negatively affects the populace? Obamacare? How Does That Work? A few of the benefits of the Act such as making better health plans more affordable to low income families and the subsidy offered to help pay for them. Another benefit was how the Act allowed people with preexisting conditions to be granted new healthcare plans. However, there are many provisions written into the law that many Americans are unaware of. One was a provision that allowed for advancements in healthcare equipment to help expedite the process in assessing the patient’s needs. What wasn’t broadcast was the proposal of implanting every American with a microchip that made the previous proposal possible. So is Obamacare helping our citizens and allowing our freedom to choose or solidifying a residual revenue system aimed at the American...
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...CONTENT No.2 Title Page 13fewfqefqefqewf Introduction 1fqefqwefqeqef 2eqfewfwefefqefqefeq Findings – Tax Advisors 2wfqwefqewfqwefqefqw 3efqwefqewfwqefqwefqwef Findings – Individual 7efqwefwefwefwefweqfqwefq 4wefqwefqwefqwefqefq References 18wefqewfqewfqwefqwefqwefqwe fqwefqewfq 5wefqwefqwefqwefqwefqwefqwef Appendix 19qwefqwefqefqefqwefefwefweqfwefwqefwef 1. INTRODUCTION The Goods and Services Tax (GST) can be defined as a value-added tax that is levied on most goods and services sold for domestic consumption. The tax is implemented to provide revenue for the federal government. In Malaysia, the GST was scheduled to be implemented during the third quarter of 2011 but the implementation was delayed until the 1 st of April 2015. The Goods and Services Tax was tabled for the first time at the ‘Dewan Rakyat’ on 16 th of December 2009. Since there is a high number of criticism, it was delayed. On 25 th of October 2013, during the government’s reading of the National Budget 2014, the Malaysian Prime Minister, Dato’ Sri Najib Razak announced a GST tax of 6% will be implemented starting on the 1 st of April 2015 to replace the Sales and the Services tax. The implementation of the GST is a part of the government’s tax reform program to enhance the capability, effectiveness and transparency of tax administration and management. Since the government’s reading regarding GST in the National Budget 2014, there are a lot of...
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...rules, regulations, and policies bring headache to majority of population. The American income tax system seems very complicated, and now it is time to change it. Every American needs to contribute equally, one or two percent of his/her income. Institution of taxes has deep roots in history of every country, and taxes are key part of government’s revenue. Prior to enacting federal income tax, all taxes were taken base on tariffs or sales. United States history of income taxation began in the 19th century with the imposition of income taxes to fund The Civil War expenses. The 16th Amendment, ratified in 1913, states, “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration” (McNulty, p. 2099). Over the years, the tax procedures have gone several modifications. Nowadays, the marginal federal income tax brackets determine how much an individual owes the Internal Revenue Service based on the income. This means a person earning higher salary is taxed not only more money, but in fact a higher percentage of their income. All the current regulations can be described as a “foreign language” understood only by a small percentage of American population. In order to fill out your own tax statement, an individual needs to spend hours on studying all the rules and regulations that change quite frequently. Every year there is a new policy and every year there...
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...MULTISTATE CORPORATE TAX COURSE John C. Healy | Michael S. Schadewald 2014 EDITION CPE CoursE! BONUS Earn CPE Credit and stay on top of key Multistate Corporate Tax issues. Go to CCHGroup.com/PrintCPE 2014 EDITION MULTISTATE CORPORATE TAX COURSE John C. Healy | Michael S. Schadewald ii Contributors Authors ........................................................... John C. Healy, MST, CPA Michael S. Schadewald, PhD, CPA Technical Review ....................................................... Sharon Brooks, CPA Production Coordinator ................................................... Gabriel Santana Production ......................................................................... Lynn J. Brown Layout & Design..................................................................Laila Gaidulis This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. © 2013 CCH Incorporated. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 800 344 3734 CCHGroup.com No claim is made to original government works; however, within this Product or Publication, the following are subject to CCH’s copyright: (1) the gathering, compilation...
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...Computation of income statement of Mr & Mrs Waden-FORM 1040 Click Link Below To Buy: http://hwaid.com/shop/computation-income-statement-mr-mrs-waden-form-1040/ FORM 1040 - U.S. INDIVIDUAL INCOME TAX RETURN Assume that the taxpayers, George A. Warden (social security number 333-33-3330) and Mary S. Warden (social security number 444-44-4440) file a joint return. Both are 50-years old, have good eyesight, and live with their three children, Edward, John and Ruth, at 789 N. Code Drive, Chicago, Illinois 60699. The Warden's home phone number is 312-555-9999. Mr. Warden elects to have $3 of his income tax go to the Presidential Election Campaign Fund. Mrs. Warden elects not to contribute. The Wardens' son, Edward, is a junior in college and he is 20 years old. He worked during the summer and earned $4,000. Their other son, John, is 17 and a high school student. He earned $3,600 during the summer and worked part-time dur ing the remainder of the year. Neither son had any additional income. Their daughter, Ruth, is eight years old and an elementary school student. She had no earned or unearned income during the year. Edward's social security number is 300-11-000t John's social security number is 300-22-0002, and Ruth's social security number is 300-33-0003. In August, the Wardens paid $4,000 in tuition for their son, Edward, for the academic period that started in September. The Wardens claim Mrs. Warden's mother, Grace D. Taylor, as a dependent under a multiple-support...
