This document summarizes the key findings of KPMG's 2013 Benchmark Survey on VAT/GST. Some of the main points include:
- 58% of respondents said that VAT/GST has a negative cash impact on their business, up from 51% in 2012.
- 83% of respondents do not have specific VAT/GST performance goals that are visible to their CFO.
- 59% of respondents do not have agreed upon metrics between the Head of Tax and Head of VAT/GST to measure VAT/GST effectiveness.
- The top metrics used to measure VAT/GST team effectiveness are timely tax return submission and minimization of interest/penalties.
Taxes are necessary for governments to fund social projects and public investments that promote prosperity. However, governments must carefully set tax rates and design compliant tax systems to avoid discouraging business activity. Research shows that higher tax rates are associated with less private investment and lower economic growth. While tax revenues are important, the quality of tax administration and the ease of tax compliance are also significant factors for firms and economic development. Effective tax systems that are simple and transparent can help encourage business formalization and investment.
The small business sector across Canada have been hit hard by COVI19. All levels of govt have provided different programs to support small business.
Many small businesses may never re-open post COVID19
This document provides an overview and analysis of issues facing small businesses in Canada from the perspective of Paul Young, a CPA and small business expert. It discusses several policy changes by the Liberal government that negatively impact small businesses, including increases to minimum wage, hydro rates, carbon taxation, CPP premiums, and proposed changes to small business taxation and income sprinkling rules. Young argues these changes have increased costs and regulatory burdens for small businesses. The document also examines declining business confidence in Canada and issues facing the government in trying to balance services and taxation.
The document discusses country-by-country reporting which was agreed upon at BEPS discussions over the summer. Key points are:
1) An agreement was reached for multinational companies to annually report six elements of financial information for every country they operate in to tax administrations.
2) This information will help tax administrations identify aggressive tax planning practices and ensure taxes are paid in the location profits are earned.
3) Challenges included getting political support but that was achieved, and negotiating a common template to avoid inconsistent reporting approaches.
The document proposes replacing current personal and corporate income, sales, excise, and other taxes with a single Automated Payment Transaction (APT) tax. The APT tax would be a flat tax on all transactions assessed automatically through the banking system. It introduces progressivity through the tax base since wealthy individuals carry out a disproportionate share of transactions. Estimates suggest replacing $1.36 trillion in tax revenue could be done with a 0.3% APT tax rate per transaction. While it may reduce some distortions, it could also create new ones like incentives to minimize transactions. Overall the proposal argues it could increase efficiency and fairness while reducing administration costs.
Designed the 80/20 fully Integrated tax system for South African Revenue Serv...San-Mark Antonio Trimble
This project was presented to demonstrate how effective the ICA business model helped to enhance the SA Revenue Services - Increase tax collections, while eliminating tax evasion, fraud and also minimize human intervention. Proposals also made to the SADC countries to improve their tax systems.
The document discusses predictions for the future of tax functions, including:
- Tax functions will need to manage increasing global reporting requirements which will significantly impact operations and budgets. Regulators will demand transparency in corporate tax affairs.
- Tax functions will need to provide assurances on the adequacy of their controls and risk management frameworks to various stakeholders. Many jurisdictions may require adoption of frameworks like COSO.
- Data quality and flow into tax functions will need to improve significantly. Tax functions will receive data in a "tax-ready format" primarily from financial systems or dedicated tax data hubs. Data security will be a major priority.
Taxes are necessary for governments to fund social projects and public investments that promote prosperity. However, governments must carefully set tax rates and design compliant tax systems to avoid discouraging business activity. Research shows that higher tax rates are associated with less private investment and lower economic growth. While tax revenues are important, the quality of tax administration and the ease of tax compliance are also significant factors for firms and economic development. Effective tax systems that are simple and transparent can help encourage business formalization and investment.
The small business sector across Canada have been hit hard by COVI19. All levels of govt have provided different programs to support small business.
Many small businesses may never re-open post COVID19
This document provides an overview and analysis of issues facing small businesses in Canada from the perspective of Paul Young, a CPA and small business expert. It discusses several policy changes by the Liberal government that negatively impact small businesses, including increases to minimum wage, hydro rates, carbon taxation, CPP premiums, and proposed changes to small business taxation and income sprinkling rules. Young argues these changes have increased costs and regulatory burdens for small businesses. The document also examines declining business confidence in Canada and issues facing the government in trying to balance services and taxation.
The document discusses country-by-country reporting which was agreed upon at BEPS discussions over the summer. Key points are:
1) An agreement was reached for multinational companies to annually report six elements of financial information for every country they operate in to tax administrations.
2) This information will help tax administrations identify aggressive tax planning practices and ensure taxes are paid in the location profits are earned.
3) Challenges included getting political support but that was achieved, and negotiating a common template to avoid inconsistent reporting approaches.
