Category: Tax

Table of Contents Introduction Personal Income Tax System and Tax Player Participation Engaging Tax Player Participation Comparison of Hong Kongs and United States Tax System Appropriate Tax System Conclusion References Introduction Any country will adopt a particular tax system as a way of solving most of the social and economic problems faced by the nation.…

Taxes represent involuntary charges imposed on people or companies and controlled by a government agency, whether local or national, to fund different operations within the country. From an economic perspective, taxes fall on the one who caters to their burden, be it an establishment such as a business or consumers of manufactured goods (Wallace, 2020).…

Table of Contents Introduction Dynamics of Tax System versus Tax Player Participation Engaging the Tax Player Participation Comparisons and Amendments: US versus Hong Kong Tax Systems Conclusion List of References Introduction The primary purpose of any form of taxation practiced across civilizations the world over is to raise revenue needed to finance public services. But…

The efficiency of executive compensation for shareholders is something that boards of directors and companies strive to achieve by maximizing their tax deductibility. The tax code (Internal Revenue Code) includes several provisions that apply to executive compensation such as Tax Code §162(m)  Deductibility of Executive Compensation and Tax Code §409A  Deferred Compensation &…

The choice of jurisdiction to which taxpayers, individuals, and business representatives resort may be based on several principles. According to Weinreich (2016), they include selecting jurisdictions with minimum tax audit requirements and an opportunity to choose tax rates for the totality of taxes. In other words, the possibility of giving preferences to a particular jurisdiction…

Introduction A leasing agreement guarantees a firm or an individual to use certain specific assets for which payment is required. This contractual relationship between the lessor and lessee can be for an indefinite period or periodic where there is an automatic renewal or certain agreed-upon fixed duration by the parties. However, most lease agreements are…

Table of Contents Introduction Arguments for and against the EITC The EITC is fair Arguments against EITC and counterarguments Conclusion References Introduction The United States Earned Income Tax Credit (EITC) refers to a government initiative that aims to improve the financial stability of citizens by giving tax refunds to citizens (Cordes, Ebel, & Gravelle, 2005).…

Table of Contents Introduction Objectives of a Green Tax System Pigouvian vs. standards and pricing Environmental taxation Development of environmental taxes in the UK References Introduction The evolution of a green economy (GE) has become the main concern for many countries. It requires significant law reforms at the local, regional, and global levels to assist…

Table of Contents Difference between legal and economic double taxation Methods used to relieve international double taxation Implications for financing multinational enterprises Prove of Tax paid to foreign government Reference List Companies engage in business to make profits after which they either reinvest back into the company for the purpose of expanding the company, or…

Table of Contents Introduction Basic Tax Principles The Hong Kong Tax System Reforms in the Hong Kong tax system The unified tax system Conclusion References Introduction Littlewood (1997) defines taxes as the charges levied against a citizens personal income or on the property or for some specific activity. Taxes can solve many issues. Firstly, they…