Value Added Tax And The Implementation Of China Essay

after 15 years, the "head tax" becomes twice and apart from this, some new rules were also

In 1765 the British Parliament issued The Stamp Act which was to be the first internal tax imposed on the colonists. This meant that just about anything made from paper was subjected to being taxed such as legal documents, newspapers, almanacs, playing cards and dice each of

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.

Through 1756 to 1783, France participated in the seven years war which lead to France being in extreme debt. The American Revolution and the Seven Years war took a toll on France and took all of its money leading the country and monarchy to be in extreme debt. (fsmitha.com). The government started heavily taxing the common people in order to take care of the money they owed the aristocrats and other lenders (fsmitha.com). During the 1780s, taxation was becoming a significant problem and was inefficient and unfair. The higher classes in France such as the nobility and clergy heavily taxed the lower class but refused to contribute to the tax revenue even

The tax was unfair due to the idea it was “based on the capacity of the still rather than the quantity produced. ” Also, it “was required to be paid in cash - something unusual for

Tax reforms started in 1916 when the Wilson administration decided to cooperate with a group of insurgent democrats on war time financing, which was majorly progressive taxation. This was important because it led to attacking the wealthy, special privilege, and public corruption. The administration embraced this taxation as “means to achieve social justice.” Another major element to Wilsons administration was redistributional taxation. This helped drive between socialism and unmediated capitalism. The major debate at the time was over the question, “ What stake does society have in corporate profits?” The debates outcome created “soak-the-rich” income taxation. Wilson signed the Revenue Act of 1916. This was the first tax on personal incomes.

Then there is the Internal Revenue act of 1861, which increased income tax rate. This assured us that the government would have a, “reliable source of income to pay the interest of war bonds” (119). In addition to that, we have the Subsequent Revenue act of 1862 and 1864, which allowed for progressive tax bracket. This act had a tax system that put a tax on everything, for example, medicines, yachts, and etc. The Morril tariff Act of 1860 and 1861 was a reform in which the tax was doubled on items in which customs tax could be collected. Furthermore, the National banking Acts of 1863 and 1864 encouraged people to carry out national currency and national charters. Provision of the 1864, which executed a 10 percent tax on the banknotes of the states. Because the tax base grew by a significant amount a Bureau of Internal Revenue had to be created to control and regulate the tax needs.

We started getting taxed by the federal agency in February, 1913. The reason it is important to know about taxes is it can affect how much you make a year.Also it can make you lose

The Expansion of military affected that taxes tremendously in the 1900's. The reason for that was because the Americans had many wars going on, in that period and they were preparing for World War 1. They also, have many sections in the military so they

1. The income tax system changed. Income taxes when down and sales taxes went up.

America’s first income tax was executed as a way to help finance the overwhelming costs of the Civil War. Even though the income tax in 1862 was commonly a personal income tax, it added a tax on corporations, including withholding and taxing certain corporate interest and dividends but pursued to avoid double taxation. “An 1885 pamphlet wrote ‘‘[double corporate taxation] violate[s] the principles at the foundation of all systems of taxation’’ (Bloomfield 2011 p. 179). This attempt to raise money was not successful and public debt continued to rise. In response, the 1864 tax act reduced income ceilings and specifically included partnerships and corporations as taxable individuals. Afterwards, the Revenue Act of 1913 formally distinguished personal

Ironically because France helped America fight their revolution also initiated by unfair taxes. In the near future France imposed a direct tax on families depending on the amount of land they owned, a salt tax and even a random one time tax on the people. All of these were mandatory to everyone except the clergy and nobility. This was highly inefficient because the clergy and nobility were the wealthier of the three classes. Thus making the third estate who made up nearly 90% of France's population pay all the taxes. At this moment France starts to show signs of turning out a bit different from America.

In order for these governments to function there was a need for revenue to meet the expenses incurred by these governments. This need for revenue was met by levying taxes on individuals and businesses. It has always been a question to the population being taxed as to whether or not the government was doing a good job in assessing and managing the money it collected from taxes.

Taxation is the primary source of national fiscal revenue, and it has a significant impact on national economic development. After Income Tax and National Insurance, value added tax has become the third largest source of income for the British government. Value Added Tax is referred to as VAT. Its predecessor was "Purchase Tax" in the United Kingdom. And the government began to change to "Value Added Tax" officially in April 1973. Since January 4, 2011, the standard value added tax of the UK was increased from 17.5% to 20%. Value added tax applies to imports, business transactions and services that are generated in the UK. However, there are also two other different value added tax rates in the UK. The GOV.UK (2014) state that some items

I’ve summed up the introduction of Taxation to these slight words. Taxation is defined as a way that the government able to generate or collect revenue from the citizen of one’s nation through different sources. As what I’ve learned from Taxation course that there are two types of taxation, direct which are paid by the taxpayer directly to the government, and indirect which are collected by an intermediary (like a retail store) from the consumer. The intermediary who will file the tax return later and forward the amount of the money to the government with the return. This tax is applicable to organizations and individuals. In this reflection, I would like to highlight what I learned of business and individual taxation, the experience on working with a group for the project and what challenges I faced and how I was able to get past.