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Management Of Large Business Corporation Tax
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Book Synopsis Management of large business corporation tax by : Great Britain: National Audit Office
Download or read book Management of large business corporation tax written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2007-07-25 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Large Business Service of HM Customs & Excise deal with the Corporation Tax for 700 of the largest businesses. Following service reviews it is in the process of changing to : improve customer relations and service; provide greater certainty for businesses over tax due; adopt an efficient risk-based approach to dealing with tax matters; benefit businesses that engage in low risk behaviour; resolve issues speedily. This report considers the Department's progress and specifically covers: the administration of large business corporation tax; managing risks to corporation tax revenues; measuring and managing performance; staff skills and resourcing.
Author :Great Britain. Parliament. House of Commons. Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215523884 Total Pages :48 pages Book Rating :4.5/5 (238 download)
Book Synopsis Management of Large Business Corporation Tax by : Great Britain. Parliament. House of Commons. Committee of Public Accounts
Download or read book Management of Large Business Corporation Tax written by Great Britain. Parliament. House of Commons. Committee of Public Accounts and published by The Stationery Office. This book was released on 2008 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2006-07, Her Majesty's Revenue & Customs (the Department) raised a total of £23.8 billion in Corporation Tax from large businesses. There are some 700 of these businesses, and in 2005-06, just 50 of them paid 67 per cent of the large business Corporation Tax, whilst 181 businesses paid none. Two-thirds of the tax comes from the banking, oil and gas and insurance sectors. Businesses pay little or no Corporation Tax because, for example, they have made a loss, or had losses in previous years, or they are using tax reliefs, or engaging in tax avoidance. In 2006-07, the Department's large business Corporation Tax enquiry programme raised nearly £2.7 billion. Many of these enquiries were poorly targeted, with nearly 60 per cent producing less than 1 per cent of the additional tax raised. The enquiries also take too long: in January 2008, 42 per cent of its enquiries were over two years old, and 10 per cent over four years old. In February 2007, based on initial review of tax returns from the previous 12 months, the Department estimated that the potential Corporation Tax at risk was £8.5 billion. The tax assessments are very complicated and there has been a widening gap between the skill set of large business tax staff and that of the Large Business Service. The Department is bringing in external recruits, including retired tax advisors, to help to train its staff and to deal with the more complicated technical work.
Book Synopsis HMRC Approach to Compliance Risk Management for Large Business by :
Download or read book HMRC Approach to Compliance Risk Management for Large Business written by and published by Hm Revenue & Customs. This book was released on 2007-01-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Statistics of Income written by and published by . This book was released on 1980 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Tax Reform by : Jane Gravelle
Download or read book Corporate Tax Reform written by Jane Gravelle and published by Createspace Independent Publishing Platform. This book was released on 2017-10-10 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in corporate tax reform that lowers the rate and broadens the base has developed in the past several years. Some discussions by economists in opinion pieces have suggested there is an urgent need to lower the corporate tax rate, but not necessarily to broaden the tax base, an approach that presents some difficulties given current budget pressures. Others see the corporate tax as a potential source of revenue. Arguments for lowering the corporate tax rate include the traditional concerns about economic distortions arising from the corporate tax and newer concerns arising from the increasingly global nature of the economy. Some claims have been made that lowering the corporate tax rate would raise revenue because of the behavioral responses, an effect that is linked to an open economy. Although the corporate tax has generally been viewed as contributing to a more progressive tax system because the burden falls on capital income and thus on higher-income individuals, claims have also been made that the burden falls not on owners of capital, but on labor income. The analysis in this report suggests that many of the concerns expressed about the corporate tax are not supported by empirical evidence. Claims that behavioral responses could cause revenues to rise if rates were cut do not hold up on either a theoretical or an empirical basis. Studies that purport to show a revenue-maximizing corporate tax rate of 30% (a rate lower than the current statutory tax rate) contain econometric errors that lead to biased and inconsistent results; when those problems are corrected the results disappear. Cross-country studies to provide direct evidence showing that the burden of the corporate tax actually falls on labor yield unreasonable results and prove to suffer from econometric flaws that also lead to a disappearance of the results when corrected, in those cases where data were obtained and the results replicated. Many studies that have been cited are not relevant to the United States because they reflect wage bargaining approaches and unions have virtually disappeared from the private sector in the United States. Overall, the evidence suggests that the tax is largely borne by capital. Similarly, claims that high U.S. tax rates will create problems for the United States in a global economy suffer from a misrepresentation of the U.S. tax rate compared with other countries and are less important when capital is imperfectly mobile, as it appears to be. Although these new arguments appear to rely on questionable methods, the traditional concerns about the corporate tax appear valid. While an argument may be made that the tax is still needed as a backstop to individual tax collections, it does result in some economic distortions. These economic distortions, however, have declined substantially over time as corporate rates and shares of output have fallen. Moreover, it is difficult to lower the corporate tax without creating a way of sheltering individual income given the low tax rates on dividends and capital gains. A number of revenue-neutral changes are available that could reduce these distortions, allow for a lower corporate statutory tax rate, and lead to a more efficient corporate tax system. These changes include base broadening, reducing the benefits of debt finance through inflation indexing, taxing large pass-through firms as corporations, and reducing the tax at the firm level offset by an increase at the individual level. Nevertheless, the scope for reducing the tax rate in a revenue-neutral way may be limited.
