TAXATION: HOME
CATEGORIES:
DIRECT TAXES:
Income tax
Inheritance tax
Land tax
Land transfer tax
Capital gains tax
Professional tax
Stamp duty
Motor Vehicle Circulation License
Advantages: tax collection capacity, tax duty, steadiness in performance, low cost of collection
Disadvantages: difficulty in verification, reaction by taxpayers, invention of tax avoidance, impact on productive activity
INDIRECT TAXES:
Import duty
Excise duty
VAT
Turnover tax
Advantages: easy acceptance, elasticity in performance, performance, taxing small revenues
Disadvantages: disanalogous to tax-paying capacity, taxing poor classes
VAT ADVANTAGES:
Neutrality for local market
Neutrality for international transactions
No impact on investment
Reduction of tax evasion
Easiness of collection
VAT DISADVANTAGES:
Complicated system
Great number of registered persons
Variation of rates
Partial exemption
IMPORT DUTY: FUNCTIONS:
to reduce overall level of imports
to counter the practice of dumping
to retaliate against repetitive measures
to protect new industries
to protect key industries (agriculture)
TAX: CATEGORIES:
turnover: cascade: proportion of price (sale)
progressive: increasing proportion of income
proportional: at the same rate
regressive: decreasing
CYPRUS:
Corporate tax rate: 10%: unified
CANONS OF TAXATION (ADAM SMITH):
Equality: fair distribution of wealth and income among tax-payers
Certainty
Convenience
Economy
MISC:
Tax Evasion: Φοροαποφυγή /Tax avoidance: Φοροδιαφυγή
Cyprus tax system: role of Cyprus Customs Department
Government socioeconomic goals
Increase of tax revenue
Increase of private investment
-Conflict between Conservative and Socialist Parties in EU countries about the philosophy of Tax Policy:
Direct/Indirect taxation: advantages & disadvantages
Annihilation of conflict
-E-Commerce: How it assists tax-evasion
-Long-term profit maximization after tax:
Advantage of multi-national companies in relation to effective tax planning
-Companies of international activities:
Illegal tax competition
1.1.03: New Law for Income Tax
Harmonization with Acquis Communautaire
-VAT:
Relation to Retail Price Index, Labour Supply, Saving
Basic operation mechanism
Reasons that lead to the EU to make VAT obligatory to all MS
Goods and Services
Exempted goods
-Tax justice:
Ways of achieving
-Ombudsman
-Privatization, Liberization of economy sectors
-Taxation Committee:
Introduction of Bill
LINKS:
http://europa.eu.int/comm/taxation_customs/taxation/taxation.htm
http://europa.eu.int/scadplus/leg/el/s10000.htm
http://www.imf.org/external/np/fad/trans/manual/index.htm
http://www.libertyhaven.com/politicsandcurrentevents/taxesandtaxation/elements.shtml
http://www.cyberhaven.com/businessbooks/taxes/9041109668AMUS13674.html
http://online.mq.edu.au/pub/BUSL320/home.htm
http://www.henrygeorge.org/canons.htm
http://www1.worldbank.org/publicsector/tax/canonsoftaxation.html