A withholding tax is an important tax required to be imposed when having transactions with non-residents. Under the taxation act in Singapore, when a person or company reimburse payments to a non-resident company or individual, he/she is necessary to withhold a percentage of that payment and pay this sum to IRAS (Inland Revenue Authority of Singapore). There are several types of payments that are subjected to withholding tax in Singapore. Every payment listed under S45 of the Singapore Income Tax
income tax withholding audit procedures. It is in efforts to help company executives in performing process to assist in risk assessment, tax compliance, and governance. An increase in the income tax from the audit has been reported from the assessment in successive years. During the audit process, the examiners are informed to be keen on areas where an employer has not complied with the set laws. Information document request (IDR) is sent to businesses selected for income tax withholding audit where
I. Issue Analyzing the pros and cons of structuring the additional capital funding as a debt rather than equity. II. Conclusions: From U.S. tax and business perspectives: 1. Tax Consequences to SJKII- the WOFE is a disregarded entity and therefore there is no preference in structuring the capital funding one way or another. 2. Tax consequences to Fosun- in the case of insolvency, the bad debt loss may be treated as an ordinary loss, while the worthless stock deduction is be treated as a capital
"When Canadians think of tax havens, they rarely think of the U.S., but it truly is one of the best options available for Canadians today," according to Robert Keats, an internationally renowned expert in Cross-border financial planning and author of the book "A Canadian's Best Tax Haven: The US". If you are eligible for the OAS pension and have lived in Canada for more than 20 years, you could maximize income from your Canadian public pensions on an after tax basis by leaving Canada and emigrate
TEXTILE INDUSTRIES OF PAKISTAN RESEARCH STUDY PURPOSE & METHODOLOGY The report is intended to analyze the Textile Sector in the Pakistan and its potential of productivity and investment and more specifically the capacity to generate revenue for the Government of Pakistan in the form of Taxes. The study highlights the economic effects of the textile industry in the country as a whole. The transformation brought about by the textile sector in the social fabric of the nation has also been studied
income tax has existed, the income tax code has become increasingly more complex and difficult to understand. Businesses and individuals have suffered at the difficulties and costs of complying with the income tax. There are many other ways a government can collect taxes, the income based tax
Tax treatment for stock options Introduction In today’s American businesses, it is common for companies to grant stock options to employees. Employees have the right to purchase the company’s stock at a given price over an extended period of time. Employee stock option is a kind of innovative compensation which benefits companies, stockholders, and employees. It helps match the interest of key employees with that of shareholders. In addition, it has been criticized that companies use this to compensate
INCOME TAX The main income tax legislation in Mauritius is the Income Tax Act 1995 as amended by subsequent Finance Acts. Corporate and Personal Taxes are embodied under one heading of Income Tax and are payable by all resident companies and individuals on non-exempt income derived from Mauritius and from other sources. The profits of all Resident ‘Sociétés’ (Partnerships) are taxable in the hands of the associates in proportion to their profit sharing ratio. A non-resident société is liable to income
The Ministry of Finance is a Cabinet-level department of Government of Pakistan. It is concerned with the promoting economic growth and economic activities within the country. The Ministry’s executive and political head of authority is known as Finance Minister of Pakistan, Ministry’s executive must be an elected Member of Parliament of Pakistan. The Finance Division dealings include financial matters affecting the country as a whole, preparation of annual budget statements and supplementary/excess
aimed at stimulating a sluggish US economy. The first goal was to create new jobs and save existing ones by tax credits for hiring new employees. The second goal was to spur economic activity and investment in long term growth by increasing the amount of business asset that could be acquired by companies while allowing for immediate deductions for the cost of the assets as well as numerous tax credits for individuals and businesses. The third goal was to foster unprecedented levels of accountability
centering on how high to make the income tax rate. Most Americans were not concerned since the Amendment was sold to them as something that would only affect corporations and the rich. With ever increasing fervor these corporations created lobbyists to convince Congress to exempt them from some or all of the income tax. The big breakthrough in this was taxing the worker directly with payroll taxes during World War II. This method of collecting income tax was sold to Americans as temporary, but Congress
Fiscal 2012 report. That report was filled with the sort of dry statistics you would expect from an IRS annual report: 5,125 total investigations launched, 202 crooked tax preparers indicted, 199 identity thieves sent to prison, and 64 months average time behind bars for money launderers. But the report also includes dozens of stories of tax cheats who really just should have known better — and some whose stories are so entertaining we just had to share them. Are you having a bad day? Well, be glad you're
United Stated singed an income tax treaty and protocol on October 24, 1994. The parties initialed the proposed convention and protocol during the first half of 1993. Although similar to the U.S. - Russia income tax treaty, the new Kazakh accord contains some distinguishing features. Creditable taxes The new agreement applies to the Kazakh on profits and income provided by the laws “On Taxation of Enterprises, Associations and Organizations” and “On the Income Tax on Citizens of the Kazakh SSR, Foreign
CONTENTS 1 Introduction 2 1.1 Tax heaven 2 1.2 Banking secrecy 2 2 The problems of secrecy jurisdictions 2 2.1 Developing countries: 3 2.2 Developed countries 3 3 The Arguments for Benefits of Secrecy Jurisdictions 3 3.1 The problematic country argument 3 3.2 The wrongful Disclosure Argument 4 4 Existing Approaches and Accompanying Problems 4 4.1 The TIEA Model and OECD’s approach: 4 4.1.1 Drawbacks of the TIEA Model and OECD’s approach: 5 1. Inadequate Information Exchange Provision: 5 2. The Weakness
Michigan sales tax: Sales of cars Facts A Michigan automobile finance company finance consumer purchases of automobiles from its affiliated dealers. Their contract stated: If a customer purchased a car from one of the dealerships, and needed financing to pay for the car, the dealer would refer the customer to the finance company. If the company did finance the purchase, a retail installment contract was entered into between the consumer and the finance company. The finance company would then
a global tax on capital. For Piketty in an ideal world a global tax on capital would rectify this unequal distribution of wealth, however is such a tax system feasible? What Piketty propounds is that when the rate of return on capital significantly exceeds the growth rate of the economy (r>g), then it logically follows that inherited wealth grows faster than output and income. This results in a concentration of wealth, which can lead to political,
of a tax treaty between the two countries may have to pay a withholding tax to the government of the developing country, as well as corporation tax to the United States government (Howard, 2001, p. 259). The purpose of this paper is to examine the merit of three basic systems, which is exemption system, credit system and deduction system. These systems are dealings with the essence of tax relief from international double taxation. A discussion of various countries on their practices on tax relief
It is generally not allowed to withdraw money from an employer-sponsored retirement account, but there are acceptations. If the employee is faced with serious hardships that affect his or her financial situation, the Internal Revenue Service (IRS) offers provision for hardship withdrawals. Some employers do not allow such withdrawals, but if an employer does allow it, the employee must write a hardship withdrawal letter that gives the reason with details that he or she needs the money. It is recommended
It was wild, but also laid back. One of the major events in the 80s were when Reagan ran for office. The Reagan revolution was an important time in this decade. Reagan's goal was to “scale back the growth of the government and to return billions of tax dollars back to American workers and American
Purpose: This paper will address the feasibility of a US company entering the market of Hungary. I will explore four major cultural components of the country that affect doing business in Hungary. Cultural Impact: According to the Hofstede Centre there are five dimensions of culture, Power Distance, Individualism, Masculine/Feminine, Uncertainty Avoidance, and long term orientation. According to the Hofstede Centre "Power distance is defined as the extent to which the less powerful members