Imports in GST Regime (Goods & Services Tax)
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Taxation: State and Local Ronald H
Loyola University Chicago Law Journal Volume 18 Article 15 Issue 2 Winter 1986 1985-1986 Illinois Law Survey 1986 Taxation: State and Local Ronald H. Jacobson Follow this and additional works at: http://lawecommons.luc.edu/luclj Part of the Taxation-State and Local Commons Recommended Citation Ronald H. Jacobson, Taxation: State and Local, 18 Loy. U. Chi. L. J. 767 (1986). Available at: http://lawecommons.luc.edu/luclj/vol18/iss2/15 This Article is brought to you for free and open access by LAW eCommons. It has been accepted for inclusion in Loyola University Chicago Law Journal by an authorized administrator of LAW eCommons. For more information, please contact [email protected]. Taxation: State and Local Ronald H. Jacobson* TABLE OF CONTENTS I. INTRODUCTION .................................... 767 II. INCOME TAXATION ................................ 768 A. Unitary Taxation .............................. 768 B. Tax-Exempt Financing......................... 771 C. Interest on Federally GuaranteedBonds ........ 773 III. PROPERTY TAXATION .............................. 776 A. Charitableand EducationalExemptions ........ 776 B. Condominium Assessment Classifications ....... 778 IV. SALES TAXATION - USE TAX EXEMPTION ........ 780 V. TAX PROTESTING .................................. 782 A . Property Tax .................................. 782 B. Retaliatory Tax ................................ 784 VI. LOCAL GOVERNMENT TAXING POWERS ............ 786 A. County Tax Penalty Retention ................. 786 B. Taxation by Home Rule Units ................ -
European Parliament Resolution of 26 March 2019 on Financial Crimes, Tax Evasion and Tax Avoidance (2018/2121(INI)) (2021/C 108/02)
C 108/8 EN Official Journal of the European Union 26.3.2021 Tuesday 26 March 2019 P8_TA(2019)0240 Report on financial crimes, tax evasion and tax avoidance European Parliament resolution of 26 March 2019 on financial crimes, tax evasion and tax avoidance (2018/2121(INI)) (2021/C 108/02) The European Parliament, — having regard to Articles 4 and 13 of the Treaty on European Union (TEU), — having regard to Articles 107, 108, 113, 115 and 116 of the Treaty on the Functioning of the European Union (TFEU), — having regard to its decision of 1 March 2018 on setting up a special committee on financial crimes, tax evasion and tax avoidance (TAX3), and defining its responsibilities, numerical strength and term of office (1), — having regard to its TAXE committee resolution of 25 November 2015 (2) and its TAX2 committee resolution of 6 July 2016 (3) on tax rulings and other measures similar in nature or effect, — having regard to its resolution of 16 December 2015 with recommendations to the Commission on bringing transparency, coordination and convergence to corporate tax policies in the Union (4), — having regard to the results of the Committee of Inquiry into money laundering, tax avoidance and tax evasion, which were submitted to the Council and the Commission on 13 December 2017 (5), — having regard to the Commission’s follow-up to each of the above-mentioned Parliament resolutions (6), — having regard to the numerous revelations by investigative journalists, such as the LuxLeaks, the Panama Papers, the Paradise Papers and, more recently, the cum-ex scandals, as well as the money laundering cases involving, in particular, banks in Denmark, Estonia, Germany, Latvia, the Netherlands and the United Kingdom, — having regard to its resolution of 29 November 2018 on the cum-ex scandal: financial crime and loopholes in the current legal framework (7), (1) Decision of 1 March 2018 on setting up a special committee on financial crimes, tax evasion and tax avoidance (TAX3), and defining its responsibilities, numerical strength and term of office, Texts adopted, P8_TA(2018)0048. -
Taxation in Islam
Taxation in Islam The following article is based on the book Funds in the Khilafah State which is a translation of Al-Amwal fi Dowlat Al-Khilafah by Abdul-Qadeem Zalloom.1 Allah (swt) has revealed a comprehensive economic system that details all aspects of economic life including government revenues and taxation. In origin, the permanent sources of revenue for the Bait ul-Mal (State Treasury) should be sufficient to cover the obligatory expenditure of the Islamic State. These revenues that Shar’a (Islamic Law) has defined are: Fa’i, Jizya, Kharaj, Ushur, and income from Public properties. The financial burdens placed on modern states today are far higher than in previous times. When the Caliphate is re-established it will need to finance a huge re-development and industrial programme to reverse centuries of decline, and bring the Muslim world fully into the 21st century. Because of this, the Bait ul-Mal’s permanent sources of revenue may be insufficient to cover all the needs and interests the Caliphate is obliged to spend upon. In such a situation where the Bait ul-Mal’s revenues are insufficient to meet the Caliphate’s budgetary requirements, the Islamic obligation transfers from the Bait ul-Mal to the Muslims as a whole. This is because Allah (swt) has obliged the Muslims to spend on these needs and interests, and their failure to spend on them will lead to the harming of Muslims. Allah (swt) obliged the State and the Ummah to remove any harm from the Muslims. It was related on the authority of Abu Sa’id al-Khudri, (ra), that the Messenger of Allah (saw) said: “It is not allowed to do harm nor to allow being harmed.” [Ibn Majah, Al-Daraqutni] Therefore, Allah (swt) has obliged the State to collect money from the Muslims in order to cover its obligatory expenditure. -
