Faqs on Financial Transaction Tax
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AASHTO Matrix of Surface Transportation Revenue Options
MatrixMatrix ofof lllustrativelllustrative SurfaceSurface TransportationTransportation RevenueRevenue OptionsOptions JanuaryJanuary 20192019 Matrix of Illustrative Surface Transportation Revenue Options Illustrative $ in Billions Existing Highway Trust Fund Rate or Total Fore- Definition of Mechanism/Increase Assumed Funding Mechanisms Percentage cast Yield 2018 Yield* Increase 2019–2023 Existing HTF Funding Mechanisms Diesel Excise Tax 20.0¢ ¢/gal increase in current rate $8.8 $42.2 Gasoline Excise Tax 15.0¢ ¢/gal increase in current rate $21.8 $102.1 Motor Fuel Tax Indexing of Current Rate to CPI (Diesel) -- ¢/gal excise tax $3.7 Motor Fuel Tax Indexing of Current Rate to CPI (Gas) -- ¢/gal excise tax $8.8 Truck and Trailer Sales Tax 20.0% increase in current revenues, structure not defined $0.6 $4.2 Truck Tire Tax 20.0% increase in current revenues, structure not defined $0.1 $0.5 Heavy Vehicle Use Tax 20.0% increase in current revenues, structure not defined $0.2 $1.2 Other Existing Taxes Minerals Related Receipts 25.0% increase in/reallocation of current revenues, structure not defined $0.6 $3.4 Harbor Maintenance Tax 25.0% increase in/reallocation of current revenues, structure not defined $0.4 $1.9 Customs Revenues 5.0% increase in/reallocation of current revenues, structure not defined $1.9 $10.3 Income Tax - Personal 0.5% increase in/reallocation of current revenues, structure not defined $5.3 $28.4 Income Tax - Business 1.0% increase in/reallocation of current revenues, structure not defined $1.7 $8.9 License and Registration -
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 ................ -
29Th April 2012 NEWS RELEASE CARDINAL O
29th April 2012 NEWS RELEASE CARDINAL O’BRIEN BRANDS CAMERON’S OPPOSITION TO THE ROBIN HOOD TAX ‘SHAMEFUL’ The UK’s most senior Catholic, Cardinal Keith O’Brien, has branded David Cameron and his government’s opposition to a tiny tax on banks and the financial sector to help combat poverty as ‘shameful’. In a letter to the Prime Minister the Cardinal outlined his support for the Robin Hood Tax campaign, which calls for the UK Government to put in place a 0.05% tax on financial transactions such as bonds, stocks and derivatives. If implemented, it could raise £20 billion annually in the UK to be spent on poverty alleviation at home and overseas, and support communities affected by climate change. The Cardinal highlighted that thousands of SCIAF supporters across Scotland have signed up to the campaign, adding their voices to a widespread movement across Scotland, the UK and internationally, amid growing political support for such a tax. Cardinal O’Brien said: “At this difficult economic time more needs to be done to help the poor, both at home and abroad, as they are the ones hit the hardest by the fall-out of the global financial crisis. The banks and financial sector, which caused the problem, have a clear responsibility to pay their fair share. It is shameful that David Cameron is currently protecting his wealthy friends in the City by his opposition to this simple, fair and sustainable financial transactions tax.” In his letter to David Cameron (full text below) Cardinal O’Brien said: “The economy must be judged by what it achieves for the common good. -
Tax Policy Update 16 27 April
Policy update Tax Policy Update 16 27 April HIGHLIGHTS • European Parliament: Plenary discusses state of public CBCR negotiations 18 April • Council: member states freeze CCTB negotiations in order to assess its impact on tax bases 20 April • European Commission: new rules for whistleblower protection proposed, covers tax avoidance too 23 April • European Parliament: ECON Committee holds public hearing on definitive VAT system 24 April • European Commission: new Company Law Package with tax dimension published 25 April European Commission Commission kicks off Fair Taxation Roadshow 19 April The European Commission has launched a series of seminars on fair taxation, with a first event held in Riga on 19 April. These seminars bring together civil society, business representatives, policy makers, academics and