Financial Center For The Asian Pacific Region

The Gini coefficients of rural populations increased about 75% and the urban increased about 113% in these 30 years. Moreover, the aggregate Gini coefficient for China reached 0.4 by 2000, which imply the serious income inequality of China in general.

This fact remains accurate after government attempts at wealth redistribution such as taxes. This shows that the government is not successful at helping to redistribute wealth and the dramatic increases in wealth of the rich while the poor barely improve show the inefficacy of the “trickle-down economy” model. To figure out why the 10% is gaining wealth so quickly, the people that make up this small group must be analyzed. The top 10% is essentially comprised of three main groups: superstars, CEOs, and high-income professionals. However, the incomes of superstars and CEOs are increasing more rapidly than those of the high-income professionals (Belsie). While the incomes of high-income professionals and superstars are market driven, they do not benefit from the same rate that CEOs do.

Over the few years Maldives economy has grown very much. Various opportunities have been open to investors and small scale business, in Maldives and the income that the government get also has increase in the past years. The tax has also effects many house holds and business. With the changes of laws and regulations there are many new taxes and royalties that are taken in from the public and the business organization. In this essay I am going to highlight the effects of the new tax reform in Maldives.

After the announcement of increase in consumption Tax in April2014, by 5% to 8% the performance of corporate is highly impact due to demand

A major problem with the new proposed bill is that companies may not be ready for the new system, and they will have to find alternatives to counteract possible future funds lost due to the tax. According to Kenneth Leung, EY Greater China’s indirect tax leader, “Many businesses appear to be underprepared to cope with the new taxation and are lagging behind in adapting their operational procedures to factor in the impact from it.” The loss of revenue as a

The major components of the tax revenues are the taxes on personal income, profits and gains (39%), taxes on goods and services (28%) and taxes on corporate income and gains (18%) (David, 2015). However, the taxes on property accounts for 9% which is also important. Household income, equity, and economy are all affected by taxation on properties in a broad way, thus special consideration is required before imposing taxes on returns of the property holdings. In other words, any change of taxation policy on such entities may lead to various changes in the economic conditions, especially, where the major investment for most population is in real estate

The income gap that exists between the rich and poor countries has become substantial. In 2003, the richest fifth of the world’s population received 85% of the total world income, while poorest fifth received just 1.4% of the global income (infoplease, 2005).When the GDP is

explain changes in tax struc-ure of an economy over time under t the impact of economic development and of political and social factors. Tax structure is affected by economic development in three ways: (a) tax base undergoes a change as the develop- ental process m proceeds; (b) change in the tax base brings about changes in the revenue system: and (c) economic development leads to changes in the objectives of tax policy. Bangladesh Government collects taxes on account of custom duty, sales tax, value added taxes, excise duty, cess, fees, fines, penalties, income tax, advalorem duty, etc. It

According to traditional trade theorists such as David Ricardo and Heckser-Ohlin, trade was only plausible and could only lead to mutual gains if countries had different technologies or differed in their resources (Emanuel Larao Pg. 2). They believed that trade could only consist of inter-industry trade, which was the exchange of goods in different product categories. Heckscher-Ohlin more specifically believed that trade could still be beneficial between two countries, if a country that was endowed with an abundance of capital; the country exported capital-intensive goods to a country that had an abundance of labor. The country with an abundance of labor would then export the labor to the country with an abundance of capital goods and import capital-intensive goods (Andrew Clark Pg.3). Two countries that adopted these characteristics are Malaysia and Singapore after 1992 when the association of Southeast Asian Nations (ASEAN) signed the ASEAN free trade agreement (Andrew Clark Pg.6). Singapore has been know to be the world financial center and is more capital abundant. This is demonstrated by (K/L)S > (K/L)M. Malaysia however, is more labor abundant and employs the (L/K)S < (L/K)M theory. When discussing Labor and Capital abundance the 2x2x2 model cannot be excluded. This model says that there are two countries (Singapore and Malaysia) two goods (x and y) and two factors of production (capital: K and labor: L). When (w/r)S > (w/r)M, Singapore is said to be capital abundant

As is clear and obvious from the forecasts of KPMG that if tax systems are not transformed they will absolutely affect the smooth working of the economy and this will bring about a consistent decline in the income earned by the government and consequently this would lead to improper

Real system of taxation now comprises of small, medium and large taxpayers. Major alteration occurred in this type of regime is that it is self-assessed regime in comparison to previous system of estimated regime of taxation. Latest amendments for the fiscal regime of Cambodia for the year 2016 was implemented on 17th of December 2015 (Royal Kram No. NS/RK/1215/016).

Hong Kong has been emerging as a major financial center for the Asian-Pacific region since around 1970(Jao, 1979). However, wealth gap and income inequality is always a criticized issue. According to Hong Kong Government Fact Sheet document, Gini coefficient, which is a common figure using on the measurement of household income, increase by 0.004 from 0.533 in 2006 to 0.537 in 2011. Oxfam Hong Kong reported that in Hong Kong, the richest 10% who earn a HK$100,000 median monthly income gains nearly 29 times than the poorest 10% gain per month, while the same comparison result in 2013 is 26 times and 26.4 times in 2014. Bloomberg Billionaires Index also shows that the top 10 billionaires are now having

A thorough examination of the current national taxation policy reveal that it is comprehensive when compared with earlier attempts at designing a policy. However, there are some perceived challenges that this draft is likely going to face because of the experiences of past taxation laws. These challenges are as follows:

From the figure 7, we can infer that Indonesia has lowest Income inequality, but in the recent few years, the seems to be increasing. Malaysia has high income inequality but it is having a decreasing trend. Singapore’s income inequality trend is almost at the same level. In the year 2015 the income inequality of all the three countries has become almost equal i.e. ~ 41%.

• Section 14(1) of Inland Revenue Ordinance (IRO) imposes three conditions for profits to be chargeable to Hong Kong profits tax.