Book Synopsis Tax Administration 2021 Comparative Information on OECD and other Advanced and Emerging Economies by : OECD
Download or read book Tax Administration 2021 Comparative Information on OECD and other Advanced and Emerging Economies written by OECD and published by OECD Publishing. This book was released on 2021-09-15 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is the ninth edition of the OECD's Tax Administration Series. It provides internationally comparative data on aspects of tax systems and their administration in 59 advanced and emerging economies.
Book Synopsis A Country is Not a Company by : Paul R. Krugman
Download or read book A Country is Not a Company written by Paul R. Krugman and published by Harvard Business Press. This book was released on 2009 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nobel-Prize-winning economist Paul Krugman argues that business leaders need to understand the differences between economic policy on the national and international scale and business strategy on the organizational scale. Economists deal with the closed system of a national economy, whereas executives live in the open-system world of business. Moreover, economists know that an economy must be run on the basis of general principles, but businesspeople are forever in search of the particular brilliant strategy. Krugman's article serves to elucidate the world of economics for businesspeople who are so close to it and yet are continually frustrated by what they see. Since 1922, Harvard Business Review has been a leading source of breakthrough management ideas-many of which still speak to and influence us today. The Harvard Business Review Classics series now offers readers the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world-and will have a direct impact on you today and for years to come.
Book Synopsis The Effects of Taxation on Multinational Corporations by : Martin Feldstein
Download or read book The Effects of Taxation on Multinational Corporations written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: The tax rules of the United States and other countries have intended and unintended effects on the operations of multinational corporations, influencing everything from the formation and allocation of capital to competitive strategies. The growing importance of international business has led economists to reconsider whether current systems of taxing international income are viable in a world of significant capital market integration and global commercial competition. In an attempt to quantify the effect of tax policy on international investment choices, this volume presents in-depth analyses of the interaction of international tax rules and the investment decisions of multinational enterprises. Ten papers assess the role played by multinational firms and their investment in the U.S. economy and the design of international tax rules for multinational investment; analyze channels through which international tax rules affect the costs of international business activities; and examine ways in which international tax rules affect financing decisions of multinational firms. As a group, the papers demonstrate that international tax rules have significant effects on firms' investment and other financing decisions.
Book Synopsis 2017 State Business Tax Climate Index by : Jared Walczak
Download or read book 2017 State Business Tax Climate Index written by Jared Walczak and published by . This book was released on 2017-09-28 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Tax Foundation's State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states' tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a roadmap to improving these structures.
Book Synopsis Capital as Power by : Jonathan Nitzan
Download or read book Capital as Power written by Jonathan Nitzan and published by Routledge. This book was released on 2009-06-02 with total page 853 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an ‘economic’ entity that they count in universal units of ‘utils’ or ‘abstract labour’, respectively. But these units are totally fictitious. Nobody has ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of ‘capital as power’ and a new history of the ‘capitalist mode of power’.
Book Synopsis The Great American Jobs Scam by : Greg LeRoy
Download or read book The Great American Jobs Scam written by Greg LeRoy and published by Berrett-Koehler Publishers. This book was released on 2005-07-21 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the past 20 years, corporations have been receiving huge tax breaks and subsidies in the name of "jobs, jobs, jobs." But, as Greg LeRoy demonstrates in this important new book, it's become a costly scam. Playing states and communities off against each other in a bidding war for jobs, corporations reduce their taxes to next-to-nothing and win subsidy packages that routinely exceed $100,000 per job. But the subsidies come with few strings attached. So companies feel free to provide fewer jobs, or none at all, or even outsource and lay people off. They are also free to pay poverty wages without health care or other benefits. All too often, communities lose twice. They lose jobs--or gain jobs so low-paying they do nothing to help the community--and lose revenue due to the huge corporate tax breaks. That means fewer resources for maintaining schools, public services, and infrastructure. In the end, the local governments that were hoping for economic revitalization are actually worse off. They're forced to raise taxes on struggling small businesses and working families, or reduce services, or both. Greg LeRoy uses up-to-the-minute examples, naming names--including Wal-Mart, Raytheon, Fidelity, Bank of America, Dell, and Boeing--to reveal how the process works. He shows how carefully corporations orchestrate the bidding wars between states and communities. He exposes shadowy "site location consultants" who play both sides against the middle, and he dissects government and corporate mumbo-jumbo with plain talk. The book concludes by offering common-sense reforms that will give taxpayers powerful new tools to deter future abuses and redirect taxpayer investments in ways that will really pay off.
