scholarly journals Research on the Legal Regulation of Personal Income Tax in High-income Groups in China

2019 ◽  
Author(s):  
Luping Hao
Keyword(s):  
Income Tax ◽  
Legal Regulation ◽  
High Income ◽  
Personal Income ◽  
Personal Income Tax ◽  
Income Groups

scholarly journals Income taxation of self-employed attorney and peculiarities of single social contribution payment

1970 ◽  
pp. 112-116
Author(s):  
Olena Hedziuk
Keyword(s):  
Income Tax ◽  
Legal Regulation ◽  
Personal Income ◽  
Income Taxation ◽  
Professional Activity ◽  
Tax Law ◽  
Net Income ◽  
Personal Income Tax ◽  
Taxable Income ◽  
Social Contribution

 The paper is designed to present the legal regulation of income taxation of self-employed attorney. For tax purposes, the attorney who carries out the activity is an individually self-employed person, namely, a person who pursues an independent professional activity.      An individual who intends to pursue independent professional activity is obliged to register with the supervisory authorities at their place of residence as self-employed persons. If a person is registered as an entrepreneur and at the same time this person carries out an independent professional activity, such an individual is accounted for the controlling bodies as an entrepreneur with a sign of pursuing the independent professional activity.       Income received during the calendar year from conducting independent professional activity is taxed on the personal income tax at the rate of 18%. Taxable income is the cumulative net income, that is the difference between the income and the documented expenses required to pursue a certain type of independent professional activity. Individuals engaged in an independent professional activity are obliged to keep records of income and expenses from such activity.       In addition to the personal income tax, attorneys also pay a military levy and a single social contribution.      Discussion issues in the enforcement of tax law were distinguished: the issue of taking into account expenses in determining taxable income for taxation of income received by an attorney, as well as problem of payment of the single social contribution in the case of combining business activity and independent professional activity. In this situation, the tax authorities believe that the taxpayer must pay a single social contribution twice as an entrepreneur and as a person who provides independent professional activity. Courts often support taxpayers and confirm that a person should only pay a single social contribution as an entrepreneur. Tax authorities’ explanations remain unchanged.     To avoid double taxation and to ensure the implementation of the principles of tax law, in our opinion, this issue needs attention from the tax authorities and an up-to-date analysis tax legislation.

scholarly journals Construction and Analysis of Actuarial Model of the Influence of Personal Tax Deferred Commercial Pension Insurance on Personal Pension Wealth in China

Mathematics ◽  
2020 ◽  
Vol 8 (12) ◽  
pp. 2124
Author(s):  
Wenguang Yu ◽  
Fei Wang ◽  
Qianshun Sang ◽  
Qi Wang ◽  
Yixin Gao ◽  
...  
Keyword(s):  
Income Tax ◽  
Personal Income ◽  
Personal Income Tax ◽  
Replacement Rate ◽  
Pension Insurance ◽  
Income Groups ◽  
Annual Salary ◽  
Tax Relief ◽  
Actuarial Model ◽  
Pension Wealth

Taking mortality distribution, surrender value, and tax relief factors into consideration, the authors construct an actuarial model for the influence of personal income tax deferred commercial pension insurance on changes in personal pension wealth and adopts a numerical simulation to deliver the corresponding changes in personal pension wealth to different initial insured age and different initial insured annual salary. In order to better measure the security level of the commercial pension insurance, the model for the net replacement rate of pension of the commercial pension insurance was further constructed. The results show that the effect of participating in the personal income tax deferred commercial pension insurance on the present value of personal pension wealth depends on the combined action of the initial insured age and the initial annual salary. Under the same insured age, because men retire later and work longer than women, men can obtain a higher accumulation of personal pension wealth than women. For insured persons with different income levels, high-income groups can obtain higher personal pension wealth growth, and although low-income groups cannot obtain higher personal pension wealth growth, they can obtain a significant increase in the pension replacement rate by participating in the insurance, thereby better guaranteeing their living standards after retirement. Regardless of the income level, tax relief can be obtained once participating in the insurance, but the value may vary. The optimal tax-saving age for men is 23 years old, and for women 25 years old.

scholarly journals The Future of the Progressive Personal Income Tax: How High Can It Go?

2019 ◽  
pp. 693-710
Author(s):  
Kevin Milligan
Keyword(s):  
Economic Theory ◽  
Income Tax ◽  
High Income ◽  
Personal Income ◽  
Personal Income Tax ◽  
Skilled Workers ◽  
Tax Rate ◽  
Behavioural Responses ◽  
The Future ◽  
Upper Boundary

The author draws on economic theory and evidence to build the case for considering boundaries for the high-income tax rate. Because of behavioural responses to higher rates, an upper boundary arises; above it, the revenue loss from behavioural responses outweighs the revenue gain from the higher rate. However, this upper boundary can be pushed upward through stronger enforcement and may vary with non-tax considerations, such as shifts in the demand for and supply of highly skilled workers. This framework suggests that if higher rates are to raise revenue in Canada, serious measures must be taken to increase the upper boundary.

scholarly journals Accredited investor: legal status and problems of taxation

2021 ◽  
Vol 5 (3) ◽  
pp. 167-177
Author(s):  
I. V. Glazunova ◽  
К. I. Chernikova
Keyword(s):  
Stock Market ◽  
Income Tax ◽  
Legal Status ◽  
Legal Regulation ◽  
Personal Income ◽  
Personal Income Tax ◽  
Tax Rate ◽  
Tax Legislation ◽  
The Status ◽  
Tax Deductions

