Calculate the tax based on the proposed law

Assignment Help Financial Accounting

Reference no: EM132641109

"General Authority of Zakat and Tax (GAZT) looks forward to being one of the best tax ‎departments around the world and achieving the desired successes in the National ‎Transformation Program "NTP", which aims to achieve financial balance between revenues and ‎expenditures in 2020" (GAZT website, 2016). An example of GAZT initiatives is implementing new tax laws which are Excise tax, and Value added tax.

Imagine that you are an accountant who works in General Authority of Zakat and Tax (GAZT). Your boss comes to you and ask you to provide new idea that will help GAZT to achieve the desired success in the National Transformation Program. Your idea should be a proposal for imposing a new tax law that never been applied in Saudi Arabia.

Your task:

Question 1: Search for a tax law that you believe if it is imposed in Saudi Arabia, it will help GAZT to achieve the desired success in the National Transformation Program. You can make adjustment for the tax law you find.

Question 2: Explain the proposed task law; what is the tax law? Use an example to explain how to apply and calculate the tax based on the proposed law

Question 3: Discuss the advantages and disadvantages of the proposed tax law

Reference no: EM132641109

Questions Cloud

What is the material-related overhead rate under this system : He suggested that they substitute machine hours for labor dollars. What is the material-related overhead rate under this system

Describe what first drink means in both italy and finland : Based on the focus group findings, describe what the first drink means in both Italy and Finland, and what types of attitudes are connected with different.

What is the incremental profit to biomorphs : Polygard bulk at the split-off point without bottling for $3,500 per month. What is the incremental profit (loss) to BioMorphs if it accepts the offer?

Evaluate the history of cryptography from its origins : Evaluate the history of cryptography from its origins. Analyze how cryptography was used and describe how it grew within history. The writing assignment.

Calculate the tax based on the proposed law : Explain the proposed task law; what is the tax law? Use an example to explain how to apply and calculate the tax based on the proposed law

What kinds of activities do they do to avoid burn-out : What kinds of activities do they do to avoid burn-out? After interviewing this person, do you think you would enjoy this job? Why or why not?

Discuss the appropriateness of the journal entries : In each of the above situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principles

Calculate the zakat amount due for the year : Are there any penalties that Gulf Company must pay to GAZT related to the fiscal year 2019? Calculate the penalties if applicable

Describe the concept of common descent : Consider the concept of common descent. What are cells? What is DNA? How is all life related? What evidence from our reading shows us that all life is related?

User Account

All Pages