interested citizens to discuss and exchange views on tax avoidance and tax evasion. Further events are planned throughout 2018 in Austria (17 May), France (8 June), Italy (19 September) and Ireland (9 October). The Commission hopes that the roadshow seminars will further encourage active engagement on tax fairness principles at EU, national and local levels. In particular, a main aim seems to be to spread the tax debate currently ongoing at the EU-level into member states as well. Commission launches VAT MOSS portal 19 April The European Commission has launched a Mini-One Stop Shop (MOSS) portal for VAT purposes. The new MOSS portal provides comprehensive and easily accessible information on VAT rates for telecom, broadcasting and e- services, and explains how the MOSS can be used to declare and pay VAT on such services. 1 Commission proposes EU rules for whistleblower protection, covers tax avoidance as well 23 April The European Commission has published a new Directive for the protection of whistleblowers. -
COLLECTING TAXES TECHNICAL NOTE Leadership in Public Financial Management II (LPFM II)
LPFMII-15-007 COLLECTING TAXES TECHNICAL NOTE Leadership in Public Financial Management II (LPFM II) Date: June 2018 i DISCLAIMER This document is made possible by the support of the American people through the United States Agency for International Development (USAID). Its contents are the sole responsibility of the author or authors and do not necessarily reflect the views of USAID or the United States government. This publication was produced by Nathan Associates Inc. for the United States Agency for International Development CONTENTS Contents Acronyms 2 Introduction 1 Indicator Definitions and Sources 1 Tax Performance 1 Tax Administration 6 Country Notes 10 Acronyms ADB Asian Development Bank CIT Corporate Income Tax CTD Collecting Taxes Database FAD Fiscal Affairs Department of the International Monetary Fund GDP Gross Domestic Product GFS Government Financial Statistics GNI Gross National Income GST Goods and Services Tax IAMTAX Integrated Assessment Model for Tax ICRG International Country Risk Guide (of the PRS Group) ICTD International Centre for Tax and Development IMF International Monetary Fund IT Information Technology LPFM II Leadership in Public Financial Management II LTU Large Taxpayer Unit ODA Official Development Assistance OECD Organisation for Economic Co-operation and Development OLS Ordinary least squares (estimation technique) PFM Public financial management PIT Personal Income Tax RA-FIT Revenue Administration’s Fiscal Information Tool TADAT Tax Administration Diagnostic Assessment Tool USAID United States Agency -
GAO-05-1009SP Understanding the Tax Reform Debate: Background, Criteria, and Questions
Contents Preface 1 Introduction 4 Section 1 7 The Current Tax System 7 Revenue— Historical Trends in Tax Revenue 13 Taxes Exist to Historical Trends in Federal Spending 14 Borrowing versus Taxing as a Source of Fund Resources 15 Government Long-term Fiscal Challenge 17 Revenue Effects of Federal Tax Policy Changes 19 General Options Suggested for Fundamental Tax Reform 21 Key Questions 22 Section 2 24 Equity 26 Criteria for a Equity Principles 26 Good Tax Measuring Who Pays: Distributional Analysis 30 System Key Questions 33 Economic Efficiency 35 Taxes and Economic Decision Making 37 Measuring Economic Efficiency 40 Taxing Work and Savings Decisions 41 Realizing Efficiency Gains 43 Key Questions 43 Simplicity, Transparency, and Administrability 45 Simplicity 45 Transparency 47 Administrability 49 GAO-05-1009SP i Contents Trade-offs between Equity, Economic Efficiency, and Simplicity, Transparency, and Administrability 52 Key Questions 52 Section 3 54 Deciding if Transition Relief Is Necessary 54 Transitioning Identifying Affected Parties 55 to a Different Revenue Effects of Transition Relief 56 Policy Tools for Implementing Tax System Transition Rules 56 Key Questions 57 Appendixes Appendix I: Key Questions 58 Section I: Revenue Needs—Taxes Exist to Fund Government 58 Section II: Criteria for a Good Tax System 59 Equity 59 Efficiency 60 Simplicity, Transparency, and Administrability 61 Section III: Transitioning to a Different Tax System 62 Appendix II: Selected Bibliography and Related Reports 63 Government Accountability Office 63 Congressional -
