Hong Kong doesn’t need a sales tax

Although Hong Kong is currently enjoying a period of economic stability, many people still remember the difficult time they experienced during SARS and economic downturn. They are worried that the Government will not have enough revenue to maintain existing levels of services in the future because of the narrow tax base. Financial experts have suggested […]

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Goods and Service Tax in Australia, Vat in Germany and India

Australia Taxation Office levied Goods and Service Tax (GST) on goods and services provided in Australia. All imported goods are subjected to GST unless it is exempted such as foodstuffs and medical aids. Most goods in Australia are subjected to a 10% GST tax and 5% rate of import duty tax.[1] A person is required […]

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Argument Against Publicly Funding Sports Facilities

Recently it was announced that the city of Minneapolis agreed to a deal with the Minnesota Vikings, a franchise in the National Football League, to help fund the construction of a new stadium for the team to play in. While this will be deemed as great news by local fans of the team, I believe […]

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The Tax Laws Should Be Reformed to Encourage Saving

A nation’s saving rate is a key determinant of its long-run economic prosperity. When the saving rate is higher, more resources are available for investment in new plant and equipment. A larger stock of plant and equipment, in turn, raises labor productivity, wages, and incomes. It is, therefore, no surprise that international data show a […]

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Tax and Old Cars

It is a great pleasure to get the opportunity to contact with you. As you requested me to give you an advice, I would like to explain you some points that will help you while you do your activity. You mentioned that your hobby is restoring old cars. Buying them from auctions, repair them and […]

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The main types of ESOP plans and their benefits

Employee Stock Ownership Plans (ESOPs) come in two main types, or categories: a stock bonus plan and a leveraged plan. Both include the establishment of a tax-exempt ESOP trust under the Internal Revenue Code. In case of the stock bonus plan, the ESOP funds receives from the organisation either stock or cash intended for the […]

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The performance of Tax Audit in ERCA, LTO branch

Revenue is probably the most important part of the government and most of its plans and policies also depend on the amount of revenue collected. Government has also given priority in reducing the budget deficit through the mobilization of internal resources. Good tax system, apart from generating revenue, minimizes distortion of resource allocation and simplifies […]

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