Essay On Tax Compliance In Zimbabwe

Introduction Taxation law may be described as the body of law that governs liabilities of persons to pay to the government. In this report, I will determine to Jack John’s taxable income during the given income year. So as to give proper legal advice to Jack Jones, I have to take into consideration those issues, determine taxation residency status, determining assessable income for the year and calculating deduction of the year. After all those issues discussed regarding Australian taxation law, it possible proper advice to Jack John accordingly his assessable income and deductions. Taxation residency status According to the taxation law, Australian residents require to assess their income (ordinary and statutory income) which is derived

Business taxes can have a huge impact on the profitability of businesses and the amount of business investment. Taxation is a very important factor in the financial investment decision-making process because a lower tax burden allows the company to lower prices or generate higher revenue, which can then be paid out in wages, salaries and/or dividends. Business taxes include, Federal Income Tax; a tax levied by a national government on annual income, Payroll Tax; a tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee, Unemployment Tax; a federal tax that is allocated to unemployment agencies to fund unemployment assistance for laid-off workers, and Sales Tax; a tax imposed by the government at the point of sale on retail goods and services. Sales tax is based on a percentage of the selling prices of the goods and services. Consumers pay sales taxes, but effectively, business pay them since the tax increases consumer’s costs and causes them to buy less.

The political and economical issues spread beyond the government and to the community in Zimbabwe. For 15 years prior, the economy is Zimbabwe had been slowly fading but after the recent election the unemployment rate rose to eighty percent (“Govt” 1, 2). The number for jobless people increased to a massive number of nearly 200,000 making the eleventh year high up to 3.33 million (“Bankruptcies” 1, 2). This made it extremely challenging for families to afford things like education, health care, and even housing. As a result, this forced people to turn to crime and corruption just to try and make a living. While the citizens were turning to crime, the government was wasting all it’s money for personal needs. It was also discovered that the government had been paying more than 40,000 to what was referred to as “ghost workers” appearing on their payroll (“Govt” 1, 2). As a result of this, Zimbabwe was part of a huge fraud situation with the Nigerian Deposit Insurance. They were accounted for seventy-four cents for all fraud counts (“Our” 1). Soon after this scandal, Zimbabwe had no choice but to declare bankruptcy making the country record, 1082 bankruptcies as of 2008 (“Bankruptcies” 1, 2). After the fraud situation the government tried to cover up by creating an Anti-Corruption Commission (ACC). The government was interested in fixing

I do not agree with the SSA representative “revising the determination” of nine and one half years in the past. The determination was made correctly when I sat in their office and I was guaranteed that I had the quarters and earnings necessary to qualify for the benefits which I was paid during the past nine and one half years. That representative was checking his computer right in front of me as he gave me that reassurance. That decision was based upon my earnings reported and recorded by the IRS from my Partnership filings which was duly reported to the IRS according to the rules as they existed at the time. In 2010, the agency requested proof of my tax filing and timely filing, as well as, the paper which showed my partnership portion

Discuss the adequacy of the current deterrence model of tax compliance based on a combination of penalties and rate of audits. Does it provide the proper balance in light of our “voluntary compliance” system in the United States?

And under ITAA97 s6-1, if an individual is an Australia resident, he/she need to satisfy ordinary concepts test or one of three statutory residence tests. So in link with your circumstances, you got the teaching contact of university in England. It is sure that the ruling will directly do another three tests that are domicile test, the 183-day test and commonwealth superannuation test. In the light of your fact, I feel that only the second rule will be looked. Because the second statutory test delimits constructive residence in Australia is attributed to a person who is actually present in Australia for a total period of more than half the income year unless usual place of abode is outside Australia or does not intended to take up residency in Australia and an individual is a resident under third the third test if he/she is a contributing member of the superannuation fund, the fact is that you have recently completed your study and never worked in Australia before. In test two, it will be judged whether you are domiciled in Australia unless permanent place of abode is outside Australia. You are born in Australia and have always lived with your parent before coming to the UK, which means your base-home is Australia. So the important factor to the ruling depends on whether you establish a permanent place of abode outside Australia. We need to consider what your intention, family business and assets are. There are some similar cases can be referred such

In this assignment, it is assumed that Emma and Ryma are both tax residents of Australia.