An Analysis of the Graded Property Tax Robert M
TaxingTaxing Simply Simply District of Columbia Tax Revision Commission TaxingTaxing FairlyFairly Full Report District of Columbia Tax Revision Commission 1755 Massachusetts Avenue, NW, Suite 550 Washington, DC 20036 Tel: (202) 518-7275 Fax: (202) 466-7967 www.dctrc.org The Authors Robert M. Schwab Professor, Department of Economics University of Maryland College Park, Md. Amy Rehder Harris Graduate Assistant, Department of Economics University of Maryland College Park, Md. Authors’ Acknowledgments We thank Kim Coleman for providing us with the assessment data discussed in the section “The Incidence of a Graded Property Tax in the District of Columbia.” We also thank Joan Youngman and Rick Rybeck for their help with this project. CHAPTER G An Analysis of the Graded Property Tax Robert M. Schwab and Amy Rehder Harris Introduction In most jurisdictions, land and improvements are taxed at the same rate. The District of Columbia is no exception to this general rule. Consider two homes in the District, each valued at $100,000. Home A is a modest home on a large lot; suppose the land and structures are each worth $50,000. Home B is a more sub- stantial home on a smaller lot; in this case, suppose the land is valued at $20,000 and the improvements at $80,000. Under current District law, both homes would be taxed at a rate of 0.96 percent on the total value and thus, as Figure 1 shows, the owners of both homes would face property taxes of $960.1 But property can be taxed in many ways. Under a graded, or split-rate, tax, land is taxed more heavily than structures. -
Commonwealth of Virginia Current Taxation of Fuels Motor Fuels (Gasoline, Diesel, Blended Fuel, Aviation Fuel) Virginia Motor Fu
Commonwealth of Virginia Current Taxation of Fuels Motor Fuels (Gasoline, Diesel, Blended Fuel, Aviation Fuel) Virginia Motor Fuel Tax Rates Gasoline and Gasoline Blends – 17.5 cents per gallon Gasohol – 17.5 cents per gallon Diesel and Diesel Blends – 17.5 cents per gallon Aviation Gasoline – 5 cents per gallon Aviation Jet Fuel – 5 cents per gallon Aviation Jet Fuel Used by Licensed Aviation Consumer – 5 cents per gallon on first 100,000 gallons; ½ cent per gallon over 100,000 gallons Storage Tank Fee – .6 cent per gallon (applied to gasoline, aviation gasoline, diesel fuel, dyed diesel fuel, blended fuel, heating oil) Point at Which Virginia Tax Levied on Motor Fuels Removed from a refinery or a terminal Imported by a system transfer to a refinery or a terminal Imported by a means of transfer outside the terminal transfer system for sale, use or storage in Virginia If the fuel is gasohol, removed from a terminal or distribution facility except by a supplier for subsequent sale, If the fuel is gasohol, imported into Virginia outside the terminal transfer system by means other than a marine vessel, transport truck or railroad tank car Alternative Fuels (Combustible Gas, Liquid or Other Energy Source that Generates Power to Operate a Highway Vehicle) Virginia Alternative Fuel Tax Rates 17.5 cents per Gasoline Gallon Equivalent (GGE) Compressed Natural Gas (CNG): 126.67 cubic feet equals one gallon of gasoline Liquid Natural Gas (LNG): 1.52 gallons equal one gallon of gasoline Propane (LPG): 1.35 gallons equal one gallon of gasoline Electricity: 33.56 kilowatt hours equal one gallon of gasoline Electric Motor Vehicle -- $50 annual license tax collected at time of vehicle registration Point at Which Virginia Tax Levied on Alternative Fuels Tax on alternative fuels is collected from whoever is responsible for selling or using the fuel for highway purposes. -
Taxation of Land and Economic Growth