The document proposes replacing current personal and corporate income, sales, excise, and other taxes with a single Automated Payment Transaction (APT) tax. The APT tax would be a flat tax on all transactions assessed automatically through the banking system. It introduces progressivity through the tax base since wealthy individuals carry out a disproportionate share of transactions. Estimates suggest replacing $1.36 trillion in tax revenue could be done with a 0.3% APT tax rate per transaction. While it may reduce some distortions, it could also create new ones like incentives to minimize transactions. Overall the proposal argues it could increase efficiency and fairness while reducing administration costs.
Designed the 80/20 fully Integrated tax system for South African Revenue Serv...San-Mark Antonio Trimble
This project was presented to demonstrate how effective the ICA business model helped to enhance the SA Revenue Services - Increase tax collections, while eliminating tax evasion, fraud and also minimize human intervention. Proposals also made to the SADC countries to improve their tax systems.
The document discusses predictions for the future of tax functions, including:
- Tax functions will need to manage increasing global reporting requirements which will significantly impact operations and budgets. Regulators will demand transparency in corporate tax affairs.
- Tax functions will need to provide assurances on the adequacy of their controls and risk management frameworks to various stakeholders. Many jurisdictions may require adoption of frameworks like COSO.
- Data quality and flow into tax functions will need to improve significantly. Tax functions will receive data in a "tax-ready format" primarily from financial systems or dedicated tax data hubs. Data security will be a major priority.
Kamal Adeni - Emerging Role Of Tax Technologist In A ERP EnvironmentKAMAL ADENI
- The role of corporate tax departments is changing due to increased tax complexity from technology changes and proposed tax reforms.
- In an ERP environment, tax departments need a "tax technologist" to integrate the tax system with other modules, ensure tax compliance needs are met, and address complex tax processes.
- A tax technologist monitors tax law changes, researches complex issues, updates tax content, and helps align the tax function with business objectives by improving processes using new technologies like tax calculation software. As technology continues to evolve rapidly, having a tax technologist is critical for tax departments to adapt and maximize their strategic value.
Regulatory policy and taxpayer's moralityM S Siddiqui
The moral or personal compliance or fear of punishment may succeed in reduction of tax evasion only when tax department gain confidence of tax payers of strict compliance of law and rule by themselves in determination and collection of tax on the basis of law and rules.
http://dailyasianage.com/…/regulatory-policy-and-taxpayers-…
Image may contain: 1 person, text
The UK Payments Barometer, is based on a survey of over 400 financial decision makers, including business owners, CFOs, CEOs, CTOs and COOs, on areas including cash management, fraud and payments. A broad range of UK businesses were included, from small businesses to enterprises organisations. It aims to track the health of UK businesses from a financial decision making and risk management perspective. The 2016 report cites payment fraud and errors as the biggest challenge currently faced by financial decision makers.
The government of Ghana replaced Sales and Services Tax with Value Added Tax (VAT)) in March 1998 with the aim of widening the tax net and improving the efficiency of tax administration. It has been 17 years since VAT was introduced in Ghana, but the VAT systems have not achieved most of its objectives due to many compliance challenges. VAT strives on voluntary compliance and accurate bookkeeping because VAT is self-assessed. This paper examines the various compliance challenges facing VAT administration in Ghana and makes recommendations for improving voluntary compliance and efficient VAT administration. Semi-structured interviews were conducted with VAT Administrators and taxable persons to ascertain their perceptions on the major challenges confronting compliance and how best to address them. The study found out that VAT compliance is low partly because VAT registration and filing procedures are too complex for the small traders. Also most businesses fail to keep proper books of accounts on which accurate VAT assessment could be done. In addition many taxpayers fail to comply because they have negative perception about how the government uses tax revenue. The paper makes many recommendations that could be implemented to improve VAT compliance in Ghana. These include implementation of electronic VAT registers; simplification of VAT registration and filing procedures, decentralization and ensuring regular VAT Audits.
This document discusses developing a harmonized tax regime to foster small business development in the East African Community (EAC). It analyzes the different tax systems of EAC countries and how they affect small businesses. The informal sector plays a large role in EAC economies and small businesses need support to formalize. Different approaches to taxing small businesses are considered, including presumptive taxation based on indicators like turnover. Harmonizing definitions of small and medium enterprises and tax bases across countries could help, but implementing reforms faces challenges around equity, compliance, and preventing tax evasion.
- The document discusses Intuit's transition to a cloud and platform business model between FY12-FY16 which successfully increased connected services revenue and global customers. Intuit executed its "Focus & Accelerate" strategy to shift to a product and platform company.
- In FY16, Intuit exceeded financial targets and saw continued momentum with 41% growth in QuickBooks Online subscribers. The CEO reflected that while progress was made, more work is needed in areas like speed, customer delight, and data-driven innovation.