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...Tassia Whitley Professor: Charles Daniel English-111 Midnight Class December 5, 2012 FairTax System Many americans are concerned about the growing disparities in wealth and income. Middle-class americans feel extraordinary insecure thinking that they are a doctor's visit away from descending to poverty. The current tax system in the U.S is ineffective ad unfair. It does not incentive the growth of economy and pushes the industries and jobs away due the high cost to accommodate in the U.S. To keep the system as it is now it will deteriorate even more this economy, that has to create more jobs instead of shipping them away and make sure that everyone is being taxed fairly. The solution for this broken tax system is the FairTax. It consists on a change to the federal government tax laws that will replace all federal income taxes for only one consumption sale tax of 23%. The FairTax will treat everyone equally and incentive economic growth, bring international business back to the U.S and create more jobs. The FairTax is a replacement of the current tax system that raises the same amount of money that is raised with the current tax system. It creates only one tax on consumption of products and services. The idea of it is to tax the money that is spent instead of the money that is earned. Studies show that consumption is a more reliable source of revenue than income, so the FairTax is a progressive system that benefits from it: the more you spend, the more you will pay on...
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...and your spouse) • Changes in marital or filing status • Changes to dependents • Dependents • Legal name • Social Security number • Date of birth • Change of address or state residency Income Income from Employment • Forms W-2 for all employers for whom you and your spouse worked during the year Investment Income • Interest income - Form 1099-INT • Dividend income - Form 1099-DIV • Proceeds from the sale of stocks, bonds, etc. - Form 1099-B • Purchase information for all stock, bonds, etc. sold during the tax year • Purchase price • Purchase date • Schedule(s) K-1 (Form 1065) from investments in partnerships • Schedule(s) K-1 (Form 1120S) from investments in S Corporations Income from State and Local Income Tax Refunds • Form 1099-G from state or local governments Alimony Received • Amounts received during the tax year Business or Farming Income (Schedule C) • Form 1099-MISC • Books/accounting records for your business IRA/Pension Distributions • Form 1099-R for payments from IRAs or retirement plans • Account summary form for the year for your IRA accounts, or • Deposit receipts and contribution records Rental Property Income (Schedule E) • Please send the amounts for the following for each Rental Property: • Rents Received • Condo/Association Fees • Advertising • Auto and travel • Cleaning and maintenance • Commissions • Insurance • Professional fees • Management fees • Mortgage Interest (Please send copy of 1098) •...
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...ADMS 3541 Winter 2016 Assignment 1 Due at the start of class in Week 8 (Section R on March 3,2016) 100 marks, 25 each question. Instructions: Each group must submit the assignment to the instructor at the beginning of class on the date the assignment is due. Textual portions must be typed and double-spaced. This does not include variables, labels and brief notes of explanation. Use at least one inch margins all around. 1. Double-sided is preferred, if you can do it with your printer. 2. Use 8 ½ X 11 paper only. 3. Do not use report covers. 4. Staple your assignment prior to handing it in. 5. Be sure to print clearly your names, student numbers, section and Assignment 1 at the top of the first page. 6. Spelling and grammar may affect your marks. 7. Late assignments will be penalized and no assignments will be accepted after the last class. Question 1: Risk Management Meet the Jones family: Mom, Maria age 47 Dad, Daniel age 51 Three kids – Patty (6), Kobe (9) and Gordon (12). They have come to you for advice on how to manage their risk. They have provided you with the following information about their family. Maria and Daniel both work in the financial services industry, which is how they initially met. Daniel was working as a Sales Representative for a mutual fund company and Maria was his Inside Sales Associate. They continue to work for the same firm; however, Daniel is now VP of sales earning an annual salary of $250,000 plus bonus...