Child Tax Credit & Credit for Other Dependents
Child Tax Credit & Credit for Other Dependents Introduction The child tax credit is unique because if a taxpayer cannot benefit from the nonrefundable credit, the taxpayer may be able to qualify for the refundable additional child tax credit on Schedule 8812, Additional Child Tax Credit. In this chapter, we will learn about both credits and their relationship to each other. Some taxpayers may not be aware of these credits. Your time, effort, and understanding of this credit may result in a lower tax for the taxpayer. The child tax credit, credit for other dependents, and the additional child tax credit are entered on Form 1040. The intake and interview sheet, along with the Volunteer Resource Guide, Tab G, Nonrefundable Credits are critical tools needed to determine eligibility for the credit. Don’t confuse these credits with the child and dependent care credit! Objectives What do I need? At the end of this lesson, using your resource materials, you will be able to: □ Form 13614-C • Determine the taxpayer’s eligibility for the credit(s) □ Publication 4012 □ Publication 17 • Determine which taxpayer can claim the credits □ Publication 972 □ Schedule 8812 What is the child tax credit? Optional: The child tax credit is a nonrefundable credit that allows taxpayers to □ Form 1040 Instructions claim a tax credit of up to $2,000 per qualifying child, which reduces their □ Schedule 8812 Instructions tax liability. What is the additional child tax credit? Taxpayers who are not able to claim the full amount of the child tax credit may be able to take the refundable additional child tax credit. -
The Financial Secrecy Index: Shedding New Light on the Geography of Secrecy
The Financial Secrecy Index: Shedding New Light on the Geography of Secrecy Alex Cobham, Petr Janský, and Markus Meinzer Abstract Both academic research and public policy debate around tax havens and offshore finance typically suffer from a lack of definitional consistency. Unsurprisingly then, there is little agreement about which jurisdictions ought to be considered as tax havens—or which policy measures would result in their not being so considered. In this article we explore and make operational an alternative concept, that of a secrecy jurisdiction and present the findings of the resulting Financial Secrecy Index (FSI). The FSI ranks countries and jurisdictions according to their contribution to opacity in global financial flows, revealing a quite different geography of financial secrecy from the image of small island tax havens that may still dominate popular perceptions and some of the literature on offshore finance. Some major (secrecy-supplying) economies now come into focus. Instead of a binary division between tax havens and others, the results show a secrecy spectrum, on which all jurisdictions can be situated, and that adjustment lfor the scale of business is necessary in order to compare impact propensity. This approach has the potential to support more precise and granular research findings and policy recommendations. JEL Codes: F36, F65 Working Paper 404 www.cgdev.org May 2015 The Financial Secrecy Index: Shedding New Light on the Geography of Secrecy Alex Cobham Tax Justice Network Petr Janský Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague Markus Meinzer Tax Justice Network A version of this paper is published in Economic Geography (July 2015). -
2021 Tax Rates, Schedules, and Contribution Limits
2021 tax rates, schedules, and contribution limits Income tax Tax on capital gains and qualified dividends If taxable Income income But Of the Single Married/Filing jointly/Qualifying Widow(er) Tax rate is over not over The tax is amount over $0–$40,400 $0–$80,800 0% Married/Filing $0 $19,900 $0.00 + 10% $0 jointly and $19,900 $81,050 $1,990 + 12% $19,900 Over $40,400 but not Over $80,800 but not over qualifying over $445,850 $501,600 15% widow(er)s $81,050 $172,750 $9,328 + 22% $81,050 Over $445,850 Over $501,600 20% $172,750 $329,850 $29,502 + 24% $172,750 Additional 3.8% federal net investment income (NII) tax applies to individuals $329,850 $418,850 $67,206 + 32% $329,850 on the lesser of NII or modified AGI in excess of $200,000 (single) or $250,000 $418,850 $628,300 $95,686 + 35% $418,850 (married/filing jointly and qualifying widow(er)s). Also applies to any trust or $628,300 $168,993.50 + 37% $628,300 estate on the lesser of undistributed NII or AGI in excess of the dollar amount Single $0 $9,950 $0.00 + 10% $0 at which the estate/trust pays income taxes at the highest rate ($13,050). $9,950 $40,525 $995 + 12% $9,950 Kiddie tax* $40,525 $86,375 $4,664 + 22% $40,525 Child’s unearned income above $2,200 is generally subject to taxation at $86,375 $164,925 $14,751 + 24% $86,375 the parent’s marginal tax rate; unearned income above $1,100 but not $164,925 $209,425 $33,603 + 32% $164,925 more than $2,200 is taxed at the child’s tax rate. -