All over the world, governments undertake huge public expenditure on behalf of their citizens for the provision of basic amenities and other social services. To meet up with these responsibilities, governments thus require substantial amount of funds. Among the various sources from which can generate income, taxes are the most important and most reliable; contributing much more than any other source. A tax therefore, is a compulsory levy imposed by the government on the income, profit or wealth of an individual, family, community, Taxation is the inherent power of the state, exercised through the legislature, to impose financial burdens upon subject within its jurisdiction for the purpose of raising revenues to carry out the legitimate duties of government (Kenned & John, 2014)

African countries have been going through one of the worst recessions in our day in age. Some of the things that Africa lacks as a continent are food supply, water supply, shelter, a stable government to control these key aspects in each country, and many more to come in the future because of the daily issues Africa is facing because of corruption in their individual government as countries. Recent studies show that, over 70% of major corruption cases in Sub-Saharan Africa involve phantom firms, which is financial entities that are currently almost impossible to trace or track without improvements in regulatory oversight, resulting in a tax loss of about $52 billion.

Small business owners are often a gullible target of increased tax compliance and according to the IRS, entrepreneurs are the largest source of uncollected taxes. This makes it even more essential to register for payroll and pay the taxes on time. Small and new business owners need to keep themselves informed about the tax audit triggers and understand how to avoid high tax debt and criminal investigation. Moreover, no entrepreneur wants to see their legacy devastated due to IRS penalties –awareness and registering on time is the key to moving in the right direction.

Small to medium enterprises (SMEs) have become increasingly important to Zimbabwe 's economic growth. Given the increasing number of retrenches due to the economic downturn Zimbabwe experienced, SMEs offer the best alternative means of livelihood for most people. There is therefore, need to support the growth of this sector so that it contributes more meaningfully to national economic development. One of the major problems Practical Action Southern Africa has established as an impediment to the growth of SMEs is lack of proper working capital management systems. This presents a major constraint to their financial performance and their survival. Given the current economic hardships hampering economic progress in Zimbabwe the SMEs industry in one of the key industries where the economy is pinning its hopes. However due to the stringent requirements in the financial sector it is proving to be very difficult for the small firms to secure enough funds to sufficiently finance their operations,

The idea that morally dubious goals may be legitimate inside capitalism will be discussed in light of a tax avoidance case study. Apple, a multinational technology company, has avoided paying its fair amount of income tax for years. This paper will consider the structural embeddedness of Apple’s legitimised goal—the maximisation of profit—through the ‘Double Irish Dutch sandwich’ tax haven model. Durkheim’s theory of collective conscience was used in explaining the legitimisation of the company’s profits-driven goal, and how its amorality becomes apparent outside the economical sphere. This paper will also discuss the interconnected nature of the harm and benefits in the deal made between Ireland and Apple. The association between legitimations of Apple’s conduct and its socially challenging behaviour has been analysed to be ambiguous in the letter of the law. The conclusion will shed light on the morally grey area of a company’s responsibility to its shareholders versus the needs of the community.

In 2013, about 1500 000 people ran informal businesses, but this is bad compared to 2001’s 2300 000 businesses.

BEING A RESEARCH PROJECT SUBMITTED TO THE DEPARTMENT OF ACCOUNTING, FACULTY OF MANAGEMENT SCIENCES, UNIVERSITY OF ABUJA, ABUJA, NIGERIA

If efforts are put towards promoting SMEs, particularly, the likes that are concerned with the informal sector, achievement of development that is sustainable is inevitable. Most developing as well as developed countries depend on the small and micro enterprises in the provision of employment. Even though a number of small and medium-sized enterprises are not part of the formal sector that is