Utility Rate Problems Arising from Recent and Prospective Income Tax Legislation

1942 ◽  
Vol 18 (2) ◽  
pp. 184
Author(s):  
H. J. O'Leary
Keyword(s):  
Income Tax ◽  
Tax Legislation ◽  
Utility Rate

Earnings inequality and tax progressivity in Slovenia, 1991–2009

2013 ◽  
Vol 63 (4) ◽  
pp. 405-421 ◽  
Author(s):  
Tine Stanovnik ◽  
Miroslav Verbič
Keyword(s):  
Income Tax ◽  
Earnings Inequality ◽  
Personal Income ◽  
Early Years ◽  
Personal Income Tax ◽  
Tax Progressivity ◽  
Tax Legislation ◽  
Institutional Settings ◽  
Social Contributions ◽  
Minimum Wage Legislation

This paper analyses the distribution of employee earnings in Slovenia in the period 1991–2009. The analysis is based on large samples from the personal income tax (PIT) files. According to the Gini coefficient, increases in earnings inequality were moderate; however, relatively large increases in the shares accruing to the top 5% and top 1% of employees did occur. Inequality of employees’ after-tax earnings (i.e. net of employee social contributions and PIT) remained fairly stable in this time period, due to the increasing progressivity of PIT, as shown by the Kakwani index of progressivity. Increases in progressivity of the personal income tax came in leaps, following the introduction of new income tax legislation. Institutional settings and the introduction of minimum wage legislation in 1995 also appear to havemoderated inequality increases, which were quite large in the early years of the transition.

scholarly journals Improvement of Tax Regulation Arrangements for the Russian Stock Market

2020 ◽  
Vol 8 (16) ◽  
pp. 556-570
Author(s):  
Andrei V Koren ◽  
Tatyana E Danilovskikh ◽  
Artem A. Pustovarov
Keyword(s):  
Stock Market ◽  
Income Tax ◽  
Securities Market ◽  
Tax Base ◽  
Public Offerings ◽  
Tax Legislation ◽  
The Status ◽  
Tax Benefits ◽  
Russian Stock Market ◽  
Financial Transactions

The paper discusses various options for taxation of transactions with securities issued by Russian companies. The study aims to solve the problem of low investor activity in the Russian stock market by transforming the current tax legislation. An assessment of the factors restraining the development of the primary public offerings market is given. The problems of the existing methodology for the formation of the tax base when calculating income tax and personal income tax on transactions with exchange-traded financial assets are analysed. A methodology for providing tax benefits and tax incentives for investors is proposed. An assessment of the effectiveness of tax benefits using an individual investment account is given. A comparative analysis of the amount of taxes paid is carried out depending on the status of an investor and the type of securities. A detailed description of the methods for calculating taxes on stocks, bonds and futures is given. The results of the study consist in substantiating theoretical and practical provisions that allow us to develop an effective mechanism for taxing financial transactions in the securities market. The need is theoretically substantiated and the significance of state support in the stock market for citizens of the Russian Federation is determined. Mechanisms are proposed for cancelling separate accounting for several types of tax bases. The main problems are found and ways to improve the mechanism of taxation of transactions made on the Russian stock market are developed.

Adoption of IFRS in Brazil and the Consequences to Accounting Education

2012 ◽  
Vol 28 (2) ◽  
pp. 235-242 ◽  
Author(s):  
L. Nelson Carvalho ◽  
Bruno M. Salotti
Keyword(s):  
Income Tax ◽  
Rare Case ◽  
Accounting Standards ◽  
Financial Statements ◽  
Company Law ◽  
Accounting Education ◽  
Consolidated Financial Statements ◽  
Tax Legislation ◽  
The Individual ◽  
Safe Path

ABSTRACT: Brazil is a rare case of a complete adoption of IFRS, not only for consolidated financial statements, but also for the individual ones. Very few countries dared to converge their accounting standards toward IFRS in the company-only financial statements, probably afraid of the tax or dividends impact. Brazil made the ambitious move, changing the Company law and altering the income tax legislation in such a way that a safe path was built to bridge from the old BR GAAP standards to IFRS.

