UNIVERSITI TEKNOLOGI MALAYSIA
FACULTY OF MANAGEMENT
Financial Management
Value Added Tax; Goods and Service Tax
ABDOLMABOOD FOOLADIVANDA | MH101017 |
Prepared for
Prof. Dr. Melati bt Ahmad Anuar
April, 2011
1. Introduction
VAT is a system in which the tax is collected on the value added to the goods at each stage of sales. The dealer selling the goods collects tax on the full price at which he sells the goods. At the end of a tax period he reduces from the tax so collected by him, the tax which has been charged to by the dealers from whom he purchased goods during the tax period and deposits the balance to the Government treasury. In other words the "value added" to a product by a business is the sale price charged to its
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3. Copy of the constitution document e.g. partnership deed for a partnership firm, Memorandum and Articles of Association for a company. 4. Board Resolution authorizing the signatory to sign the application in case of company. 5. Proof of identification of the authorized signatory e.g. voter identity card, passport, driving license. 6. Proof of principal place of business e.g. rent receipt, lease agreement, electricity bill.
4.3. Casual Trader:
The persons, who uses occasional transactions in the nature of business involving purchase, sales, supply or distribution of goods or conduct any exhibition-cum-sale, are required to:
* Apply for permission in form VAT-9 with fee of Rs 500. * To give security not more than worth Re 1 Lac. * To issue retail Invoice.
To furnish detail of goods brought from outside Chandigarh for exhibition-cum-sale.
To get his bill books authenticated by delivery order before commence on Sale.
4.4. C-Invoicing & Maintenance of Account Books:
There are two types of invoices provided under VAT, Act. * VAT Invoice * Retail Invoice
4.4.1. Vat Invoice:
The word VAT Invoice to be mentioned prominently: * It is to be numbered consecutively printed mechanically or electronically. * Name, Address and TINNoof selling dealer. * Name, Address and TINNoof purchasing dealer. * Description, quantity, unit price, value and rate and
31. Know that a partnership agreement usually includes, the division of profits and losses between the partners, partnership salaries or withdrawals, the duties of the partners, all the responses are correct.
Only when the documents have been approved can the company start trading. If a company is comprised of between 2 and 20 people who contribute money to a business they can apply for a Deed of Partnership, which states how much money each partner has contributed, the share of profits they will receive and the rules for electing new partners. Some partners may make a financial contribution but not actually take part in the running of the business and are called ‘sleeping partners’.
the correct date and a full signature of the person writing the record. It is also
8. REQUIRED TO TURN IN (in this order): Typed multi-step income statement, Typed statement of retained earnings, Typed classified balance sheet, Typed Perpetual Inventory cards, Handwritten worksheet for uncollectible accounts expense calculations, and Handwritten June Journal Entries, the additional adjusting entries and all necessary closing entries. Be sure your name is on all pages.
Answer the following questions about the must-have documents. Each response should be 50–150 words in length.
In this task, Customer of Legislation, I will discuss the five main acts of parliament that the legislations are made for the business. The legislation is a law, which there are five for businesses, which everyone must follow the law, however, the ideas of Laws in a business are made by the government to make sure customers of a business are protected from a business by the five Acts of Parliament. These Laws of parliament will make sure the Business follows the rules for customer’s protection purposes. However, if they don’t follow the rules, the customers could be harmed; the businesses must be honest to customers; the business must not take advantage of customers.
Having a value-added tax has many different views, but many cons are shown through the system. With having a value-added tax means the tax on the amount of an item goes up based on its production or distribution. Value-added tax being implemented would clear out many peoples savings. It also would be a struggle on the lower classes, and has been called an “unfair regressive tax”.
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.
u. P2) This implies that the seller who intends to enter a contract with a customer has a duty to disclose exactly what the customer is buying and what the terms of the sale are.
(TCO D) A residence in Brevard County has an assessed value of $150,000. Its owner qualifies for an old age exemption of $10,000 and a homestead exemption of $20,000. The property tax rate is $5 per $100 AV. What will be the property tax bill on this property?
Second, you are requesting documents for 2120 P Street, LLC; however, we do not have an entity with that name. Did you mean Donohoe/2120 P Street LLC?
Ans: Some of the funds will come from our own savings but for the rest of the funds, in such a case we may have to take a business loan.
Australia, economically, is one of the strongest economies in the world. The debate on how to develop the economy even further is, and always will be a never ending one amongst Australia, and also the rest of the world. In 2011, Australia was the 13th largest national economy by supposed gross domestic product (GDP). This year its economy was the fastest-growing in the developed world for the first three months of 2012. Experts suggest that the answers lie within the tax system, to further improve the economy. The Goods and Services Tax (GST) in particular has come under the microscope of recent time, as to how changes to the GST could benefit Australia. Small tinkering’s to the current taxation system can definitely raise
In Malaysia there are several types of taxes such as Personal Income Tax, Corporate Income Tax, Sales and Service Tax, Customs Duty, Local Tax and Goods and Services Tax (GST). While taxes are an involuntary fee, there are many advantages following implementation of taxes. Some of the advantages are funding government’s expenditure, funding for nation’s development, and distribution of wealth among citizens.
Organizations applying for VeriSign must be legitimate and registered with the proper government authorities. The following can be provided as proof of right.