Tax

Corporate taxation in Kenya Income Tax, or the tax on income, is charged on income of a person (individual & or Companies) for each year in accordance with section 3(1) of the Income Tax Act. S 3(1)’’..... a tax to be known as income tax shall be charged for each year of income upon all the income of a person, whether resident or non-resident, which accrued in or was derived from Kenya.’’ It is important to understand the words and phrases used in the taxation of income for easier interpretation

Key Concepts The tax gap is the difference between the tax collected and the tax that would be collected if all individuals and companies complied with both the letter and the spirit of the law. The letter of the law is the literal interpreta- tion of tax legislation. The spirit of the law is the intention of Parliament in legislating on tax. In contrast to the letter of the law, which implies a literal legal interpretation of tax liability, the spirit of the law implies a purposive interpretation

Introduction Tax in simple terms refers to the government raising money to spend on public services which includes health and social security system and education. Tax levied on a number of goods and services in the form of Value Added Tax (VAT), such as income tax on the money we earn. Tax can also be imposed on various transactions i.e. inheritance and profits from selling homes or antiques. The tax system is a complicated procedure. The purpose of task A is to provide features of the UK tax system

The estate tax is a tax upon your right to transfer property at the time of your death. It is often called the death tax and it has been a partisan point of disagreement for quite some time. As the tax only applies to estates of $5.45 million and over, this tax only applies to the wealthy. Enacted in 1916 to help finance World War I, the estate tax has come under more scrutiny lately because of our government’s financial situation and the one-hundredth anniversary (Caron 825). The intellectual world

California's tax code is unreasonable. It appears to be improving, with the rich paying higher tax rates than the poor. However, the poorest are still paying the greatest fraction of their income to the state because of sales taxes. Depending on local municipalities, state and local sales taxes can reach 9.25% in many cities and can be as high as 10.0%. Many companies and businesses have already left California to escape high corporate income taxes. They've relocated to states without income tax, where

The United States' Tax System and Flat Tax The United States tax system is in complete disarray. Republicans and Democrats agree that the current tax code is complex, unfair, and costly. The income tax system is so complex; the IRS publishes 480 tax forms and 280 forms to explain the 480 forms (Armey 1). The main reason the tax system is so complex is because of the special preferences such as deductions and tax credits. Complexity in the current tax system forces Americans to spend 5.4

A case on tax evasion by Anurag Kashyap Introduction Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions. Tax evasion is an activity

a bill that meant no more Alaska income tax. With the stroke of a pen, Alaska became the last state to abolish a state tax on personal income. Now, 35-years later, Alaska is one of seven states that don’t collect taxes on earned income and the distant state’s success speaks volumes about the benefits of reducing this type of tax burden on residents. Alaska-Not Always as Free Alaska has a long history with state taxation; in 1949, the first state income tax became law, ten years before they officially

The first four months of every New Year signify tax season. This is a stressful time of year due to family and workplace commitments. Therefore, get a head start on tax filing by knowing the benefits, restrictions, and solutions to tackle tax season 2017. Benefits This tax season is a blessing for procrastinators. The deadline has extended from April 15th to April 18th. This is due to April 15th being a Federal Holiday (Emancipation Day). The standard deduction for Head of Household increase

2. Why is there little tax evasion in Singapore or any other country of your choice? Is it because Singaporeans fear state punishment or because they are satisfied with the performance of the state? Or is there any other explanation? Which explanation(s) do you find most persuasive? Why? Tax evasion, the illegal negligence in taxpaying and misrepresentation of tax returns to reduce one’s tax liabilities, is at a low level in Singapore. With Singapore’s strong tax enforcement, Singaporeans fear