Book Synopsis Core skills at by : Great Britain: National Audit Office
Download or read book Core skills at written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2011-12-02 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: HM Revenue and Customs will have to make sure its staff have the right skills if it is to succeed in cutting its running costs by 25 per cent by 2014-2015 and bringing in each year an extra £7 billion of tax revenue. It is estimated that HMRC spent £96 million in 2010-11 developing the skills of its staff but judges that spending is not systematically directed on top level business priorities. Staff skills will have been a factor in the improvement of HMRC's business results including the extra £1billion tax generated since 2010 by enforcement and compliance activity. But currently there is not a direct evidential link between results and training and development activities. Only 54 per cent of HMRC staff said that they were able to access the right learning and development opportunities when they needed to and only 38 per cent said that training had improved their performance. Evidence from a customer survey and external stakeholders also suggests that the Department does not have all the skills it needs, but HMRC does not have a good overview of its current skills gaps. It needs better data and information on gaps which would help it take a more strategic approach and gain an early warning of future skills gaps, such as the risk of skills depleting as experienced staff retire. This is of particular concern in HMRC as one in five staff in key business areas are over 55. HMRC also lacks governance arrangements or structures to hold the organization to account for money spent on training. Many of the points in this report were raised previously by HMRC's own reviews but the Department has not made the changes needed.
Book Synopsis Introduction to Business by : Lawrence J. Gitman
Download or read book Introduction to Business written by Lawrence J. Gitman and published by . This book was released on 2023-05-19 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 2018 State Business Tax Climate Index by : Jared Walczak
Download or read book 2018 State Business Tax Climate Index written by Jared Walczak and published by . This book was released on 2017-10-17 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Tax Foundation's State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states' tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a roadmap to improving these structures.
Book Synopsis Tax Administration and Firm Performance by : Ms.Era Dabla-Norris
Download or read book Tax Administration and Firm Performance written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2017-04-14 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax compliance costs tend to be disproportionately higher for small and young businesses. This paper examines how the quality of tax administration affects firm performance for a large sample of firms in emerging market and developing economies. We construct a novel, internationally comparable, and multidimensional index of tax administration quality (the TAQI) using information from the Tax Administration Diagnostic Assessment Tool. We show that better tax administration attenuates the productivity gap of small and young firms relative to larger and older firms, a result that is robust to controlling for other aspects of tax policy and of economic governance, alternative definitions of small and young firms, and measures of the quality of tax administration. From a policy perspective, we provide evidence that countries can reap growth and productivity dividends from improvements in tax administration that lower compliance costs faced by firms.
Book Synopsis The Political Economy of Corporation Tax by : John Snape
Download or read book The Political Economy of Corporation Tax written by John Snape and published by Bloomsbury Publishing. This book was released on 2011-12-09 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excellent technical writing on corporation tax abounds, but it tends to be inaccessible to public lawyers, political theorists and political economists. Although recent years have seen not only an explosion in public law scholarship but also a reawakening of interest in interpretative political theory and political economy, the potential of these perspectives to illuminate the corporation tax debate has remained unexplored. In this important work, John Snape seeks to reconcile these disparate strands of scholarship and to contribute to a new way of understanding and conceptualising the reform of the law relating to corporate taxation. Drawing on important developments in public law scholarship, the study combines elements of political theory and political economy. It advances a new interpretation of corporation tax law as an instrument of rule, through the maximisation of a nation's economic potential. Snape shows how corporate taxation belongs at the centre of any discussion of economic globalisation, not only because of the potential of national tax systems to influence inward investment decisions but also because of the potential of those decisions to shape the public interest that those tax systems might embody. Following public law and politics models, the book looks afresh at the impact of Britain's political institutions, of the processes of its representative government and of the theory that moulds and orders the values that the corporation tax code contains. This is a timely exploration of cutting-edge issues of public policy.
Author :Great Britain: Parliament: House of Commons: Treasury Committee Publisher :The Stationery Office ISBN 13 :9780215561039 Total Pages :206 pages Book Rating :4.5/5 (61 download)
Book Synopsis Administration and effectiveness of HM Revenue and Customs by : Great Britain: Parliament: House of Commons: Treasury Committee
Download or read book Administration and effectiveness of HM Revenue and Customs written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2011-07-30 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report identified serious concerns in a number of areas, including: unacceptable difficulties contacting HMRC by phone during peak periods; endemic delays in responding to post; and an increasing focus on online communication that may exclude those without reliable internet access. The Committee recognises that the Department performs a crucial role and operates under significant external pressures including continuing resource reductions, deficiencies in tax legislation and the legacy of the merger. It also acknowledges the commitment of management to tackling these problems and the dedication and professionalism of HMRC staff. However, it concluded that the Department has a difficult few years ahead of it, as it attempts to improve its service. The Committee makes recommendations in the following areas: Improving the service provided by contact centres; providing robust alternative to online contact; ensuring greater awareness of the impact of process changes on individuals and businesses; ensuring reductions in resources are managed in a way that is commensurate with the enabling IT and process improvements and minimises the loss of Departmental tax expertise; reviewing the division of responsibilities between HMRC and HM Treasury in relation to making tax policy, to ensure practical considerations are taken into account at the earliest possible stage; better targeting of letters that threaten serious consequences against individuals; having the National Audit Office externally audit preparations for Real-time Information, to ensure Ministers can be held accountable for progress against the Government's ambitious timetable; and examining how the Department can achieve better accountability around the settlement of large tax cases
