Consider and discuss the advantages and disadvantages of the following features of a tax system: a) direct and indirect taxes, b) progressive and regressive taxes. - To what extend they related
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Consider and discuss the advantages and disadvantages of the following features of a tax system: a) direct and indirect taxes, b) progressive and regressive taxes. - To what extend they related - Essay Example
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Extract of sample Consider and discuss the advantages and disadvantages of the following features of a tax system: a) direct and indirect taxes, b) progressive and regressive taxes. - To what extend they related
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Direct tax under the UK legislation is reliable and certain since the government is aware of exact individuals expected to pay tax, and this reduces cases of corruption (Chowdry and Ladds 26). Moreover, direct taxation relieves the government of extra collection cost considering the fact that it is collected straight from the respective tax payers. Since taxes are collected by the government for the purposes of financing national projects, increase in population of tax payers will source more taxes that would be used to develop economy for the sole benefit of tax payers. In addition, direct tax system helps citizens develop sense of responsibility thereby enabling them to draw proper budgets after accounting for the tax.
Direct tax has made it easy for businessmen to evade real tax by quoting amounts that are incongruent to the exact income. In case of tax levy on wealth and inheritance, UK tax legislation does define particular scopes of taxes imposed on certain amount of wealth. Direct tax system tends to be unfair as it only imposes the burden on the working population whose contributions are used to cater for the entire population including the unemployed.
Indirect tax ensures equality in contribution since it is levied on consumer products most of which are basic. Indirect tax passes direct burden to the consumers since they encounter the tax in their process of consumption. Furthermore, indirect tax is easy to regulate especially when the government wants to amend its budget to cover certain goals. In addition, indirect tax enables businessmen to reduce their costs of operation by passing the impacts to the final consumer by including the value added tax in the final price of a product (Chowdry and Ladds 19).
Indirect tax transfers the burden to the final consumers who in real sense does not bear legal mandate to cater for the tax burden. The production and manufacturing companies transfer the burden of taxes charged
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The author states that ordinary residence indicates a higher degree of permanence when compared to the residence. An individual is considered to be ordinarily resident if residence in the UK is of a habitual nature. Therefore, if that person goes abroad for a period constituting a full tax year the individual is regarded as remaining a resident.
The world has witnessed the failure of the planned economy with the fall of the former USSR. However, certain features of planned economy are still visible in the form of socio-political interventions that take place in the mixed economy capitalism. From the perspective of the American capitalist democracy, such policy interventions by the government are dangerous.
However, America has a local and state tax system that is very polar to these beliefs with the wealthy paying almost half the taxes that the less well off. In its comprehensive report, in 2009, the Institute of Taxation and Economic policy did an analysis of all states in the U.S., in addition to other major localities, and discovered that local and state tax systems are very regressive (Davis et al 2).
Wealth generally refers to the net-worth of a taxpayer. All his assets are included and the liabilities are deducted. Calculation of fair value of assets is easy in some cases and very difficult in others. A tax on this purchasing power of an individual is called wealth tax.
This paper intends to look into the different taxes imposed on crude oil according to the new tax codes imposed as an effective contribution to the global economy.
In this modern era, the industrial economy around the world has relied so much on oil as the lifeblood of every nation's major source of energy.
Climate change is increasingly framed as an issue where the threats are severe, increasingly imminent and potentially catastrophic. If the worst predictions of scientists prove to be accurate, then no one will be able to escape the consequences of climate change.
This paper will draw on a variety of different sources to help strengthen arguments. Lastly, it is the case that this paper will be writing in the context of Great Britain however it may be the case that this paper will draw on examples from other nations in order to highlight the relative strengths and weakness of said taxation methods.
According to the author of the text, the amount of money that is circularized people to people by the country is the money that is collected in the shape of income tax, which is paid by the citizens. It is also mentioned that the idea was of Mr. Augustus Ceaser to apply tax system all around the world.
Currently many forms are making use of some remarkable vehicles to reduce taxation on their incomes. For example, whole life insurance is one of those vehicles which contract many tax benefits, i.e. if one doesn’t withdraw interest or gains, and then no
All matters relating to French Customs fall under the Directorate-General of Customs and Indirect Taxes. This agency is part of France’s Ministry of Budget,
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