Category: Tax

  • Tax Model in Hong Kong Tax Reform

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    Introduction Low taxes and low government spending makes Hong Kong to be ranked among the most successful tax systems in the world. Hong Kongs tax system withholds Goods and services Tax, pay as you earn not used and focuses on big income sources. This has seen it gain a lot of public support from its…

  • The Role of Tax System, Tax Reform in Hong Kong

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    Introduction Currently, Hong Kong primarily derives its tax revenue from the Salaries Tax and the Profits Tax, this makes up approximately two-thirds of the total revenue from tax collection in Hong Kong (Arnold & McIntyre, 2002). The existing tax base of Hong Kong is extremely contracted, only 35 percent of the working population, which is…

  • Source Income and Foreign Tax Credits

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    Major existing loopholes in the current U.S. Tax Code concerning the taxation of non-business U.S. source income of foreign persons In the U.S., foreign taxpayers are only taxed on incomes arising from U.S sources. However, a few situations exist where the U.S. government would equally tax specific types of foreign incomes earned by non residents.…

  • Tax Research: A Like-Kind Exchange

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    Table of Contents Introduction Discussion Conclusion References Introduction According to US tax law, a like-kind exchange, sometimes called a 1031 exchange, is a single transaction or a set of transactions that permit the sale of one asset and the purchase of a different replacement asset without creating a current tax obligation on the sale of…

  • Taxes Analysis in the State of Arizona

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    Taxes Table 1: Displays Various Taxes, Where Funds Are Used And Government Body Responsible For Rates. Tax Funds Governmental Body Responsible for Rate of Taxation Arizona State Sales Tax The funds add to the revenue collected by the state, which is then used to run government projects and public services. State of Arizona Phoenix City…

  • Tax Return Form 1120: Internal Revenue Service

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    Tax return Form 1120 shows the companys profit, deductions, taxes, credits, and payments. Deductions allow you to reduce the companys taxes by calculating them from taxable income. Some of them the company can make in the expense column in the income statement. In addition, certain categories of deductions allow you to reduce taxation for the…

  • Tax Incentives Functions and Application

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    Firstly, the tax incentives imply the reductions of taxes for the organization for performing the desirable and socially beneficial actions (Rubin 8). The primary reason for utilizing this approach is the easiness to attract various businesses and establishments, as the taxes define their potential income. It remains evident that the shift of the expected revenues…

  • Carbon Tax and Cap-and-Trade System

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    Introduction The problem of carbon emission into the atmosphere is highly associated with the greenhouse effect that has become a paradox in the worlds environmental economics. Carbon dioxide gas is one of the heat trapping gases that cause the greenhouse effect in the world. The impacts of carbon emission based on the resultant greenhouse effect…

  • Carbon Tax and Cap-and-Trade System

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    Introduction The problem of carbon emission into the atmosphere is highly associated with the greenhouse effect that has become a paradox in the worlds environmental economics. Carbon dioxide gas is one of the heat trapping gases that cause the greenhouse effect in the world. The impacts of carbon emission based on the resultant greenhouse effect…

  • Taxes in Australian Gambling Industry

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    The increase in taxes associated with the gambling industry in Australia cannot directly respond to the problem of gambling costs as well as to many social and moral issues. On the one hand, the increase in existing gambling taxes can lead to increasing the revenue source for the governments. Furthermore, the increased taxes can contribute…