scholarly journals Definition of ‘Amalgamation’ under the Income Tax Act: Some Practical Aspects Regarding the Qualifying Conditions

2021 ◽  
Vol 8 (2) ◽  
pp. 87-96
Author(s):  
Shruti K. P.
Keyword(s):  
Income Tax ◽  
Definition Of

scholarly journals Income Tax: Genesis of Definition and Object of Accounting

2020 ◽  
pp. 38-46
Author(s):  
G. BASHYROVA
Keyword(s):  
Income Tax ◽  
Accounting Standards ◽  
Legal Framework ◽  
The State ◽  
Tax Law ◽  
Accounting System ◽  
Economic Interests ◽  
Main Components ◽  
Definition Of ◽  
The Impact

Income tax in many countries is one of the main sources of filling the public budget and levers of influence on the development of economic processes at the macro level. The income tax ensures the balance of economic interests of the state, legal entities and individuals and the avoidance of excessive tax pressure. The impact of European integration processes on the Ukrainian accounting system increases the relevance of the development of the organization and methods of accounting for income tax. The purpose of the article is to establish the main phases of the evolution of the concept of “income tax”, clarify its economic content and identify the characteristics as an object of accounting. The article examines the historical phases of the income tax evolution, taking into account amendments in the tax law in Ukraine. A review of interpretations of the concept of “income tax” by foreign and domestic scholars was made, to establish the three main approaches to its interpretation: as a direct tax paid by a business entity from the received profit; as an item of the company financial statement, informing concerned parties on the amount of the assessed and paid tax; as a company’s payment to the state for utilization of economic infrastructure and resources. The author’s definition of the concept of “income tax” is proposed, which contributes to the clarification of the accounting terminology. It is argued that income tax should be considered through the prism of the tax law and accounting standards. A comparison of treatment to income tax as an accounting object in the National Accounting Standard 17 “Tax Income” and International Accounting Standards 12 “Income Taxes” is made. Based on a study of the legal framework for the accounting of income tax, its main components are identified as an object of accounting.

scholarly journals Professional Opinions And Attitudes On Tax Policy In Bosnia And Herzegovina With A Special Focus On The Federation Of Bosnia And Herzegovina

2015 ◽  
Vol 10 (2) ◽  
pp. 29-44 ◽  
Author(s):  
Lejla Lazović-Pita ◽  
Ana Štambuk
Keyword(s):  
Bosnia And Herzegovina ◽  
Tax Policy ◽  
Income Tax ◽  
Value Added ◽  
Special Focus ◽  
Tax Reforms ◽  
Tax Base ◽  
Excise Duty ◽  
Efficiency Principle ◽  
Definition Of

Abstract This research is based on tax policy opinion survey data collected in Bosnia and Herzegovina (B&H) among tax experts. A special focus of the survey was to investigate the consequences of the different institutional environments that exist between the two entities of the country. After having reviewed all previous tax reforms in B&H, the most interesting results suggest that respondents agree on the introduction of a progressive personal income tax (PIT) and excise duty on luxury products, the maintenance of personal and family allowances and the maintenance of the current value added tax (VAT) and corporate income tax (CIT) rates. However, differences exist in the respondents’ perceptions about the introduction of reduced VAT rates, the regressivity of the VAT, and giving priority to the equity principle over the efficiency principle in taxation. Probability modelling highlighted these differences and indicated inconsistencies in the definition of the PIT tax base, namely the comprehensiveness of the PIT base under the S-H-S definition of income.