economies Article Taxation of Land and Economic Growth Shulu Che 1, Ronald Ravinesh Kumar 2 and Peter J. Stauvermann 1,* 1 Department of Global Business and Economics, Changwon National University, Changwon 51140, Korea; [email protected] 2 School of Accounting, Finance and Economics, Laucala Campus, The University of the South Pacific, Suva 40302, Fiji; [email protected] * Correspondence: [email protected]; Tel.: +82-55-213-3309 Abstract: In this paper, we theoretically analyze the effects of three types of land taxes on economic growth using an overlapping generation model in which land can be used for production or con- sumption (housing) purposes. Based on the analyses in which land is used as a factor of production, we can confirm that the taxation of land will lead to an increase in the growth rate of the economy. Particularly, we show that the introduction of a tax on land rents, a tax on the value of land or a stamp duty will cause the net price of land to decline. Further, we show that the nationalization of land and the redistribution of the land rents to the young generation will maximize the growth rate of the economy. Keywords: taxation of land; land rents; overlapping generation model; land property; endoge- nous growth Citation: Che, Shulu, Ronald 1. Introduction Ravinesh Kumar, and Peter J. In this paper, we use a growth model to theoretically investigate the influence of Stauvermann. 2021. Taxation of Land different types of land tax on economic growth. Further, we investigate how the allocation and Economic Growth. Economies 9: of the tax revenue influences the growth of the economy. -
Imports in GST Regime (Goods & Services Tax)
Imports in GST Regime (Goods & Services Tax) Introduction Under the GST regime, Article 269A constitutionally mandates that supply of goods, or of services, or both in the course of import into the territory of India shall be deemed to be supply of goods, or of services, or both in the course of inter-State trade or commerce. So import of goods or services will be treated as deemed inter-State supplies and would be subject to Integrated tax. While IGST on import of services would be leviable under the IGST Act, the levy of the IGST on import of goods would be levied under the Customs Act, 1962 read with the Custom Tariff Act, 1975. The importer of services will have to pay tax on reverse charge basis. However, in respect of import of online information and database access or retrieval services (OIDAR) by unregistered, non-taxable recipients, the supplier located outside India shall be responsible for payment of taxes (IGST). Either the supplier will have to take registration or will have to appoint a person in India for payment of taxes. Supply of goods or services or both to a Special Economic Zone developer or a unit shall be treated as inter-State supply and shall be subject to levy of integrated tax. Directorate General of Taxpayer Services CENTRAL BOARD OF EXCISE & CUSTOMS www.cbec.gov.in Imports in GST Regime (Goods & Services Tax) Importer Exporter Code (IEC): As per DGFT’s Trade Notice No. 09 The taxes will be calculated as under: dated 12.06.2017, the PAN of an entity would be used as the Import Particulars Duty Export code (IEC). -
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. -
Robin Hood in a Time of Austerity · LRB 18 February 2016
8/30/2016 James Meek · Robin Hood in a Time of Austerity · LRB 18 February 2016 Back to article page Robin Hood in a Time of Austerity James Meek 00:00 81:58 Myth is a story that can be retold by anyone, with infinite variation, and still be recognisable as itself. The outline of surviving myth is rerecognised in the lives of each generation. It’s an instrument by which people simplify, rationalise and retell social complexities. It’s a means to haul the abstract, the global and the relative into the realm of the concrete, the local and the absolute. It’s a way to lay claim to faith in certain values. If those who attempt to interpret the world do so only through the prism of professional thinkers, and ignore the persistence of myth in everyday thought and speech, the interpretations will be deficient. This is the importance of the Robin Hood myth. It’s the first and often the only political economic fable we learn. It’s not a children’s story, although it is childlike. It contains the three essential ingredients of grownup narrative – love, death and money – without being a love story, a tragedy or a comedy. It doesn’t tell of the founding of a people. It’s not a fairy story or a religious myth; it has no monsters, gods or wizards in it, only human beings. It’s not a parable. In place of a moral, it has a plan of action. What does Robin Hood do? We all know.