Income Tax as Affecting Life Assurance Offices

1946 ◽  
Vol 72 (1) ◽  
pp. 35-78
Author(s):  
A. H. Shrewsbury
Keyword(s):  
United Kingdom ◽  
Income Tax ◽  
Point Of View ◽  
Sickness Insurance ◽  
Life Assurance ◽  
Tax Legislation ◽  
The United Kingdom ◽  
The Subject ◽  
Insurance Business ◽  
National Defence

‘If there be one point free from obscurity in the Act of 1842 it is this, that the Legislature intended all traders, whether in groceries, annuities or other articles of commerce, to be assessed upon the same footing.’ Lord Watson in The Gresham Life Assurance Society υ. Styles.The main object is to discuss principles and therefore many points of detail will be omitted, however intrinsically interesting they may be. Satisfactory consideration of principles entails reference to all classes of business which involve an actuarial valuation (viz. life assurance and annuity business, sinking fund business and permanent sickness insurance business). Reference will be made to the National Defence Contribution and the Excess Profits Tax, which are based upon income-tax legislation. The subject in mind is the relation of such taxation to insurance business and funds of the classes mentioned, as distinct from other aspects of income tax which an insurance office encounters, and it will be considered solely from the point of view of an office established in the United Kingdom which transacts business only in the United Kingdom. In view of the paper by Messrs S. J. Rowland and F. H. Wales on ‘The Taxation of the Annuity Fund’ (March 1937, J.I.A. Vol. LXVIII), only brief reference will be made to annuity business, and it will be assumed that it is unnecessary, in describing taxation processes, to include explanations or qualifying phrases on account of annuity business.

Tax Reform: Theory and Practice

1987 ◽  
Vol 1 (1) ◽  
pp. 11-28 ◽  
Author(s):  
Joseph A Pechman
Keyword(s):  
World War Ii ◽  
Income Tax ◽  
Tax Reform ◽  
Theory And Practice ◽  
Income Taxation ◽  
Tax Rates ◽  
Pressure Groups ◽  
Comprehensive Income ◽  
Tax Legislation ◽  
The Individual

The Tax Reform Act of 1986 is the most significant piece of tax legislation enacted since the income tax was converted to a mass tax during World War II. After decades of erosion, the individual and corporate income tax bases were broadened and the revenues were used to reduce tax rates. Loopholes and preferences that were formerly considered sacrosanct were eliminated or moderated despite the determined opposition of powerful pressure groups. Comprehensive income taxation, which had earlier been regarded as an impossible dream, carried the day with strong bipartisan support. I will trace the origins of the tax reform movement and speculate about why it was successful in 1986 after repeated failures in earlier years. I also explain what the 1986 act accomplished and what more needs to be done to achieve the objectives of comprehensive income taxation.

scholarly journals Benhaus - a landmark decision, one less hoop for contract miners but a clarion call for an overhaul of the South African mining regime

2020 ◽  
Vol 120 (8) ◽  
Author(s):  
K. Thambi
Keyword(s):  
South African ◽  
Value Chain ◽  
Income Tax ◽  
Mining Industry ◽  
Third Party ◽  
Mining Activities ◽  
The South ◽  
Mining Operations ◽  
Tax Legislation ◽  
The Right

SYNOPSIS The mining industry has evolved, such that the means of production that were once in the hands of major players or power houses have become equally accessible to smaller entrants, i.e. junior mining companies and contract miners. Contract mining involves contractual relationships between mine owners or mineral right holders and third parties to conduct mining activities on behalf of the right holders. The current mining income tax legislation has been a considerable obstacle to contract miners. Under its terms, they have been viewed as mining on behalf of third-party mineral rights holders. As such, expenditure incurred in relation to contract mining activities was often disallowed by the South African Revenue Service (SARS). However, the recent judgement of the Supreme Court of Appeal, Benhaus Mining (Pty) Ltd v CSARS 2020 (3) SA 325 (SCA) (Benhaus), rightfully or wrongfully, appears to provide clarity regarding the fate of contract miners' involvement in the mining value chain. The taxpayer, a contract miner, was held to be conducting mining operations within the meaning of S15(a) read with si of the Income Tax Act 58 of 1962 (the Income Tax Act). This paper looks at how contract mining has traversed the mining tax landscape, the implications of the Benhaus judgment, and stresses the necessity for clear policy reform to the mining tax regime and equally to legislation framed to give effect to these policies. Keywords: Contract mining, owner mining, tax, DMRE, mining regime reforms.

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