The Dynamics of Policy Formation: Income Tax Rates in Israel, 1948–1975

1984 ◽  
Vol 2 (3) ◽  
pp. 271-284 ◽  
Author(s):  
A Radian
Keyword(s):  
Income Tax ◽  
Optimal Taxation ◽  
Policy Formation ◽  
Tax Rates ◽  
Marginal Rate ◽  
Common Error ◽  
Definition Of ◽  
Policy Problems ◽  
Rules Of The Game

In this paper, an attempt is made to show the importance of incorporating ‘politics’ into tax designs. Models of optimal taxation generally offer limited policy-relevant guidance, since they either ignore politics altogether or make wrong assumptions concerning goals and rules of the game. One such common error is the assumption that governments attempt to promote ‘equity’. A case study of changes in the top marginal rate of income tax in Israel demonstrates how goals, values, constraints, and opportunities shape the definition of policy problems and the solutions that are eventually chosen.

scholarly journals PECULIARITIES OF FINANCIAL AND TAX ACCOUNTING OF TRANSACTIONS ON DEBT CONVERSION

2016 ◽  
Vol 15 ◽  
pp. 312-321
Author(s):  
D. Yu. Poroshin ◽  
N. Yu. Semenova
Keyword(s):  
Income Tax ◽  
Value Added ◽  
Financial Accounting ◽  
Value Added Tax ◽  
Tax Legislation ◽  
Definition Of ◽  
Economic Studies ◽  
Tax Accounting

The article deals with peculiarities of conducting forensic economic studies connected with collecting income tax and value added tax as well as the order for recording debt conversion in financial accounting. It discusses methods that are used while conducting the studies, lists the relevant articles of normative acts that regulate the order of recording debt conversion transactions in financial accounting. It also considers a number ofpossible situations for debt conversion transactions, the order of recording them in financial accounting and tax consequences of these transactions. Having analyzed the requirements of the tax legislation, the article claims that debt conversion transactions constitute an object exempt of income tax and vale added tax because: such transactions cannot be classified as obtaining income and do not constitute trade in debt obligations; the transfer of credit debt of one debtor to another is still a liability and not a commodity (work or service); such transactions do not conform with any definition of transactions for the supply of goods, services or factoring.

scholarly journals Introducing Important Changes Concerning the Avoidance of Double Taxation Between Czech Republic and Poland

2014 ◽  
Vol 14 (2) ◽  
pp. 83-92
Author(s):  
Adam Świerczek
Keyword(s):  
Czech Republic ◽  
Interest Rates ◽  
Tax Evasion ◽  
Income Tax ◽  
Potential Importance ◽  
Double Taxation ◽  
The Czech Republic ◽  
Permanent Establishment ◽  
The Republic ◽  
Definition Of

Abstract On January 1, 2013 a new treaty between the Czech Republic and the Republic of Poland dealing with avoidance of double taxation as well as prevention of tax evasion in the field of income tax has come into effect. The treaty newly introduced the taxation of income of the permanent establishment, changes in rates of dividend taxes, interest rates and royalties, and, last but not least, what has been altered is even the definition of royalties. Furthermore, the treaty also brings a new adaptation of the profits of associated enterprises. Approval of the clause regarding exchange of information as well as cancellation of the tax-sparing clause is a novelty. This article is dealing with the description of the changes and novelties and the indication of the potential importance.

Prospective Directions of Personal Income Changes in the Context of Changing Legislation in the Russian Federation

2020 ◽  
Vol 26 (6) ◽  
pp. 649-655
Author(s):  
R. N. Berlizev
Keyword(s):  
Income Tax ◽  
Personal Income ◽  
Tax Burden ◽  
Rate Model ◽  
Personal Income Tax ◽  
Tax Rate ◽  
Tax Legislation ◽  
Dividend Payments ◽  
Progressive Tax ◽  
Definition Of

