Taxation Issues Essay Example for Free

Taxation Issues Essay The individual income tax consists of taxes on compensation income (from employment), business income, and passive income (interests, dividends, royalties, and prizes). In 1998 compensation income tax rates were restructured into 6 bands with marginal rates ranging from 5% to 35%. Exemption levels are 20,000 pesos (about $400) for individual, and 32,000 pesos (about $640) for married couples. In 2000, the business income tax rate was lowered from 33% to 32%. The tax rate on passive income is 30%. For resident foreign corporations, after-tax profits remitted abroad are subject to a 15% tax, except for corporations registered with the Philippine Economic Zone Authority (PEZA), the Board of Investment (BOI), the Bases Conversion Development Authority, or operating in independent special economic zones (ecozones), all of which are eligible for special tax and customs incentives, exemptions and reductions designed to attract foreign, new, necessary and/or export-oriented foreign investmen t. The Omnibus Investment Code of 1987 lays out tax incentives administered by the BOI of the Department of Taxation and Development, and the annual Investment Priorities Plan (IPP) sets out the investment areas, national and regional, to which these incentives currently pertain. In 2002 the national list included export activities, industrial development and mining, agricultural/fishery production and processing, logistics, drugs and medicine, engineered products, environmental projects, IT services, Infrastructure, mass housing projects, R and D activities, social service, tourism, patriotic and documentary motion pictures and new projects with a minimum cost of $2 million. Special economic zones (SEZs) can be designated as export processing, free trade and/or information technology (IT) parks, each designation providing a schedule of tax holidays, exemptions from import duties on capital goods and raw material, and preferential income tax rates with more favorable treatment accorded pioneer industries over non pioneer or expanding companies. Taxes on transactions include a value-added tax (VAT) of 10%. For smaller businesses not registered with the VAT a percentage sales tax of 3% to 5% is applied, although higher for activities involving issues of public morality: cockpits are taxed 18%, caberets, 18% and jai-lai and racetracks, 30%. Excise taxes are imposed on selected commodities such as alcoholic beverages, tobacco products, jewelry and petroleum products. In addition, the government levies a variety of other taxes, including mining and petroleum taxes, residence taxes, a head tax on immigrants above a certain age and staying beyond a certain period, document stamp taxes, donor (gift) taxes, estate taxes, and capital gains taxes. A document stamp tax is charged on stock certificates, proofs of indebtedness, proofs of ownership, etc, and normally amount to .75% to 1% of the par or face value of the certificate. A progressive schedule of donor taxes begins with gifts above P 100,000 (about $18,500), and lays out seven bands (2%, 4%, 6%, 8%, 10%, 12%, and 15%) with the top marginal rate applying to gifts above P 10,000,000 (about $186,520). The progressive estate tax begins at P 200,000 (about $37,000) and lays out five bands (5%, 8%, 11%, 15% and 20%) up to P 10,000,000 (about $186,520). The capital gains tax is 6% on real property; 5% on gains of P 100,000 or less from the sale of stock not listed on the stock exchange, and 10% on gains over P 100,000. Some cities, such as Manila, levy their own wholesale and retail sales taxes. Government revenues in 2001 amounted to 14.8% of GDP, short of total expenditures and net lending for the year, which came to 19.1% of GDP, leaving a deficit of over 4% of GDP. The US State Department reports that the main factor underlying the deficit is inadequate revenue collections due to widespread tax evasion. Attempts by the Bureau of Internal Revenue to increase compliance have met with strong resistance. HMRC issues tax warning A warning has been sent to all consumers who are required to send in a tax return for 2009-10. In a message, HM Revenue Customs (HMRC) noted that the deadline for paper tax returns, which was October 31st, has now passed. Therefore, in order to avoid a penalty of  £100, all those yet to complete theirs must do so online. The organization pointed out that anyone who has not done this before will have to register for online filing by visiting its website. When they go through this process, they will be given a user ID and an activation code, which will be posted to them within seven working days. Once they have received this information, they will be able to file their returns. Meanwhile, in a word of advice to those who have used the system before , it added: Make sure that you have your user ID and password it can take seven working days to get replacements, so dont leave it to the last minute if you need them. The deadline for online self-assessments is Monday January 31st. Meanwhile, those who are unsure how to go about the process can get help and information on the HMRC website. Of course, there is also help for those who need to use an income tax calculator or another type of tax calculator. Such people can find these resources in various places on the web. In order to ensure they get their returns right, an income tax calculator or other form of tax calculator can be very helpful. Consumers are also advised to ensure that they save up enough money to pay the tax when the time comes, otherwise they may find themselves in financial difficulty. Students issued tax warning The vast majority of people who earn money are keen to ensure they do not pay too much income tax. For this reason, some use an income tax calculator or PAYE calculator to help them assess whether or not they have. Students may be among those who can benefit most from such activity, research conducted by one organization suggests. According to the Low Incomes Tax Reform Group (LITRG), around six million people are likely to now be receiving tax calculations having not paid the right tax under Pay As You Earn (PAYE), and students are particularly at risk of this. The reason for this, the organization claimed, is that such people can find that the system struggles to keep up with their working patterns. For example, undergraduates may be working in several jobs at once, frequently moving between roles, doing irregular work with agencies or be involved in a sandwich course during which they work for a year. Students are advised to keep on top of their income deductions, which may involve using an income tax calculator or PAYE calculator. Not only may mistakes mean they overpay, but they may also result in such people paying too little. In such cases, they could be hit with an unexpected bill at a later date. With this in mind, LITGR issued advice to students. For example, it stated: If you start a new job without a P45, but your former employer later gives you one you can still give it to your new employer for them to adjust your tax code. But otherwise, you might need to keep an eye on your pay slips and contact HMRC to chase up processing of your P46 to make sure you get put back on a cumulative code if it doesnt appear to be done automatically. Earlier this year, HM Revenue Customs revealed that a number of people had either under paid or overpaid tax and it sent out correspondence to inform these individuals of the errors. An insight into Joint Ventures and Tax issues If you have had the chance to interact with a London accountant online and have discussed the kind of potential that different enterprises have when they are in the start-up stage, he/she would inevitably point to a joint venture as one that allows for the best capitalization on research development tax credits as well as the best way to reap in profits while running the least amount of risk. Partnership accounting too, according to most chartered tax accountants, is easier to monitor and account for, rather than solo enterprises or massive corporate public entity firms. However, this particular category of entrepreneurship is on the decline – which is more courtesy of lack of knowledge and joint venture tax issues, than failure of the whole model in the business arena. So what exactly is a joint venture as far as tax issues and accounting for partnerships is concerned? Well, for starters, it is not very different from a solo investment enterprise. The only fact here is that the firm or venture has two or more people as investors, each of whom have a share in the revenue as well as profits and losses that the venture accrues during its runtime. The usual joint venture tax issues that most investors encounter is with the Tax ID numbers from IRS as well as legal agreements. While the legal agreement can double up as the word on which the investors decided to distribute and share their revenues from the venture, it is also required during partnership accounting measures as well as for varied detailed statistics and formalities for clinical accounting for partnerships and firms. The taxes from employee salaries are called withholding taxes, and the taxes levied on Medicare and security is also to be deducted from the firms employees. Often, a conflict of interest arrives, when a person is both an employee as well as a fellow investor in the joint venture – tax issues need to be sorted out for these situations too. This is exactly why joint ventures tax issues allied with the same is considered more complex for partnership accounting rather than for solo enterprises. Moreover, accounting for partnerships often need professional and veteran chartered tax accountants for the job – exactly where professional London accountants come into the picture. While ad-hoc accounting for partnerships almost always is recipe for disaster, professional accounting can maximize both your profits as well as your research and development tax credits. So if you are an investor and your fellow entrepreneurs are not willing to hire a professional London accountant for the sake of savings and cost-cutting measures. For the kind of money you will save with the help of a professional chartered tax accountant on accounting for partnerships, you will have enough capital to start another joint venture sans tax issues as well!