Publication 517, Social Security
Userid: CPM Schema: tipx Leadpct: 100% Pt. size: 8 Draft Ok to Print AH XSL/XML Fileid: … tions/P517/2020/A/XML/Cycle03/source (Init. & Date) _______ Page 1 of 18 11:42 - 2-Mar-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Publication 517 Cat. No. 15021X Contents Future Developments ............ 1 Department of the Social Security What's New .................. 1 Treasury Internal Reminders ................... 2 Revenue and Other Service Introduction .................. 2 Information for Social Security Coverage .......... 3 Members of the Ministerial Services ............. 4 Exemption From Self-Employment Clergy and (SE) Tax ................. 6 Self-Employment Tax: Figuring Net Religious Earnings ................. 7 Income Tax: Income and Expenses .... 9 Workers Filing Your Return ............. 11 Retirement Savings Arrangements ... 11 For use in preparing Earned Income Credit (EIC) ....... 12 Worksheets ................. 14 2020 Returns How To Get Tax Help ........... 15 Index ..................... 18 Future Developments For the latest information about developments related to Pub. 517, such as legislation enacted after this publication was published, go to IRS.gov/Pub517. What's New Tax relief legislation. Recent legislation pro- vided certain tax-related benefits, including the election to use your 2019 earned income to fig- ure your 2020 earned income credit. See Elec- tion to use prior-year earned income for more information. Credits for self-employed individuals. New refundable credits are available to certain self-employed individuals impacted by the coro- navirus. See the Instructions for Form 7202 for more information. Deferral of self-employment tax payments under the CARES Act. The CARES Act al- lows certain self-employed individuals who were affected by the coronavirus and file Schedule SE (Form 1040), to defer a portion of their 2020 self-employment tax payments until 2021 and 2022. -
The Earned Income Tax Credit
The Earned Income Tax Credit The Earned Income Tax Credit (EITC) is a federal tax credit for low- and moderate- income working people. It rewards work as well as offsets federal payroll and income taxes. Twenty-nine states, plus the District of Columbia and Puerto Rico, have established their own EITCs to supplement the federal credit. Who Is Eligible, and for How Much? When filing taxes for 2019 (due in April 2020), working families with children that have annual incomes below about $41,100 to $56,000 (depending on marital status and the number of dependent children) may be eligible for the federal EITC. Also, working-poor people who have no children and have incomes below $15,570 ($21,370 for a married couple) can receive a very small EITC. In the 2018 tax year, over 22 million working families and individuals in every state received the EITC. The amount of EITC depends on a recipient’s income, marital status, and number of children. As the figure shows, workers receive the credit beginning with their first dollar of earned income; the amount of the credit rises with earned income until it reaches a maximum level and then begins to phase out at higher income levels (see the table at the end of this piece for how the EITC is calculated). The EITC is “refundable,” which means that if it exceeds a low-wage worker’s income tax liability, the IRS will refund the balance. During the 2017 tax year, the average EITC was $3,191 for a family with children (boosting wages by about $266 a month), compared with just $298 for a family without children. -
1 TSG 15/01 Tax Strategy Group Corporation Tax Introduction 1
TSG 15/01 Tax Strategy Group Corporation Tax Introduction 1. Ireland’s corporation tax policy has three key objectives – i) creating jobs, ii) encouraging economic growth and iii) raising revenue to fund public services. It seeks to achieve these objectives by attracting foreign direct investment (FDI) and encouraging domestic enterprise through a competitive and growth-friendly regime. 2. The three key elements of the corporation tax policy can be summarised as: Rate – the 12.5% rate is akin to a brand and important for attracting FDI Regime – competitiveness also relies on the broader regime which includes a small number of targeted incentives, such as the R&D tax credit, a low administrative burden and an effective system of double taxation relief. Reputation – as the international tax environment is changing rapidly, maintaining a good reputation has become increasingly important for the sustainability of corporation tax policy and companies increasingly have regard to these issues when making investment decisions. 3. A fundamental review of Ireland’s corporation tax policy was undertaken in 2014 and the results were published on Budget Day in an Economic Impact Assessment of Ireland’s Corporation Tax Policy. 4. The findings from the research informed a new medium-term strategy for corporation tax policy which was also set out on Budget Day in A Road Map for Ireland’s Tax Competitiveness1. 5. This paper recaps on the above framework for corporation tax policy, briefly outlines some more recent developments in the area and sets out the main policy considerations for Budget 2016 and Finance Bill 2015. 2014 Economic Impact Assessment of Ireland’s Corporation Tax Policy 6. -
