Examine the tax reforms and policies

Assignment Help Financial Accounting

Reference no: EM132507589 , Length: word count:1500

Tax Assignment -

Scenario - Increasingly globalised world has made it is easier for taxpayers to manage investments through the financial institutions outside of their country of residence. Huge amounts of money are kept offshore and in most instances, untaxed; resulting in taxpayer's failure to comply with tax obligations in their home jurisdiction. Offshore tax evasion is and remains a serious problem for countries and jurisdiction all over the world.

The Organization for Economic Co-operation and Development (OECD) and non-OECD, developing and developed countries have a shared interest in maintain the integrity of their tax systems. Co-operation between tax administrations are critical in the fight against tax evasion and in protecting the integrity of the tax systems. The OECD has long history of working on all forms of exchange of information-on request, spontaneous and automatic- and the multilateral convention on Mutual Administrative Assistance in Tax matters and article 26 of the Model Tax convention provide a basis for all forms of information exchange.

On 19 April 2013 the G20 Finance Ministers, together with the respective Governors of the Central Bank endorsed automatic exchange as the expected new standard. The G20 decision followed earlier announcement by the Five European Countries of their intention to develop and pilot multilateral tax information exchange based on the Intergovernmental Agreement to Improve International Tax compliance model and to implement Foreign Account Tax Compliance Act (FATCA).

Required - Based on the above scenario, critically examine the tax reforms and policies that your country of origin should undertake in order to achieve the above objective. For the purposes of this assignment, you should concentrate on personal and business taxes reform. You are also required to discuss in detail the benefits and practical difficulties that your country of origin might face or encounter in order to carry out these tax reforms.

Attachment:- Tax Assignment File.rar

Reference no: EM132507589

Questions Cloud

Calculate material and labor variances incurred by bradshaw : Calculate the material and labor variances incurred by Bradshaw. Bradshaw Corporation makes leather purses and uses a standard costing system

Estimating the currency swap : What swap transaction would accomplish this objective? Assume the counterparties would exchange principal and interest payments with no rate adjustments

Calculate the contribution margin for each product : Calculate the contribution margin for each product. Mansfield Manufacturing makes two products, Keatchie and Converse. Each goes through its own production

Prepare a flexible budget performance report for the year : Prepare a flexible budget performance report for the year that shows both spending variances and activity variances. (Indicate the effect of each variance)

Examine the tax reforms and policies : critically examine the tax reforms and policies that your country of origin should undertake in order to achieve the above objective

Should the counsel proceed : The survey finds 220 out of the 400 favor the tax. Should the counsel proceed

Determine the change to return on investment : Determine the change to return on investment and return on equity if Nipponply operates at 85% of capacity and 100% of capacity.

Earnings per share under the three economic : Calculate earnings per share (EPS) under each of the three economic scenarios before any debt is issued. (Do not round intermediate calculations

How much of the unit product cost is relevant : How much of the unit product cost of $54.90 is relevant in the decision of whether to make or buy the part? Corporation makes 70,000 units per year of a part

User Account

All Pages