The Luddite Revolt :: European Europe History

The Luddite Revolt England at the Turn of the Century At the beginning of the 1800's England was still largely an agricultural country. Frank Ongley Durvall in his text, Popular Disturbances and Public Order in Regency England, states that "over half the population [was] living in the country"(12). In London there were over one million dwellers. Nevertheless, this city's population comprised only one-tenth of the entire population of England. Aside from London, most cities and towns contained only several thousand people, where the average household size was between five to six persons. The transportation of products and people around the nation was limited in part by the fact that the English population was still predominantly dispersed throughout the countryside and that most goods were still being made locally. However another factor that limited transportation was its relative lack of modernization. At the turn of the century England had yet to establish a railroad system. The primary means of shipping goods was either by boat using canals or by horse-drawn cart on roadways. Meanwhile, travelers depended upon either their feet or horse-drawn carriage to get them where ever they wished. As I briefly mentioned above during this period most industry was located in the country, with the majority of work taking place in the home work-shops of craftsmen. Any manufacturing plants that did exist at that time were water powered. These factories were usually small and only employed a handful of workers. The major industries at the beginning of the 1800's were textiles, hosiery, lace, iron mining and manufacture, ship building, and coal mining. Yet, agriculture was still the number one business, with some 35 percent, or more, of the populace of the island working in it(14). In many villages craftsmen would not only work making goods but would also cultivate small private lots. From these household plots they would harvest crops for their family's consumption and for trade. If these craftsmen did not own their own plot they would join others in tending to a communal field from which all members of the community could partake of the harvest. Because of this agriculturally powered economy most businesses remained predominantly local. Business owners were usually residents of the town where their businesses were located, so that they had a material interest in the prosperity and success of the town. This localization of business, along with industry, allowed for a harmonious connection to develop between the owners and their workers.

