01 Basics TAXATION. TAX Imposition of compulsory levies on individuals or entities by governments. Source of Govt. revenue Funds public expenditure made.

Slides:

Advertisements

Similar presentations

TAXATION Aparna.

Advertisements

Welcome to our presentation

Introduction. contents: Definition Purposes of Taxation Major types of tax Development of the Egyptian income tax Law 91/2005.

Corporation Tax Introduction to Taxation, ch. 10 Business Law, chs. 15 and 16.

Chapter 3. Personal taxation Company taxation Capital gains tax Other taxes Double taxation South African taxation.

Non for Profit Entities

Lesson 10 GST on Import & Export Business Li, Jialong

Definition and Types of Banks

Federal and State Taxes. Taxation Taxation is the compulsory payment of a proportion of earnings to the government. Taxation is a key issue when starting.

Chapter 3 (Lecture 4). Personal taxation Company taxation Capital gains tax Other taxes Double taxation South African taxation.

General Features of Finnish Corporate Taxation

INDIRECT TAXES AN INTRODUCTION. INTRODUCTION Tax is the amount paid by persons staying within a territorial limit of a Sovereign state and is levied on.

Income Tax Bar Association Karachi WORKSHOP ON INCOME TAX Hotel Sheraton, Karachi 29 – 30 August, 2005.

PROFITS AND GAINS OF BUSINESS OR PROFESSION

Sources of Federal Revenue Chapter 14 pp

Taxes and the Federal Budget

Basic Concepts. Tax A tax may be defined as a compulsory extraction made by General Government from the general public. It is a financial charge imposed.

EXEMPTED INCOMES 1.1. Agricultural income-Fully exempted u/s 10(1). 2.2.Share of income from HUP-FuIly exempted u/s 10(2). 3.3.Share of income from firm.

IN CANADA TAXES. CANADA REVENUE AGENCY (CRA) CRA administers: tax laws for the Government of Canada and for most provinces and territories various social.

Chapter 3 – Business Organizations Cook Spring 2010.

ESTONIAN TAXES AND TAX STRUCTURE. Population ( )1,339,662 Total area 45,227 km 2 Average salary (2010)792 EUR (2011 IV quarter)865 EUR Currency.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

Classification of banks according to place of organization

Interoduction A fee Charged ("levied") by a Government on a product, income, or activity. If tax is levied directly on personal or corporate income,

TAXATION TO RAISE REVENUE TO FINANCE GOVERNMENT. TYPES OF TAXES 1.INCOME TAX (PROGRESSIVE) 2.NATIONAL INSURANCE (NIC) – for the Job Seekers Allowance,

IMPORTANT DEFINITIONS INTHE INCOME-TAX ACT, 1961

P OST G RADUATE D IPLOMA IN BUSINESS & FINANCE Taxation.

Meaning of Salary →salary is a form of periodic payment from an employer to an employee. →salary is fixed amount of money or compensation paid to an employee.

Tax regime UAE September 9th, 2015.

By Gustavo Lucio.  This type of ownership is for people who want to make all of their business decisions independently.  This type of ownership has.

Service Tax on Educational Institutions by Mr. Amit Gupta Introduction: There is no Service Tax Act in India till yet, but chapter V of The Finance Act.

Chapter 3 (Lecture 3). Personal taxation Company taxation Capital gains tax Other taxes Double taxation South African taxation.

BASIC CONCEPTS DR.N.K.GUPTA. Income – tax Act of 1961: On the basis of the recommendations made by the various committees, a new Act of Income-tax had.

Income tax DR.J.ARUL SURESH DEPARTMENT OF COMMERCE LOYOLA COLLEGE CHENNAI.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

Module 1 Accountability in the Nonprofit Sector Convery

INCOME TAX ACT INTRODUCTION Brought into force from Applies to the whole of India including sikkim and Jammu &Kashmir The Act has been.

Tax Obligations of LGUs, Foundations and NGOs

FISCAL REGIME FOR MINERAL OPERATIONS By RICHMOND OSEI-HWERE FACULTY OF LAW, KNUST.

Incomes exempt from tax Incomes exempt under section 10.

Income Tax. Section 4:- Charging Section Income earned by every person during the previous year is charged to tax in Assessment Year at the rates specified.

Chapter – 3 setoff and carry forward of losses

EXEMPTION U/S 10 (1) Agricultural income Any assessee Entire amount Rent or Revenue.

TAX IS A COMPULSORY CONTRIBUTION BY PEOPLE IN GENERAL TOWARDS COMMON PUBLIC EXPENDITURE BASIC PHYLOSOPHY- IS TO REMOVE INCOME INEQUALITY AMONG THE SOCIAL.