- Looking ahead, Intuit will focus on priorities like delivering awesome product experiences, enabling network effects through contributions from others, using data to create delight, and technology to accelerate growth. The strategy
FACTORS AFFECTING TAX COMPLIANCE AMONG SMALL AND MEDIUM ENTERPRISES IN KITALE...paperpublications3
Abstract:This study seeks to establish factors affecting tax compliance by Small and Medium Enterprises, with special emphasis on Income Tax and Value Added Tax and their effects on government revenue. Tax compliance level which is internal factor affecting tax revenue not only undermines tax administration infrastructure but also makes the tax base narrow and inequitable. The objectives of the study include establishing the influence of compliance cost, fines and penalties and attitudes of tax compliance among Small and Medium Enterprises. The study adopts a descriptive research design involving both qualitative and quantitative research methodology. The target population was 200, out of which a sample size of 132 respondents were drawn, using stratified and simple random sampling. Questionnaires were used to collect primary data from the respondents, which were analyzed using SPSS applying both descriptive and inferential analysis. There was a positive relationship between the tax and compliance cost (r=.514), fines and penalties (r=.415) attitudes (r=.546) and tax compliance. The findings showed that compliance cost, fines and penalties and attitude had significant relationship with tax compliance. It is recommended that the tax system should provide a clear and simple guideline on how to fill tax returns but also enhance taxpayer education services to enable the taxpayers understand their rights and obligations as taxpayers, there should be moderate levels of fines and taxes so that SMEs are encouraged to comply since they will keep accurate records for taxation purposes in order to avoid fines and penalties.
Keywords: Direct tax, Indirect tax, Medium enterprise, Productive expenditure, tax evasion, tax impact.
This document discusses Uganda's e-commerce sector and proposes strategies to improve regulation and taxation. It describes how e-commerce transactions work, outlines some major players in Uganda's e-commerce industry like online retailers and social media platforms, and explains how the current system fails to adequately track and tax these businesses. Weak laws and limited enforcement allow for tax base erosion and unfair competition compared to traditional businesses. The document recommends both administrative measures like creating a specialized e-commerce unit and policy changes such as revising tax laws to address issues of residency, registration of foreign suppliers, and requiring real-time access to banking data. International examples from the EU, UK, and South Africa are provided.
Uncovering Insights: Using analytics and benchmarks to improve T&ECertifyInc
Mark Brousseau, a leading advisor in the finance space, shares how T&E analytics—when coupled with smart benchmarking—give finance the data they need to improve T&E processes while empowering employees to spend wisely.
Tolley surveyed its tax and accountancy clients to understand challenges facing the industry. The biggest challenge was the regulatory burden, followed by recruiting qualified staff. Since 2013, economic uncertainty decreased as a concern while staffing issues increased. More firms are diversifying services and referring work externally due to skills shortages and a broader offering. While HMRC communication and understanding of needs improved, respondents still expressed dissatisfaction with the speed and outcomes of resolving issues. Keeping up to date with changing tax rules was viewed as critical for practice success.
Presentation by Sebsbie Fekade, Ansakech Lake and Ronald Waiswa at the second annual meeting of the Ethiopian Tax Research Network, which took place in Addis Ababa on 8th October 2018.
Annual Report Insights 2015 infographicDeloitte UK
Our report highlights the regulatory changes influencing the UK’s annual reporting landscape, understand a number of recent trends see a number of real life good practice examples and learn how you can take steps now to improve your own annual reporting process.
This document discusses continuous controls monitoring (CCM), which allows for independent review of internal controls and transactions across an enterprise. It provides five reasons why CCM is important: 1) Poor risk management contributed to the financial crisis, 2) Governments are increasing regulations and penalties, 3) Companies lose money through waste like missed discounts, 4) Errors lead to losses, 5) Fraud is a major problem costing companies billions. It argues that while internal audit is important, static auditing is insufficient, and CCM represents the future of assurance by allowing for real-time monitoring and issue identification. Case studies show that CCM can help save companies and organizations significant amounts of money by reducing waste, errors, and fraud.
Winning CFO Approval for Expense Management AutomationCertifyInc
Join Ernie Humphrey as he examines the top priorities of today’s CFOs and how automation can help to achieve these goals. He will walk through five strategic themes that your business case must address if you want buy-in from the c-suite.
T&E Done Right: The Three Pillars of Visibility, Benchmarking, and ControlCertifyInc
Ernie Humphrey, CEO of 360 Thought Leadership Consulting, discusses how visibility into T&E processes and expenses—when combined with the right sort of industry benchmarking—allows companies to take control of T&E spend while also directly impacting top-line revenue and the bottom line.
Tanzania Revenue Authority PresentationApollo Temu
The document discusses tax administration reforms in Tanzania and how the Tanzanian diaspora can contribute to development. It outlines Tanzania Revenue Authority's (TRA) reforms to modernize operations and increase voluntary tax compliance. TRA collects taxes through improved ICT systems. The document also details how the diaspora can send duty-exempt goods to qualifying organizations in Tanzania to support poverty alleviation and development projects.