Structures of Racial and Gender Inequality

Mar's theories had mostly to do with capitalism. The dominated because they used their power to exploit workers and so on. Exploitation is the difference between what Is produced and what Is paid for. Exploitation Is limitless. Race was exploited for a profit. Wilson thought that Mar's theory explained the racial-caste system. Production, aristocracy dominated both economic and political Life_ Capitalist class benefit more. In the sass's there was a shift from paternal racial-caste system to a more class- based labor market. Jim Crow law helped keep blacks out of the privileged few.In the North they had a bunch of race riots. Race relations are mainly about split labor market theory. This theory talks about how everyone needs to compete against one another regardless of race. Exploitation was high because of putting blacks against whites. Split labor theory has three classes: capital business class, high-paid labor, and cheaper labor. Split market happens when different groups are pa id differently. Structural arrangements determine social relations. The economy Isn't the only thing that structures social relationships. Wilson states that state is always changing. World War II had a ban on discrimination.No matter why changes happened, the Tate took successive steps to address black inequality. Wilson shows two things after World War II, push-pull forces; one Is more political and economic opportunities for blacks. The other one is, sass's on, the decreases in manufacturing and Increases In government and corporate Jobs. Plus the push from urban to suburban settings. This created different opportunities for different groups of blacks, Race is a factor but class is a distinctions. Before the Civil war racial tensions revolved around economy. Wilson thought things should move from race to more about class.Chaffed was more concerned with gender inequality. She thought about things in four different levels: macro, mess, micro, and individual. Macro is for analysis o f Institutions and structures. The mess level Is for organization. The Micro part Is about face to face interactions. Lastly, the individual level about the individual concept. Chaffed looks at Mar's theory of feminist. Patriarchy and capitalism help the oppression of women. Mar's emphasis the economy as the most important site for social stability and change that Chaffed uses. Patriarchy provides men with control of production and the profit while women who are cheap to fear labor.Women do not et paid for their tasks In society as much. Man's ability to fully work Is dependent 1 OFF upon ten women's explanation. C TX tanks Tanat gender Unequally structural need of capitalism. Men use their power to keep women down they use their structural power. Workforce, macro, plays a huge part in mess and micro areas. The mess-level of gender. Canter has three factors that influence work and gender; possibility of advancement, power to achieve goals, and relative number of a specific type of p erson within the position. Canter thinks women have different career paths and most don't lead as high.Women's path constrict two ways: minimized occupations are limited and women on professional career paths high glass ceilings. Canter states that social contexts influence individuals and their attitudes and behaviors. Our social environment influences who we are and how we act. Staying and feeling powerless and limited creates negative stereotypes of gender and work, these enforce gender inequalities. When exploitation goes up, women's presence in the Job market goes down. Micro is the personal levels of coercive structures are next. Chaffed uses exchange theory to explain micro level.Exchange theory makes lines between economic and social exchange. Economics are governed by explicit agreements. Economic exchange is always known when and how something is done or will be done. Social exchange is implicit and not explicit. Gender inequalities are latent, they are hidden. People want to keep the same actions to keep society going, even if there are inequalities. Voluntarism keeps gender inequality going. There are three types of gender definitions; gender ideology, norms, and stereotypes. Intrinsically structures are parts of the inner person that are fixed and divided off from one another.Boys and girls are socialized differently. Everything is voluntary. Social learning theory is about modeling. It has four stages: attention, retention, motor reproduction, and motivation. Things are more about structural then cultural changes, if gender inequality is to happen. Chaffed divides her theory into unintentional and intentional processes. Four different ways of unintentional changes: population growth or decline, changes in sex ratio, and technological innovations and changes in the economic structure. For intentional change if focused on macro-structural, industrialization, arbitration, and the size of the middle class.

