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Obama Urged To Clarify NAFTA Intentions,by Mike Godfrey, Tax-News.com, Washington Last updated 5 hours ago Friday, March 06, 2009 Echoing concerns held by many businesses trading across America's borders, a senior Republican Senator has urged President Obama to clarify his intentions regarding the North American Free Trade Agreement between Canada, Mexico and the United States.
France Announces Gambling Tax Rates,by Amanda Banks, Tax-News.com, London Last updated 4 hours ago Friday, March 06, 2009 French government budget minister Eric Woerth has this week announced the tax rates which will be levied on the gambling industry. The opening up of the industry to private sector competition is in response to infringement proceedings initiated by the European Commission.
Chinese Stimulus Package Will Not Be Increased,by Mary Swire, Tax-News.com, Hong Kong Last updated 6 hours ago Friday, March 06, 2009 Chinese premier Wen Jiabao has announced that no more funding will be added to the country's current stimulus package, but added that the government will boost spending over the coming months

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Tax performa

TAX PERFORMA


www.repairmagic.ca 






Mr…………
Tax Year 2008
Tax Year Ended 30.6.2008
Residential Status: Resident
Computation of Tax Payable

Income From Salary (Section 12)
(MTS)

Total Exempt Taxable
Rs. Rs. Rs.
Basic Salary xxxxxx --------- Xxxxxx
Overseas Allowance xxxxxx --------- Xxxxxx
Dearness Allowance xxxxxx --------- Xxxxxx
Cost of living Alloawance xxxxxx --------- Xxxxxx
Bonus xxxxxx --------- Xxxxxx
Commission xxxxxx -------- Xxxxxx

Salary Xxxxx Xxxxxx

Accommodation:
House Rent Allowance (when only Allowance is given) Xxxxx -------- xxxxx
Rent Free Unfurnished/Furnished Accommodation
when Option is given
House Rent Allowance
OR.
45% or MTS/Basic Salary Whichever is Higher

Xxxxxxx
Wages of Watchmen, Gardner at house paid by empl…

Fair Tax

Financial

The FairTax eliminates the tax bias against investment.
Under the FairTax, savings and investments are not taxed at all. As Americans save more money, the pool of funds in lending institutions grows. When you add to this the flood of capital currently trapped offshore, we realize a huge increase in the pool of capital, thereby causing the cost of borrowing funds to drop.
The FairTax dramatically increases investment levels compared to the current income tax system.
Investment is important to all wage earners because of the relationship that exists between real wage rates and the level of capital investment per worker. In fact, the most significant contributing factor to achieving higher real wages is the level of capital investment per worker. A worker or farmer, for example, is more productive if he has more machinery and equipment to work with, particularly new equipment that incorporates the latest te…

sale tax

Important Supporting Concepts and Tables

Zero-rated Supplies
The supplies which are taxed at the rate of ‘0%’ are called zero-rated supplies these are:-
Exported goods
DTRE (Duty and Tax Remission Exports)

Exempted Sales
Exempted supplies means locally sold goods which are purchase in previous month


Commercial Exporter
Commercial exporter means a registered person who has no manufacturing facility of his own and exclusively makes zero-rated supplies or ‘same stated goods’.


Same Stated Goods
Same Stated goods mean goods purchased by a commercial exporter or manufacturer cum exporter against tax invoice for export as such.


Section 8B(I) SRO 647(1) 2007
Under this section Total input tax should not exceed 90% of the total output tax. It is a maximum limit of input tax in general case. Normally it is given when sales are made to Registered person. However there are some exceptions to the section:
Exception to the section.
This section 8B (1) shall not apply in case of;
Commercial importer
Whole seller
Dis…