The topic of the study is relevant in light of changes in tax legislation pertaining to the current personal income tax system. From January 1, 2021, the personal income tax rate will change from 13 to 15 percent for incomes exceeding 5 million rubles (applies only to the amount over 5 million), which is basically the first step in the transition from a flat personal income tax rate to a progressive one.Aim. The presented study proposes and substantiates by calculation a new approach to calculating personal income tax based on a progressive rate.Materials and methods. This study uses generalization, synthesis, and systematization to analyze the risks and opportunities of the transition from the current personal income tax rate to progressive taxation.Results. The authors determine that income received by individuals through dividend payments is substantial, while the number of individuals who receive dividends is relatively small, and conclude that income received in the form of dividends can be classified as the so-called “excess income”, which is not defined at the legislative level. Therefore, now it is necessary to introduce and develop a definition of “excess income” in tax legislation and to draw a distinction between the concepts of “dividends” and “remuneration”. It is found by calculation that a relatively small increase in the tax burden on the income of dividend-receiving taxpayers would provide additional funds for the budget system. That said, changes to the system of taxes on personal dividends should be made with allowance for the introduction of a progressive tax rate. The proposal to completely abandon the flat personal income tax rate by introducing fundamental changes to tax rates that would affect almost any category of the population is substantiated. As a result of the proposed progressive tax rate model, budget revenues will increase, tax burden on individuals with the lowest level of income will diminish, and taxes imposed on citizens with income above the minimum level will remain the same.Conclusions. As a result of the proposed progressive tax rate model, budget revenues will increase, tax burden on individuals with the lowest level of income will diminish, and taxes imposed on the middle class will remain the same.

Codification and Tax Law: On the Need for Separate Sources of Income in Respect of Employee and Self-Employed Taxpayers

1984 ◽  
Vol 19 (3-4) ◽  
pp. 440-494
Author(s):  
Joseph M. Edrey
Keyword(s):  
Present Article ◽  
Present State ◽  
Income Tax ◽  
Previous Article ◽  
Tax Law ◽  
Labour Law ◽  
Policy Makers ◽  
The Law ◽  
Definition Of ◽  
Special Category

In our previous article we dealt with the definition of employee for income tax purposes. We concluded that in the present state of the law in Israel the courts are obliged to depart from the accepted definition of this term as applied in labour law and the law of torts and develop an independent functional test more suitable to tax law. We stressed that this conclusion was based on the existing law in Israel, namely the provisions on the Income Tax Ordinance, which treats taxpayers who are employees as a special category.In the present article we wish to look at the problem from the broader perspective of the lex ferenda. Our remarks are addressed primarily to legislators and policy-makers, and not, as the previous article, to the courts and the tax ordinance commentators.

scholarly journals Agricultural Income Taxation: Estimation of the Revenue Potential in Punjab

2012 ◽  
Vol 51 (4II) ◽  
pp. 321-337 ◽  
Author(s):  
Anjum Nasim
Keyword(s):  
Income Tax ◽  
Animal Husbandry ◽  
Income Taxation ◽  
Constitutional Amendment ◽  
Policy Decisions ◽  
Agricultural Income ◽  
Tax Revenues ◽  
Agriculture Land ◽  
Crop Farming ◽  
Definition Of

In May 2011 a senator of the Muttahida Quami Movement (MQM), moved a private member’s constitutional amendment bill to remove the exemption provided to agricultural incomes from federal income taxation. The proposed amendment mentioned a potential revenue of Rs 200 billion from Agricultural Income Tax (AIT). This figure, however, differs widely from some other reported estimates of potential agricultural income tax.1 The issue of AIT is likely to echo again in the parliament and outside as Pakistan grapples with the issue of its low tax revenues. It is, therefore, important to carefully analyse the potential revenue from AIT to allow more informed discussion and policy decisions on tax options at the federal and provincial levels. The 1973 Constitution of Pakistan gives provincial assemblies the exclusive power to make laws pertaining to taxes on agricultural income.2 Agricultural income could be interpreted narrowly to include crop farming and rental income from land, or more broadly to include income from livestock and animal husbandry. There is no ambiguity that income from the narrower interpretation falls within the domain of provincial taxation though there may be room for debate whether the provincial jurisdiction extends to the broader definition of agricultural income or not [see Nasim (2012)]. Since 1996-97 all four provinces have instituted some form of tax on agriculture land or incomes. In its implementation this tax is largely a land tax (based on acreage) rather than a tax on agricultural income.

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