November 2008 Fringe Benefit Tax. November 2008slide 2 Introduction What is FBT?

How to do Business in Guatemala. Business Entities Anonymous societies with variable capital and physical persons could carry business.

Ch. 15 The Gov’t at Work: The Bureaucracy What is a Bureaucracy? A large, complex administrative structure that handles the everyday business of an organization.

1 Tax Accounting By Dr. Amr Nazieh. Contents  Part 1: Income Tax on Natural Persons ► Ch 1: Introduction ► Ch2: Characteristics of tax on natural persons.

Forms of Business: –Sole Proprietorship –Partnership –Corporations –Limited Liability Company –S-Corporation –Cooperative.

Lecture 12 Exemptions & Tax Concessions on Agricultural Income.

Lecture 24 Salary Income Tax credits and Exemptions.

Lecture 40 Income from other sources and Income Tax Returns.

BASIC CONCEEPTS AND RESIDENTIAL STATUS. Basic Concepts Assessment year—Section 2(9) of the Act defines an ‘assessment year’ as ‘the period of 12months.

LECTURE 23 Salary Income. SALARY AND ITS COMPUTATION Significant points regarding Salary:  Reimbursement of expenditure by the employer. Taxable  Profits.

Income Tax Current working issues

RWANDA REVENUE AUTHORITY

VAT IN THE FINANCIAL SECTOR

Definition Purposes and effects Types Differences Conclusion

Presentation on Salary Taxation

Presentation on Tax

TAXES AND GOVERNMENT BUDGET

Unit – V Taxes: Basics of Direct Taxes

Suggested Questions In SECTIONS Assisstante lecture Alya Elfedawy

Tax Accounting.

Jason Pizatella, Esq. Counsel

Unit 2 - Understand the Nature of Business

International Business Chapter 4 Government and Global Business

Government Finances and Taxation

Enterprise Registration and Taxation

Presentation transcript:

01 Basics TAXATION

TAX Imposition of compulsory levies on individuals or entities by governments. Source of Govt. revenue Funds public expenditure made by the Govt. Failure to pay, evasion is punishable by law From the view of economists, a tax is a compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received.

DEVELOPMENT & CONTROL Tax exemptions to Educational and Charitable Organizations Tax Free Zones to establish industries in rural areas High custom duty to protect local industry Tax credit to give money in charity Increase Tax Depreciation rate to spur employment Charge higher tax on pollutants to save environment

TYPES Direct Taxes: (on a person – due to ownership) a)Income Tax b)Capital Value Tax (CVT) Indirect Taxes: (on transactions) a)Value Added Tax b)Sales Tax c)Excise

Income Tax Ordinance, 2001 (Section 1): Income tax shall be imposed for each tax year, … … on every person who has taxable income for the year. Section 80: Following shall be treated as persons a)An individual; b)a company or association of persons incorporated, formed, organised or established in Pakistan or elsewhere; c)the Federal Government, a foreign government, a political sub-Division of a foreign government, or public international organisation

“Association of persons” includes a firm, a Hindu undivided family, any artificial juridical person and any body of persons formed under a foreign law, but does not include a company. “firm” means the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all;

Company” means — Company as defined in CO1984; a body corporate formed by or under any law; a modaraba; Body incorporated under the law of a foreign country; Co-operative society, a finance society, or any other society; a non-profit organization;

a trust, an entity or a body of persons …; a foreign association, whether incorporated or not, which the Board has declared to be a company; a Provincial Government; a Local Government in Pakistan; or a Small Company as defined in section 2;

(SEC-11) HEADS OF INCOME a)SalaryXXX b)Income from propertyXXX c)Income from businessXXX d)Capital gains XXX e)Income from other sourcesXXX

Section 10: The total income of a person for a tax year shall be the sum of the: a)person’s income under all heads of income for the year b)person’s income exempt from tax Section 9: The taxable income of a person for a tax year shall be the total income of the person for the year reduced (but not below zero) by the total of any deductible allowances

a)SalaryXXX b)Income from propertyXXX c)Income from businessXXX d)Capital gains XXX e)Income from other sourcesXXX f)Less: Zakat (XXX) g)Less: WWF (for companies only) (XXX) h)Less: WPPF (for companies only) (XXX) i)Taxable IncomeXXX

Section 74: “Tax year” shall be a period of twelve months ending on the 30 th day of June (hereinafter referred to as ‘normal tax year’) and shall be denoted by the calendar year in which the said date falls – Tax Year – Tax Year 2016

Special Tax Years: Sugar: – Tax Year 2015 Banks: – Tax Year 2016 Insurance Companies: – Tax Year 2016 Atlas Honda Limited (special permission) – Tax Year 2016