Tax departments are making progress in improving accountability but have more work to do in connectivity. Accountability is improving as boards and corporate leadership are more involved in guiding tax strategy, with over three-quarters of tax department strategies now board-approved. Tax departments are also focusing on setting measurable performance indicators, with compliance-related metrics being most common. However, connectivity still needs work as less than a third of time is expected to be spent on higher-value activities like cash tax planning and process improvement due to the heavy focus on compliance. While progress has been made in accountability and standardization, tax departments must improve connectivity to business groups to fully meet future challenges.
Executive summary Managing indirect tax controversy
- Indirect taxes like VAT, GST and customs duties have risen in importance for businesses and are a growing focus for tax authorities.
- Businesses face increased scrutiny of indirect tax compliance from authorities, media and the public. Errors can lead to large tax assessments and damage reputations.
- Managing indirect tax controversy effectively, including dealing with audits and disputes, requires a strategic, integrated approach across the business. It is important for businesses to avoid issues becoming subjects of tax disputes.
After years of economic hardship, CEOs are more optimistic about the global economy but less confident about their own company's growth prospects. While some developed markets are recovering, growth has slowed in some emerging markets like Brazil and India. CEOs are reviewing their international strategies and looking for new growth opportunities through innovation, existing markets, and countries like the US, Germany and Indonesia. However, barriers to growth remain, with the increasing tax burden emerging as a top concern - 70% of CEOs named it as such. Views on tax issues vary between regions and sectors.
Kamal Adeni - Emerging Role Of Tax Technologist In A ERP EnvironmentKAMAL ADENI
- The role of corporate tax departments is changing due to increased tax complexity from technology changes and proposed tax reforms.
- In an ERP environment, tax departments need a "tax technologist" to integrate the tax system with other modules, ensure tax compliance needs are met, and address complex tax processes.
- A tax technologist monitors tax law changes, researches complex issues, updates tax content, and helps align the tax function with business objectives by improving processes using new technologies like tax calculation software. As technology continues to evolve rapidly, having a tax technologist is critical for tax departments to adapt and maximize their strategic value.
Regulatory policy and taxpayer's moralityM S Siddiqui
The moral or personal compliance or fear of punishment may succeed in reduction of tax evasion only when tax department gain confidence of tax payers of strict compliance of law and rule by themselves in determination and collection of tax on the basis of law and rules.
http://dailyasianage.com/…/regulatory-policy-and-taxpayers-…
Image may contain: 1 person, text
The UK Payments Barometer, is based on a survey of over 400 financial decision makers, including business owners, CFOs, CEOs, CTOs and COOs, on areas including cash management, fraud and payments. A broad range of UK businesses were included, from small businesses to enterprises organisations. It aims to track the health of UK businesses from a financial decision making and risk management perspective. The 2016 report cites payment fraud and errors as the biggest challenge currently faced by financial decision makers.
The government of Ghana replaced Sales and Services Tax with Value Added Tax (VAT)) in March 1998 with the aim of widening the tax net and improving the efficiency of tax administration. It has been 17 years since VAT was introduced in Ghana, but the VAT systems have not achieved most of its objectives due to many compliance challenges. VAT strives on voluntary compliance and accurate bookkeeping because VAT is self-assessed. This paper examines the various compliance challenges facing VAT administration in Ghana and makes recommendations for improving voluntary compliance and efficient VAT administration. Semi-structured interviews were conducted with VAT Administrators and taxable persons to ascertain their perceptions on the major challenges confronting compliance and how best to address them. The study found out that VAT compliance is low partly because VAT registration and filing procedures are too complex for the small traders. Also most businesses fail to keep proper books of accounts on which accurate VAT assessment could be done. In addition many taxpayers fail to comply because they have negative perception about how the government uses tax revenue. The paper makes many recommendations that could be implemented to improve VAT compliance in Ghana. These include implementation of electronic VAT registers; simplification of VAT registration and filing procedures, decentralization and ensuring regular VAT Audits.
This document discusses developing a harmonized tax regime to foster small business development in the East African Community (EAC). It analyzes the different tax systems of EAC countries and how they affect small businesses. The informal sector plays a large role in EAC economies and small businesses need support to formalize. Different approaches to taxing small businesses are considered, including presumptive taxation based on indicators like turnover. Harmonizing definitions of small and medium enterprises and tax bases across countries could help, but implementing reforms faces challenges around equity, compliance, and preventing tax evasion.
- The document discusses Intuit's transition to a cloud and platform business model between FY12-FY16 which successfully increased connected services revenue and global customers. Intuit executed its "Focus & Accelerate" strategy to shift to a product and platform company.