Tax Credit Review: 2021 Session (Pursuant to 2013 HB 2002)
Tax Credit Review: 2021 Session (Pursuant to 2013 HB 2002) RESEARCH REPORT #2-21 January 28, 2021 Legislative Revenue Office State Capitol Building 900 Court Street NE, Room 160 Salem, Oregon 97301 (503) 986-1266 https://www.oregonlegislature.gov/lro Table of Contents Introduction .................................................................................................................................................. 3 Concept of Tax Expenditures ........................................................................................................................ 4 Tax Credit Review Process ............................................................................................................................ 5 Tax Credits for Review in 2021 ..................................................................................................................... 8 Rural Medical Providers .......................................................................................................................... 10 Oregon Veterans’ Home Physician ......................................................................................................... 22 Working Family Household and Dependent Care ................................................................................... 24 Individual Development Account Contributions..................................................................................... 34 Office of Child Care Contributions ......................................................................................................... -
How Do Federal Income Tax Rates Work? XXXX
TAX POLICY CENTER BRIEFING BOOK Key Elements of the U.S. Tax System INDIVIDUAL INCOME TAX How do federal income tax rates work? XXXX Q. How do federal income tax rates work? A. The federal individual income tax has seven tax rates that rise with income. Each rate applies only to income in a specific range (tax bracket). CURRENT INCOME TAX RATES AND BRACKETS The federal individual income tax has seven tax rates ranging from 10 percent to 37 percent (table 1). The rates apply to taxable income—adjusted gross income minus either the standard deduction or allowable itemized deductions. Income up to the standard deduction (or itemized deductions) is thus taxed at a zero rate. Federal income tax rates are progressive: As taxable income increases, it is taxed at higher rates. Different tax rates are levied on income in different ranges (or brackets) depending on the taxpayer’s filing status. In TAX POLICY CENTER BRIEFING BOOK Key Elements of the U.S. Tax System INDIVIDUAL INCOME TAX How do federal income tax rates work? XXXX 2020 the top tax rate (37 percent) applies to taxable income over $518,400 for single filers and over $622,050 for married couples filing jointly. Additional tax schedules and rates apply to taxpayers who file as heads of household and to married individuals filing separate returns. A separate schedule of tax rates applies to capital gains and dividends. Tax brackets are adjusted annually for inflation. BASICS OF PROGRESSIVE INCOME TAXATION Each tax rate applies only to income in a specific tax bracket. Thus, if a taxpayer earns enough to reach a new bracket with a higher tax rate, his or her total income is not taxed at that rate, just the income in that bracket. -
How the New Federal Tax Law Impacts the Wine Industry
How The New Federal Tax Law Impacts the Wine Industry A Brief Summary of the New Wine Import Tax Credit Under the Tax Cuts and Jobs Act By: Liquor license attorney, alcohol law attorney and food law attorney, Jason Cetel On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act, which included the Craft Beverage Modernization and Tax Reform Act (“Tax Law”). The new Tax Law contains an important federal excise tax (“FET”) credit for wine importers that may have alluded many industry members. Although the regulatory framework is still being developed, it is imperative for wine importers to begin developing a corporate strategy to anticipate the best way to capitalize on the tax credit. With millions of dollars at stake for imported wine, understanding the implications for the tax credit could enable wine importers to reinvest their FET savings for new capital expenditures, brand ambassador and sales force training, or marketing and promotional campaigns to support new brands. The Tax Law makes extensive changes to the Internal Revenue Code (“IRC”), including provisions related to alcohol that are administered by the U.S. Alcohol and Tobacco Tax and Trade Bureau (“TTB”). For the purposes of imported wine, the laws governing the imposition and rate of taxes were amended, resulting in significant changes for the tax treatment of foreign wines that are imported into the United States. Under the Tax Law, the current FET rates on wine products will be reduced based on a tiered production threshold that will enable the authorized importer to obtain favorable tax treatment on the importation of the qualifying products.