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Israel to Implement Income Tax Reforms, Vows Netanyahu,by Lorys Charalambous, Tax-News.com, Cyprus Last updated 8 hours ago Friday, March 06, 2009 Benjamin Netanyahu, Israeli Prime Minister-designate, has vowed to cut income taxes for low- and middle-income earners and reduce the corporate income tax on small businesses this year, contrary to recent reports suggesting reforms would be delayed.


Canada Grants Agricultural Tax Concessions, by Mike Godfrey, Tax-News.com, Washington Last updated 5 hours ago Friday, March 06, 2009 Canadian Finance Minister Jim Flaherty today tabled a proposal in the House of Commons for tax amendments to help farmers who have had to deplete their breeding herds of grazing livestock as a result of flood or excessive moisture.


Czech Government Approves Tax Amendments, by Lorys Charalambous, Tax-News.com, Cyprus Last updated 8 hours ago Friday, March 06, 2009 Reduced social insurance rates and shortened accelerated depreciation periods were approved by the Czech government on March 2; the two measures are expected to mitigate the effects of the financial crisis and boost employment.

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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…