- In FY16, Intuit exceeded financial targets and saw continued momentum with 41% growth in QuickBooks Online subscribers. The CEO reflected that while progress was made, more work is needed in areas like speed, customer delight, and data-driven innovation.
- Looking ahead, Intuit will focus on priorities like delivering awesome product experiences, enabling network effects through contributions from others, using data to create delight, and technology to accelerate growth. The strategy
FACTORS AFFECTING TAX COMPLIANCE AMONG SMALL AND MEDIUM ENTERPRISES IN KITALE...paperpublications3
Abstract:This study seeks to establish factors affecting tax compliance by Small and Medium Enterprises, with special emphasis on Income Tax and Value Added Tax and their effects on government revenue. Tax compliance level which is internal factor affecting tax revenue not only undermines tax administration infrastructure but also makes the tax base narrow and inequitable. The objectives of the study include establishing the influence of compliance cost, fines and penalties and attitudes of tax compliance among Small and Medium Enterprises. The study adopts a descriptive research design involving both qualitative and quantitative research methodology. The target population was 200, out of which a sample size of 132 respondents were drawn, using stratified and simple random sampling. Questionnaires were used to collect primary data from the respondents, which were analyzed using SPSS applying both descriptive and inferential analysis. There was a positive relationship between the tax and compliance cost (r=.514), fines and penalties (r=.415) attitudes (r=.546) and tax compliance. The findings showed that compliance cost, fines and penalties and attitude had significant relationship with tax compliance. It is recommended that the tax system should provide a clear and simple guideline on how to fill tax returns but also enhance taxpayer education services to enable the taxpayers understand their rights and obligations as taxpayers, there should be moderate levels of fines and taxes so that SMEs are encouraged to comply since they will keep accurate records for taxation purposes in order to avoid fines and penalties.
Keywords: Direct tax, Indirect tax, Medium enterprise, Productive expenditure, tax evasion, tax impact.
This document discusses Uganda's e-commerce sector and proposes strategies to improve regulation and taxation. It describes how e-commerce transactions work, outlines some major players in Uganda's e-commerce industry like online retailers and social media platforms, and explains how the current system fails to adequately track and tax these businesses. Weak laws and limited enforcement allow for tax base erosion and unfair competition compared to traditional businesses. The document recommends both administrative measures like creating a specialized e-commerce unit and policy changes such as revising tax laws to address issues of residency, registration of foreign suppliers, and requiring real-time access to banking data. International examples from the EU, UK, and South Africa are provided.
Uncovering Insights: Using analytics and benchmarks to improve T&ECertifyInc
Mark Brousseau, a leading advisor in the finance space, shares how T&E analytics—when coupled with smart benchmarking—give finance the data they need to improve T&E processes while empowering employees to spend wisely.
Tolley surveyed its tax and accountancy clients to understand challenges facing the industry. The biggest challenge was the regulatory burden, followed by recruiting qualified staff. Since 2013, economic uncertainty decreased as a concern while staffing issues increased. More firms are diversifying services and referring work externally due to skills shortages and a broader offering. While HMRC communication and understanding of needs improved, respondents still expressed dissatisfaction with the speed and outcomes of resolving issues. Keeping up to date with changing tax rules was viewed as critical for practice success.
Presentation by Sebsbie Fekade, Ansakech Lake and Ronald Waiswa at the second annual meeting of the Ethiopian Tax Research Network, which took place in Addis Ababa on 8th October 2018.
Annual Report Insights 2015 infographicDeloitte UK
Our report highlights the regulatory changes influencing the UK’s annual reporting landscape, understand a number of recent trends see a number of real life good practice examples and learn how you can take steps now to improve your own annual reporting process.
This document discusses continuous controls monitoring (CCM), which allows for independent review of internal controls and transactions across an enterprise. It provides five reasons why CCM is important: 1) Poor risk management contributed to the financial crisis, 2) Governments are increasing regulations and penalties, 3) Companies lose money through waste like missed discounts, 4) Errors lead to losses, 5) Fraud is a major problem costing companies billions. It argues that while internal audit is important, static auditing is insufficient, and CCM represents the future of assurance by allowing for real-time monitoring and issue identification. Case studies show that CCM can help save companies and organizations significant amounts of money by reducing waste, errors, and fraud.
Winning CFO Approval for Expense Management AutomationCertifyInc
Join Ernie Humphrey as he examines the top priorities of today’s CFOs and how automation can help to achieve these goals. He will walk through five strategic themes that your business case must address if you want buy-in from the c-suite.
T&E Done Right: The Three Pillars of Visibility, Benchmarking, and ControlCertifyInc
Ernie Humphrey, CEO of 360 Thought Leadership Consulting, discusses how visibility into T&E processes and expenses—when combined with the right sort of industry benchmarking—allows companies to take control of T&E spend while also directly impacting top-line revenue and the bottom line.
