Business Commons^™

Foreign Account Tax Compliance Act: The Most Revolutionary Piece Of Tax Legislation Since The Introduction Of The Income Tax, Alexander Szwakob

Honors Scholar Theses

With taxation of income being the most significant source of revenue, most national governments consider tax evasion prevention to be one of the priorities of their tax agencies. In the United States, tax evasion has been a significant concern of the Internal Revenue Service ever since the modern income tax was instituted with the passing of the Sixteenth Amendment in 1913. Over the following century, Congress enacted numerous measures aimed at curbing the illegal practice, but, as often is the case, both individuals and institutions desiring to not abide by the law found new ways to outsmart the tax authorities. …

Can Education Improve Tax Compliance? Evidence From Different Forms Of Tax Education, Raymond M. K. Wong, Wai-Yee, Agnes Lo

Hong Kong Institute of Business Studies Working Paper Series

We examine whether tax compliance is improved via different forms of tax education. We argue that different types of tax education have respective impacts on tax compliance. To explore this empirical issue, we conduct a survey related to tax compliance among 205 students taking either a general tax course or a technical tax course in Hong Kong. Our findings suggest that sales tax compliance among undergraduate students was significantly improved if they had been exposed to a general tax education, and income and sales tax compliance among postgraduate students were significantly improved if they had taken a technical tax course.

Optimal Taxation And Impure Public Goods, Matthew J. Mcmahon

Economics & Finance Faculty Publications

It has been shown that the introduction of a good that has portions of both private and public characteristics (an impure public good) can actually decrease the total level of the public characteristic provided. Using the standard impure public good model, I first isolate the conditions under which this occurs in a general equilibrium. I then introduce a central planner whose goal is to counteract this decrease. She chooses a tax rate for the purely private good, and spends the tax revenue generated to increase the provision of the public characteristic. In choosing the optimal tax rate, she minimizes the …

Hardship Withdrawals And Loans: Some Words Of Caution, Emily G. Brown Jd, Jeanne Medeiros Jd, Ellen Bruce Jd

Pension Action Center Publications

As defined benefit pension plans become more and more rare, the responsibility of saving for retirement falls increasingly on individuals. Many studies have been published about the average or median balances in retirement savings accounts and virtually all of them have reached the same conclusion - most Americans aren’t saving enough money to last them through their retirement years.

In this fact sheet we will take a look at one of the factors that contributes to this problem, that is, the availability of loans and hardship withdrawals from 401(k) retirement accounts, which can lead to lower account balances overall. Sometimes, …

A Note On Location And The Output Effect Of Ad-Valorem Taxes Under Free Entry Oligopoly, Yeung-Nan Shieh

Faculty Publications

This paper examines the output effect of an ad-valorem tax of undifferentiated oligopolistic firms in the Weber-Moses triangle. It shows that an increase in the ad-valorem tax will increase each firm’s output but may increase the number of firms and total output of firms if the inverse demand function is linear, concave or not too convex. This result is different from the well-known Tanaka’s result in non-spatial economy. It indicates that oligopolistic firm’s location decision has important influence on the output effect of the ad-valorem tax.

Splitting Specified Foreign Sourced Income Between Tax Exempt And Taxable Portions: An Optimal Solution (Part 3 Of 3), Teng Aun Khoo, Clement Kai Guan Tan

Research Collection School Of Accountancy

No abstract provided.

Foreign Source Income Tax Exemption And Pooling System: Which Works Better? (Part 2 Of 3), Clement Kai Guan Tan, Teng Aun Khoo

Research Collection School Of Accountancy

When is it better to claim Foreign Source Income under the Pooling System rather than on the Foreign Source Income Exemption

Isca Pre-Budget Roundtable 2015: Pace Of Restructuring, Sze Yee Chan, Clarence Goh, Perrine Oh

Research Collection School Of Accountancy

Held for the sixth consecutive year on 13 January 2015, the ISCA Pre-Budget Roundtable 2015 served as an invaluable platform for gathering the views and insights of business leaders on both Budget 2014 and the upcoming Budget 2015. As Singapore celebrates SG50 this year, it is an opportune time not only to reflect upon our past achievements but also to look forward to the future with confidence.

Why Good Financial Records Are Worth The Effort, Sara Bennett

White Papers

Accounting. Taxes. Payroll. Recordkeeping. Necessary, but confusing at times. Thorough and accurate recordkeeping of all revenues and expenses related to your business is essential and goes beyond financial and tax reporting. Why you should seek help from the pros

Foreign Tax Credit Pooling System: Is It Always Better? (Part 1 Of 3), Teng Aun Khoo, Clement Kai Guan Tan

Research Collection School Of Accountancy

Presently, there are two systems under which the FTC can be granted subject to satisfying certain conditions 1. FTC source-by-source and country-by-country system (SCS), and 2. FTC pooling system (PS) Under the SCS of computing the FTC, the excess of FTP over the STP on one type of FI (say dividend income) from a foreign country cannot be used to setoff against the excess of STP over the FTP on any other FI. Under the PS, any excess of Foreign Tax Paid (FTP) over the Singapore Tax Payable (STP) on one type of Foreign Income from a foreign country can …