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...Chapter-One: Introduction Chapter-One: Introduction Executive Summary: Tax is the main source of government revenue. Every country has a good taxation policy. Like this Bangladesh has also a Tax policy or act. There is an Income Tax Ordinance which is Published in the Bangladesh Gazette, Extraordinary, dated the 4th June, 1984. As a student of Business Administration I need to learn about the tax system of the country. For the purpose of gathering ideas on taxation and fulfillment of course requirement I have prepared this report. I think it will helpful to know the taxation policy. This report made on especially individual tax assessment (Income Tax). Keywords: Income Tax Ordinance, 1984; Tax, Income, Income year, Assessee, Assessment year, Salary, Heads of Income, Section 2(1), Section 33, Section 20, Other sources, Income from Agriculture. Objectives of the Study: Every assignment must have a clear and certain objective. The objective of this assignment is to gather ideas about individual tax assessment. Beside this there are some other objectives behind this report. These are cited below. * To know about the tax and taxation policy. * To identify individual’s tax liabilities * To know the policy regarding tax implication and tax exemption. * To know how tax is calculated and what rate is applicable on specific items. Methodology of the study: This report has been written on the basis of secondary data by Francis Mondol, a student of BBA, Faculty...
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...Research Problem 3. John and Janet Baker are husband and wife and maintain a household in which the following persons live: Calvin and Florence Carter and Darin, Andrea, and Morgan Baker. • Calvin and Florence are Janet's parents, who are retired. During the year, they receive $19,000 in nontaxable funds (e.g., disability income, interest on municipal bonds, and Social Security benefits). Of this amount, $8,000 is spent equally between them for clothing, transportation, and recreation (e.g., vacation) and the balance of $11,000 is invested in tax-exempt securities. Janet paid $1,000 for her mother's dental work and paid the $1,200 premium on an insurance policy her father owned on his own life. Calvin also had medical expenses, but he insisted on paying for them with his own funds. • Darin is the Bakers' 18-year-old son who is not a student but operates a pool-cleaning service on a part-time basis. During the year, he earns $14,000 from the business, which he places in a savings account for later college expenses. • Andrea is the Bakers' 19-year-old daughter who does not work or go to school. Tired of the inconvenience of borrowing and sharing the family car, during the year, she purchased a Camaro for $21,000. Andrea used funds from a savings account she had established several years ago with an inheritance from her paternal grandfather. • Morgan is the Bakers' 23-year-old daughter. To attend graduate school at a local university, she applied for and obtained a student loan...
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...Major areas for final settlement of tax liability : Tax deducted at source for the following cases is treated as final discharge of tax liabilities. No additional tax is charged or refund is allowed in the following cases:- * Supply or contract work * Band rolls of hand made cigarettes * Import of goods * Transfer of properties * Export of manpower * Real Estate Business * Export value of certain items including knit and woven garments. * Local shipping business * Royalty, technical know-how fee * Insurance agent commission * Auction purchase * Payment on account of survey by surveyor of a general insurance company * Clearing & forwarding agency commission * Transaction by a member of a Stock Exchange * Courier business * Compensation against acquisition of property * Premium value over face value of a share * Income from transfer of securities of a sponsor shareholder. * Winning lotteries. Tax Recovery System : In case of non-payment of income tax demand the following measures can be taken against a taxpayer for realization of tax:- * Imposition of penalty, * Attachment of bank accounts, salary or any other payment, * Filing of Certificate case to the Special Magistrate. Advance Payment of Tax : Every taxpayer is required to pay advance tax in four equal installments falling on 15th September; 15th December; 15th March and 15th June of each year if the latest assessed income exceeds Taka four lakh. Penalty...
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...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 services. 37. 38. 39. 40. 15. 16. 17. 18....
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...Table of Contents Chapter 1 Taxation overview---------------------------------------------------------------- 1 2 General principles ---------------------------------------------------------------- 8 3 Specific principles on gross income------------------------------------------- 12 4 Pension receipts and payments------------------------------------------------- 22 5 Double Taxation------------------------------------------------------------------ 29 6 General deductions----------------------------------------------------------------34 7 Expenditure-------------------------------------------------------------------------38 8 Capital allowances-----------------------------------------------------------------48 9 Leasing------------------------------------------------------------------------------ 60 10 Exemptions------------------------------------------------------------------------- 66 11 Partnership-------------------------------------------------------------------------- 71 12 Farmers------------------------------------------------------------------------------ 76 13 Miners------------------------------------------------------------------------------- 85 14 Exports------------------------------------------------------------------------------ 98 15 Capital gains------------------------------------------------------------------------ 101 16 Hire purchase-----------------------------------------------------------------------...
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...[pic] | | |IAS 12 INCOME TAXES | |HISTORY OF IAS 12 | |April 1978 |Exposure Draft E13 Accounting for Taxes on Income | |July 1979 |IAS 12 Accounting for Taxes on Income | |January 1989 |Exposure Draft E33 Accounting for Taxes on Income | |1994 |IAS 12 (1979) was reformatted | |October 1994 |Modified and Re-exposed as Exposure Draft E49 Income Taxes | |October 1996 |IAS 12 Income Taxes | |1 January 1998 |Effective date of IAS 12 (1996) | |October 2000 |Limited Revisions to IAS 12 | |1 January 2001 |Effective date of...
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