Tanzania Revenue Authority PresentationApollo Temu
The document discusses tax administration reforms in Tanzania and how the Tanzanian diaspora can contribute to development. It outlines Tanzania Revenue Authority's (TRA) reforms to modernize operations and increase voluntary tax compliance. TRA collects taxes through improved ICT systems. The document also details how the diaspora can send duty-exempt goods to qualifying organizations in Tanzania to support poverty alleviation and development projects.
Tax departments are making progress in improving accountability but have more work to do in connectivity. Accountability is improving as boards and corporate leadership are more involved in guiding tax strategy, with over three-quarters of tax department strategies now board-approved. Tax departments are also focusing on setting measurable performance indicators, with compliance-related metrics being most common. However, connectivity still needs work as less than a third of time is expected to be spent on higher-value activities like cash tax planning and process improvement due to the heavy focus on compliance. While progress has been made in accountability and standardization, tax departments must improve connectivity to business groups to fully meet future challenges.
Executive summary Managing indirect tax controversy
- Indirect taxes like VAT, GST and customs duties have risen in importance for businesses and are a growing focus for tax authorities.
- Businesses face increased scrutiny of indirect tax compliance from authorities, media and the public. Errors can lead to large tax assessments and damage reputations.
- Managing indirect tax controversy effectively, including dealing with audits and disputes, requires a strategic, integrated approach across the business. It is important for businesses to avoid issues becoming subjects of tax disputes.
After years of economic hardship, CEOs are more optimistic about the global economy but less confident about their own company's growth prospects. While some developed markets are recovering, growth has slowed in some emerging markets like Brazil and India. CEOs are reviewing their international strategies and looking for new growth opportunities through innovation, existing markets, and countries like the US, Germany and Indonesia. However, barriers to growth remain, with the increasing tax burden emerging as a top concern - 70% of CEOs named it as such. Views on tax issues vary between regions and sectors.
The document discusses how the tax world is undergoing rapid transformation driven by factors like globalization, the digital economy, and new technologies. It notes that tax departments now find themselves disrupted and must innovate to keep up. The future of tax will be digital and data-driven, with tax authorities already adopting technologies to improve collection. Companies now face pressure to be more technologically advanced and data-focused to respond quickly to changing tax laws and authorities' increasing use of real-time data. Those who can leverage data analytics and new technologies will be best positioned to benefit and adapt to this era of ongoing innovation in tax.
Digitalisation of your interaction with HMRCMartin Jack
Simon will discuss some ideas around digitisation and its increasing relevance in business.
Making Tax Digital (MTD) – is this HMRC turning into Big Brother?
Social Media – not just a potential HR issue at work
The future of reporting to HMRC and how they will monitor it
More Than A Third Of Smes In The UK Unsure How They Will Be Impacted By Makin...lizseyi
Over a third of the UK’s small-to-medium-sized enterprises (SMEs) are unsure how the UK Government’s Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) plan will affect them, as HM Revenue & Customs (HMRC) continues its push to digitise tax for businesses.
This finding emerged from a poll by a cloud accounting specialist, with some 38.9% of small business owners quizzed stating that they didn’t understand anything about the new legislative changes, which are set to take effect in 2024.
Tax management within multinational enterprises (MNEs) has never been more challenging. 'Getting to grips with the BEPS Action Plan' is the latest Grant Thornton report exploring the OECD’s planned overhaul of the international tax system, what it means for businesses and how they can prepare.
This document discusses how three megatrends - transparency, technology, and talent - are transforming indirect taxation. Transparency is increasing tax authority scrutiny and changing business models. Technology such as 3D printing will radically alter supply chains, challenging indirect tax systems. A shortage of tax talent means the indirect tax function must adapt. The trends are influencing economic growth, government policy, and how businesses navigate indirect tax.
Businesses and Tax - The Perils of PerceptionIpsos UK
People significantly underestimate how much tax revenue comes from businesses, a poll conducted by Ipsos MORI on behalf of the CBI finds. On average the public think only 17% of total tax revenue is provided by business. In fact, in 2014, business paid nearly £175 billion in tax – 29% of all taxes.
HMRC plans to require all UK businesses to file tax returns digitally by 2020 as part of its "Making Tax Digital" (MTD) initiative. This will require businesses to invest in new software and systems that can communicate with HMRC digitally. Concerns have been raised about the challenges businesses may face in implementing these changes by the deadlines. Businesses need to start planning and budgeting now to ensure they can meet the new digital filing requirements on time despite the potential difficulties and costs of transitioning to the new system.
Paying Taxes 2015 is a unique study from PwC and the World Bank Group. The study investigates and compares tax regimes across 189 economies worldwide using a case study company, and ranks them according to the ease of paying taxes.