Hernan Cortes Conquistador Army

In 1519, Hernan Cortes embarked upon the bold conquest of the Aztec Empire. When he ordered his ships dismantled, signifying that he was committed to his expedition of conquest, he had only about 600 men and a handful of horses. With this band of conquistadors and subsequent reinforcements, Cortes would bring down the mightiest Empire the New World had ever known. Who were Cortes Conquistadors? Most of the conquistadors who fought in Cortes army were Spaniards from Extremadura, Castile and Andalusia. These lands proved fertile breeding grounds for the sort of desperate men needed in the conquest: there was a long history of conflict and much poverty there that ambitious men sought to escape. The conquistadors were often younger sons of minor nobility who would not inherit their family estates and thus had to make a name for themselves on their own. Many such men turned to the military, because there was a constant need for soldiers and captains in Spains many wars, and advancement could be fast and rewards, in some cases, could be rich. The wealthier among them could afford the tools of the trade: fine Toledo steel swords and armor and horses.   Why did the Conquistadors Fight? There was no sort of mandatory enlistment in Spain, so no one forced any of Cortes soldiers to fight. Why, then, would a sane man risk life and limb in the jungles and mountains of Mexico against murderous Aztec warriors? Many of them did it because it was considered a good job, in a sense: these soldiers would have looked upon work as a tradesman like a tanner or a shoemaker with scorn. Some of them did it out of ambition, hoping to be gain wealth and power along with a large estate. Others fought in Mexico out of religious fervor, believing that the natives needed to be cured of their evil ways and brought to Christianity, at the point of a sword if necessary. Some did it for adventure: many popular ballads and romances came out at the time: one such example was Amadis de Gaula, a rousing adventure which tells the story of the heros quest to find his roots and marry his true love. Still others were excited by the beginnings of the golden era through which Spain was about to pass an d wanted to help make Spain a world power. Conquistador Weapons and Armor During the early parts of the conquest, conquistadors preferred arms and armor which was useful and necessary on the battlefields of Europe such as heavy steel chestplates and helms (called morions), crossbows and harquebuses. These proved less useful in the Americas: heavy armor was not necessary, as most native weapons could be defended against with thick leather or padded armor called escuapil, and crossbows and harquebuses, while effective in taking out one enemy at a time, were slow to load and heavy. Most conquistadors preferred to wear escuapil and armed themselves with fine steel Toledo swords, which could hack easily through native defenses. Horsemen found that they were effective with similar armor, lances and the same fine swords. Cortes Captains Cortes was a great leader of men, but he could not be everywhere all the time. Cortes had several captains that he (mostly) trusted: these men helped him greatly. Gonzalo de Sandoval: Only in his early twenties and not yet tested in battle when he joined the expedition, Sandoval quickly became Cortes right-hand man. Sandoval was smart, brave and loyal, three important qualities for a conquistador. Unlike Cortes other captains, Sandoval was a skilled diplomat who did not solve all problems with his sword. Sandoval always drew the most challenging assignments from Cortes and he never let him down.   Cristobal de Olid: Strong, brave, brutish and not very bright, Olid was Cortes captain of choice when he needed blunt force more than diplomacy. When supervised, Olid could lead large groups of soldiers, but had little in the way of problem-solving skills. After the conquest, Cortes sent Olid south to  conquer Honduras, but Olid went rogue and Cortes had to send another expedition after him. Pedro de Alvarado: Pedro de Alvarado is the best-known today of Cortes captains. The hotheaded Alvarado was an able captain, but impulsive, as he showed when he ordered the temple massacre in Cortes absence. After the fall of Tenochtitlan, Alvarado conquered the Maya lands to the south and even took part in the conquest of Peru. Alonso de Avila: Cortes didnt like Alonso de Avila much personally, because Avila had an annoying habit of bluntly speaking his mind, but he respected Avila and thats what counted. Avila was good in a fight, but he was also honest and had a head for figures, so Cortes made him the expeditions treasurer and put him in charge of setting aside the Kings fifth. Reinforcements Many of Cortes original 600 men died, were wounded, returned to Spain or the Caribbean or otherwise did not remain with him until the end. Fortunately for him, he received reinforcements, which always seemed to arrive when he needed them the most. In May of 1520, he defeated a larger force of conquistadors under Panfilo de Narvaez, who had been sent to rein in Cortes. After the battle, Cortes added hundreds of Narvaez men to his own. Later, reinforcements would seemingly arrive at random: for example, during the siege of Tenochtitlan, some survivors of Juan Ponce de Leons disastrous expedition to Florida sailed into Veracruz and were sent swiftly inland to reinforce Cortes. In addition, once word of the conquest (and rumors of Aztec gold) began to spread through the Caribbean, men rushed to join Cortes while there was still loot, land and glory to be had. Sources: Diaz del Castillo, Bernal. . Trans., ed. J.M. Cohen. 1576. London, Penguin Books, 1963. Print.Levy, Buddy. Conquistador: Hernan Cortes, King Montezuma and the Last Stand of the Aztecs. New York: Bantam, 2008.Thomas, Hugh. Conquest: Montezuma, Cortes and the Fall of Old Mexico. New York: Touchstone, 1993.