The subject of the research is the legal norms contained in legislation and other legal acts that regulate the grounds for the emergence and the mechanism for implementing the status of an accredited investor, requirements for individuals, as well as certain aspects of taxation of accredited investors. The experience of legal regulation of income from investment activities, used in foreign legislation, is also analyzed in the context of the topic.The purpose of the article is to confirm the need to revise the requirements for accredited investors, to clarify the legislative provisions of the personal income tax. The reason for this study was legislative changes that caused an ambiguous reaction among the entire legal community in Russia.The methodology. General scientific methods were applied in the framework of a comparative, logical and statistical study and analysis of law enforcement and judicial practice in the field of taxation of an accredited investors.The main results. The following issues were investigated. What was the reason for the introduction of the status of an accredited investor in Russian legislation? It was the need firstly to protect the rights of investors, and secondly to regulate and protect the stock market from unconsciously high-risk transactions. What requirements are specified in the law for obtaining this status, what requirements exist in foreign legislation and why does domestic legislation need to be revised? We can divide the requirements for obtaining the status into three general groups: experience, knowledge and risk. Investor is obliged to meet two criteria by European legislation, when only one criterion by Russian legislation. The problem of taxation of qualified investors was raised in the context of the progressive income tax rate. Taxation of qualified investors needs a thorough legislative review in terms of tax deductions.Conclusions. The ideas for the introduction of the status of an accredited investor, of a progressive personal income tax rate were implemented in Russian legislation from the legislation of foreign countries. Such Russian legal rules needs significant revision. The legislative term "accredited investor" should be introduced in legislation system. It is necessary to clarify the criteria for obtaining a status, as well as to consolidate the necessity for accredited investors to comply with two conditions instead of one. Such an initiative would allow investors themselves to approach investing more consciously and would remove risks from brokers. Tax legislation should be amended in part of tax deductions for persons whose main activity is investment, since the current state of affairs discriminates them against individuals in their rights. The revision of the fixed requirements as well as the clarification of the tax legislation will attract investors (both Russian and foreign) to the Russian stock market, while the economy will receive positive growth, intermediaries-brokers and issuing firms will be provided with protection from unconscious risks.

scholarly journals Taxation of cryptocurrency mining in the Russian Federation: whether there is an economic basis for collecting personal income tax?

2020 ◽  
pp. 35-46
Author(s):  
Dmitrii Aleksandrovich Kolesnichenko ◽  
Olga Viktorovna Kolesnichenko
Keyword(s):  
Russian Federation ◽  
Income Tax ◽  
Current System ◽  
Legal Regulation ◽  
Personal Income ◽  
Entrepreneurial Activity ◽  
Personal Income Tax ◽  
Economic Basis ◽  
The Russian Federation ◽  
Basic Approaches

The subject of this research is legislation, official interpretation, case law, and doctrinal sources on taxation of cryptocurrency mining in the Russian Federation with regards to personal income tax. The author verifies the hypothesis on the absence of economic basis for collection of personal income tax for cryptocurrency mining, thus there is a need for fundamentally new model of legal regulation for taxation of this activity. Special attention is given to assessment of tax consequences of mining based on the content of official interpretation of the Ministry of Finance of the Russian Federation, as well as with consideration of the developed in the doctrine basic approaches towards determination of the legal nature of cryptocurrency as property and property rights (other financial instruments. The author’s significant contribution consists in substantiation of the conclusion that the current system of legal regulation has no economic basis for collection of personal income tax for cryptocurrency mining; at the same time, future taxation of mining can be based on the patent tax system of taxation. It is reasoned that in order to ensure the implementation of the indicated special tax regime, it is necessary to attribute mining to entrepreneurial activity, as well as modify legal definition of the latter, which is formulated in Article 2 of the Civil Code of the Russian Federation. The author determines the legal prerequisites for taking cryptocurrency mining activity out of shadow and its lawful exercise in the Russian Federation.

On the Issue of Progressive or Proportional Taxation of Personal Incomes

2018 ◽  
Vol 11 (3) ◽  
pp. 114-120
Author(s):  
D. G. Chernik
Keyword(s):  
Income Tax ◽  
Personal Income ◽  
Personal Income Tax ◽  
The Social ◽  
Social And Economic Development ◽  
The Subject ◽  
Discrete Measures ◽  
Personal Income Taxation ◽  
Personal Taxation ◽  
Personal Incomes

The subject of the research is the procedure for personal income taxation. The purpose of the workwas to determine which personal taxation regime is more justified: progressive or proportional. The paperprovides the reasons for the transition from the progressive to the proportional tax. The risks and possibilities of transition to the progressive scale are analyzed. It is concluded that in order to achieve social justice and improve the welfare of the majority of peoplerather thana very small part of them, it is necessary to adopt a set of economic, fiscal and administrative measures aimed at solving a single task — ensuring the social and economic development of Russia. Discrete measures, such as the introduction of the progressive personal income tax will not lead to desired results. Moreover, the progressive tax cannot be introduced unlessit is ruled by law that large spendings of citizens must correspond to their incomes.

TAXATION OF PERSONAL INCOME

2020 ◽  
Vol 3 (8) ◽  
pp. 69-72
Author(s):  
F. S. AGUZAROVA ◽  
Keyword(s):  
Income Tax ◽  
Personal Income ◽  
Personal Income Tax

The article is devoted to the taxation of income of citizens in Russia. The author determined the role and place of the personal income tax, calculating its share in the structure of budget revenues of a particular subject. The ways of improving the taxation of personal income are identified.

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