'Paying Taxes 2015 -189 jurisdictions' by PWC and World Bank. Full Report . The Global Picture. The changing face of tax compliance in 189 economies worldwide.
Building a VAT Roadmap for 2021 and BeyondSarah Fane
The document discusses the key priorities and challenges for finance, tax, and IT professionals in complying with evolving VAT regulations. It finds that automating VAT compliance operations and ensuring technology can meet changing requirements are top priorities. However, most respondents are uncertain they can keep up with the changing regulatory landscape due to concerns like manual processes, insufficient controls, and budget constraints. The future may be more uncertain with demands for continuous transaction controls, but adopting a holistic, automated approach and improving data quality can help organizations better cope with evolving VAT mandates.
1 THE EFFECT OF TAXATION ON BUSINESS DECISION (A CASE STUDY OF AL-BABELLO TRA...Sabrina Baloi
This document is a thesis submitted by Bala Bello to the Department of Accounting & Finance at Nasawara State University in Nigeria. The thesis examines the effect of taxation on business decisions using Al-Babello Trading Company Limited as a case study. It provides background on the company and outlines the objectives of the study, which are to identify Al-Babello's business decisions, examine tax avoidance techniques used, analyze the impact of taxation on decisions, and recommend strategies to minimize negative effects. The study aims to provide guidance to Al-Babello's financial managers and other distribution companies facing tax difficulties.
Here are the key highlights from the presentation:
- Traditional approaches to tax reform focus on enforcement and expanding services/accountability. An alternative approach emphasizes building trust first through facilitation and a focus on taxpayer empowerment.
- Innovations in tax compliance should have three goals: direct improvements to the tax system, increasing taxpayer empowerment, and strengthening tax governance through reciprocity and accountability.
- Reformers should consider objectives, constraints, and the best combination of enforcement, facilitation and trust-building given the political context.
- A methodology was presented that assesses binding constraints, political economy factors, and measures taxpayer trust through surveys and experiments.
- This approach was applied to a case study of property
The Impact of Corporate Tax Rates on Total Corporate Tax Revenue: The Case of...iosrjce
The study investigates the impact of corporate tax rate on corporate tax revenue in Zimbabwe using
annual data for the period 1980 to 2013. The corporate tax revenue is used as the dependent variable while
corporate tax rate is the independent variable. Gross Domestic Product (GDP), Foreign Direct Investment,
inflation and drought are used as control variables. The research employs the Error Correction Model (ECM).
The results show that corporate tax rate and FDI do not significantly affect corporate tax revenue in Zimbabwe.
GDP and drought are found to have a significant positive impact on corporate tax revenue while inflation has a
highly significant negative effect.
This document provides an overview of indirect tax rates around the world, broken down by region. It lists the standard VAT/GST rate and any other rates that may apply in each country. For example, in Africa it lists that the standard VAT rate in Botswana is 12% with no other rates, while in Egypt the standard rate is 10% with rates ranging from 5-15%. It also provides brief summaries of customs duty and how it interacts with other indirect taxes. The document aims to give readers a quick reference to indirect tax rates globally.
Think Bold to Lead: Digital Finance Enables the Leapaccenture
Digital finance is transforming ‘how’ and ‘what’ services are being delivered to business leaders. New processes are enabling a cross-functional, collaborative workforce capable of delivering greater insight in the oil and gas industry.
Accenture engaged a third-party research agency in 2017 to conduct a global study of chief financial officers (CFOs) in 80 oil and gas companies.
Five key insights emerged about the potential billions in value to be gained through new services, redefining the finance workforce, adjusting areas of investment and surmounting barriers to successful implementation.
The document discusses:
1. Intuit's strategy of building an open platform to enable small business success through personalized experiences and indispensable connections.
2. Large addressable markets for QuickBooks Online of over 800 million businesses globally that Intuit is pursuing.
3. Growth drivers of TurboTax Online share, revenue per return, and category growth that can deliver long-term 5-10% revenue growth.
The effect of corporate income tax on financial performance of listed manufac...Alexander Decker
This document summarizes a research study that examined the effect of corporate income tax on the financial performance of listed manufacturing firms in Ghana over a seven year period from 2005 to 2012. The study used panel data from 10 listed manufacturing firms. The results revealed that there is a significant negative relationship between corporate income tax and financial performance. However, the study found a significant positive relationship between financial performance and the size, age, and growth of the firms. The study contributes to understanding how corporate income tax impacts the financial performance of manufacturing firms in Ghana.
6ta Publicación de Tasas Efectivas ISR Grandes ContribuyentesFiscalito punto com
El documento presenta las tasas efectivas de interés para diferentes sectores económicos en 2020 y 2021, dividiendo cada sector en menor riesgo y mayor riesgo. Se incluyen sectores como la cría de pollos, comercio al por mayor y menor de diversos productos, servicios financieros, de consultoría, entre otros.
