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Presentation on Tax

Presentation on Tax. www.assignmentpoint.com. Tax is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law.

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Presentation on Tax

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  1. Presentation on Tax www.assignmentpoint.com

  2. Tax is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. • Compulsory monetary contribution to the state's revenue, assessed and imposed by a government on the activities, enjoyment, expenditure, income, occupation, privilege, property, etc. of individuals and organizations.

  3. Tax Classifications • Direct tax: A direct tax is a form of tax is collected directly by the government from the persons who bear the tax burden. Taxable individuals file tax returns directly to the government. Examples of direct taxes are corporate taxes, income taxes, and transfer taxes. • Indirect tax: An indirect tax is a form of tax collected by mediators who transfer the taxes to the government, and also perform functions associated with filing tax returns. The customers bear the final tax burden. Examples of indirect taxes are sales tax and value added tax (VAT).

  4. Purposes and effects • Purpose of taxation is to finance government expenditure. One of the most important uses of tax is to finance goods and service. • These services can include education systems, health care systems, pensions for the elderly, unemployment benefits, and public transportation.

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  6. The Four "R"s • Taxation has four main purposes or effects: Revenue, Redistribution, Reprising and Representation. • The main purpose is revenue:taxes raise money to spend on armies, roads, schools and hospitals, and on more indirect government functions like market regulation or legal systems.

  7. Continue…. • Second is redistribution.Normally, this means transferring wealth from the richer sections of society to poorer sections. • Third purpose of taxation is reprising.Taxes are levied to address externalities: tobacco is taxed, for example, to discourage smoking, and a carbon tax discourages use of carbon-based fuels. • Fourth, consequential effect of taxation in its historical setting has been representation. "no taxation without representation" implied this: rulers tax citizens, and citizens demand accountability from their rulers as the other part of this bargain.

  8. Tax incidence

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  11. Types Of Taxes • Paying Taxes Taxes are monies paid by citizens and residents to federal, state and local governments. The money collected from these taxes help fund for services provided by the government. It is the one of the main sources of government revenue. Types of taxes include income tax, sales tax, and property tax. • Income Tax A personal tax levied on annual income. Income tax is a tax paid on income. It is paid by employees and people who are self-employed. It may also be payable if you aren't working if, for example, you have an income from a pension or savings.

  12. Social Security and Medicare taxes • Social Security and Medicare taxes Social security benefits are provided for retired workers and their families, for disabled workers and their families and also for certain family members of deceased workers. Medicare (healthcare) taxes provides for medical services (this applies for people aged 65 and above). • Sales Taxes Sales taxes are more or less state or local taxes and usually added to the buying cost of certain things. • Property taxes These are also state and local taxes that are charged on your home and land.

  13. Bangladesh Income Tax Rates • Bangladesh personal income tax rates for assessment year 2010 - 2011 is progressive up to 25%. First                      BDT 1,65,000              NilNext                      BDT 2,75,000              10%Next                      BDT 3,25,000              15%Next                      BDT 3,75,000              20%Rest Amount                                           25% Minimum tax for any individual assesses is Tk. 2,000Non-resident Individual: 25% (other than non-resident Bangladeshi)On Dividend income: 20%

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