El documento presenta el Plan Maestro de Fiscalización y Recaudación 2023 de la Administración Tributaria de México. El plan propone una estrategia coordinada con entidades federativas para optimizar la recuperación de créditos fiscales y vigilar a contribuyentes omisos. Se revisarán diversos sectores económicos y conceptos como factureras, nomineras, subvaluación de importaciones, y pérdidas fiscales. El objetivo es mejorar la recaudación tributaria a través de auditorías y eficiencia recaudatoria.
Este documento analiza el aumento de la desigualdad y la riqueza de las élites económicas en el contexto de múltiples crisis mundiales. Argumenta que unos pocos han sacado un gran provecho de las crisis mientras que millones de personas sufren. Propone gravar más a los ricos como una forma de combatir la desigualdad y financiar servicios públicos. Detalla cómo históricamente los impuestos a los ricos eran más altos y cómo cada vez más países apoyan esta idea. Finalmente, ofrece recomendaciones sobre cómo los gobiernos pued
4a Modificación a la RMF 2022 (Segunda versión anticipada 25052022)Fiscalito punto com
Segunda versión anticipada, emitida l 25 de mayo del 2022, respecto de la Cuarta Resolución de Modificaciones a la Miscelanea Fiscal 2022 en la que se da a conocer una ventana de ampliación a diciembre 2022 de los CFDI emitidos por ejercicios anteriores asi como otras precisiones a las reglas ya publicadas.
Conoce los conceptos que pueden servirte para identificar si tu actividad se trata de un servicio especializado, evitando así contingencias fiscales en materia de deducciones y acreditamientos
PRODECON nos comparte una serie de recomendaciones prácticas a efectos de evitar que la autoridad nos considere como EDOS por haber celebrado operaciones con un supuesto contribuyente catalogado como EFOS.
La propuesta busca fortalecer el sistema de pensiones mediante: 1) incrementar las aportaciones totales del patrón y gobierno, 2) reducir de 1,250 a 750 semanas para acceder a la pensión garantizada, y 3) elevar las tasas de reemplazo de 30% a 40% en promedio para incrementar las pensiones de los trabajadores.
El documento habla sobre la solicitud que se le ha hecho a la Autoridad Fiscal Mexicana (SAT) para incorporar un resumen de la opinión del cumplimiento del contribuyente en los Comprobantes Fiscales Digitales por Internet (CFDI), con el fin de proporcionar mayor certeza y seguridad jurídica en las transacciones comerciales. De aprobarse, esto permitiría a los contribuyentes confirmar de manera clara y segura el estado de cumplimiento de sus socios comerciales antes de realizar operaciones con ellos.
Oficio número CGRS/GSF/19/0965 de fecha 15 de agosto de 2019, a través del cual el Instituto del Fondo Nacional de la Vivienda para los Trabajadores (INFONAVIT) comunica su criterio respecto a la obligación que menciona el artículo 29 fracción VIII de la Ley del INFONAVIT y que está relacionada con el informe que deben de entregar los contribuyentes que presenten dictamen fiscal ante el SAT.
Mientras las autoridades siguen empecinadas en considerar perfecto el esquema, la realidad es que siguen presentándose desinformación y mala praxis en el tema de la comprobación fiscal en México.
El documento discute el uso de notas de crédito como forma de pago. Actualmente la respuesta es no, ya que podría perderse la trazabilidad de las operaciones y facilitar la evasión fiscal si una factura se paga completamente con una nota de crédito sin que se emita un comprobante de ingresos. Sin embargo, debido a que la tributación se está digitalizando, es posible que en el futuro se permita este uso para simplificar operaciones, aunque la expectativa de que ocurra a corto plazo es nula. También analiza algunas prá
El documento resume las principales reformas fiscales estatales de 2018 en estados de la zona occidental y norte de México. Algunas de las reformas incluyen derogar el impuesto sobre tenencia vehicular en Sinaloa, aumentar el impuesto predial en Sinaloa, otorgar estímulos fiscales para el pago de placas en Sinaloa, y modificar disposiciones sobre recuperación de saldos a favor, prescripción de créditos fiscales, impugnación de resoluciones y procedimientos administrativos de ejecución en San Luis Potosí.
El boletín resume varios casos en los que la Procuraduría de la Defensa del Contribuyente (PRODECON) logró ayudar a contribuyentes mediante sus servicios gratuitos de asesoría y representación legal. En algunos casos, PRODECON logró que la autoridad fiscal devolviera pagos indebidos, reconociera la prescripción de créditos fiscales, disminuyera obligaciones fiscales de manera retroactiva, y reconociera saldos a favor de impuestos que habían sido negados.
Es una guía actualizada que muestra las bases y tasas de dicho impuesto, de acuerdo con la legislación vigente de cada entidad federativa del país, así como fechas de pago, retenciones, entre otros aspectos relevantes
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
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Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.