Presumptive Taxation for Professional & Small Businesses
Presumptive Taxation for Professional & Small Businesses

Author: CA GOPAL SINGH NEGI

Publisher: Mytaxdost (A Brand of Invento 360 PVT LTD)

Published: 2020-11-08

Total Pages: 56

ISBN-13:

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A new era, a new buzz word – BE YOUR OWN BOSS or Quit 9 to 5 Rat Race” As per the Global Freelancer Income Report, 2020 - 83% of freelancers work from home, and only 17% like to work from coffee shops, co-working spaces, library & private offices. 70% of freelancers are under the age of 35. The most interesting fact is 21% of freelancers are under the age of 25. In today’s world, there are multiple ways of earning. For example, you can earn money through YouTube, Podcast, Blogging, Affiliate Marketing, Online Coaching, and Digital Marketing Agency along with traditional jobs like Doctor or Engineering. While starting your own business or profession, the main problem before each one above is a lack of information related to Income Tax. Not being from a commerce background, this problem could multiple. So, there is a higher chance of getting mislead. Sometimes such feeling arises whether we are enjoying our business or doing paper filing. Another side of the story, at the initial stage, as you have less funds so you can’t afford a full-time accountant and services of any Chartered Accountant. Most of the time legal tax terminologies look like a foreign language. If you are resonating with this then this book is for you. It is a complete tax mastery course for you. This book is written by CA. Gopal Singh Negi & CA. Kamlesh K Chaursiya, both having more than 12 years of experience working with Startup and SME. This book covers 12 practical examples and 10 critical frequently asked questions compiled over so many years. This book is specially written for people from a non-taxation background. Even basic terminology is explained in a very lucid manner like turnover, income, financial year, assessment year, etc. This e-book will be helpful for Youtuber Blogger Affiliate Marketer Digital Marketing Agency Owner Doctor Engineer Artist or Video Editor IT Professionals Freelancer HR Contractor etc This e-book covers everything about Income Tax for small businesses like: Computation of Income Tax How to Pay Income Tax Income Tax Returns So, if you want to Master in Taxes, SCROLL UP and click on the BUY NOW button at the top of the page.

Presumptive Taxation in Sub-Saharan Africa
Presumptive Taxation in Sub-Saharan Africa

Author: Mr.Günther Taube

Publisher: International Monetary Fund

Published: 1996

Total Pages: 50

ISBN-13:

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This paper analyses presumptive taxation methods and their application in Sub-Saharan Africa. Presumptive taxation involves simple techniques to capture domestic transactions and sources of income that frequently escapes conventional taxation.

How to Design a Presumptive Income Tax for Micro and Small Enterprises
How to Design a Presumptive Income Tax for Micro and Small Enterprises

Author: Jean-François Wen

Publisher: International Monetary Fund

Published: 2023-06-29

Total Pages: 26

ISBN-13:

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Turnover taxes are prevalent in developing countries as a simple form of presumptive taxation of business income. Such simplified tax regimes can reduce the relatively high compliance costs of micro and small enterprises, which might otherwise discourage entrepreneurs from formalizing their activities and paying taxes. The note addresses design issues for a turnover tax regime—which taxes it replaces, what the criteria are for eligibility, how to determine the optimal threshold, and how to set the tax rate. A key observation is that, although low turnover tax rates may incite larger firms to artificially reduce their sales, the rate should also not be so high as to discourage formalization of activities. A table of tax rates and turnover thresholds observed internationally is provided. The note concludes by suggesting analytical steps to guide practitioners in designing turnover tax regimes.

Designing a Presumptive Income Tax Based on Turnover in Countries with Large Informal Sectors
Designing a Presumptive Income Tax Based on Turnover in Countries with Large Informal Sectors

Author: Feng Wei

Publisher: International Monetary Fund

Published: 2023-12-22

Total Pages: 47

ISBN-13:

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Turnover (sales) is frequently used in developing countries as a presumptive income tax base, to economize on the costs of tax administration and taxpayer compliance. We construct a simple model where a size threshold separates firms paying turnover tax from those paying profit tax (regular income tax), and where firms have the option of producing in the untaxed, informal sector. The optimal turnover tax rate trades off two policy concerns: reducing informality and avoiding strategic reductions in sales by firms seeking to remain below the threshold for the profit tax. We provide analytical results and calibrate the model to compute the optimal policy using realistic parameter values. The optimal turnover tax rate for countries with large informal sectors is found to be around 2.5% across most scenarios, while the threshold separating the turnover tax regime from profit tax lies for the most part between $65,000 and $95,000. Introducing an optimally designed turnover tax reduces the rate of informality of businesses by about 12 percentage points in the calibrated model.

Tax Law Design and Drafting, Volume 1
Tax Law Design and Drafting, Volume 1

Author: Mr.Victor Thuronyi

Publisher: International Monetary Fund

Published: 1996-08-23

Total Pages: 534

ISBN-13: 9781557755872

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Edited by Victor Thuronyi, this book offers an introduction to a broad range of issues in comparative tax law and is based on comparative discussion of the tax laws of developed countries. It presents practical models and guidelines for drafting tax legislation that can be used by officials of developing and transition countries. Volume I covers general issues, some special topics, and major taxes other than income tax.

A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation
A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation

Author: Aqib Aslam

Publisher: International Monetary Fund

Published: 2021-06-08

Total Pages: 50

ISBN-13: 1513561073

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This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.

Taxing the Hard-to-tax
Taxing the Hard-to-tax

Author: James Alm

Publisher: Elsevier

Published: 2004

Total Pages: 375

ISBN-13: 0444516778

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In the developed and developing world, taxing certain kinds of activities, sectors or individuals - the so-called "hard-to-tax" - is a challenge for governments. This volume's goal is to take a hard, objective look at the different aspects of taxing the hard-to-tax, as well as at a variety of approaches that have been employed around the world.

Risk-Based Tax Audits
Risk-Based Tax Audits

Author: Munawer Sultan Khwaja

Publisher: World Bank Publications

Published: 2011-06-08

Total Pages: 157

ISBN-13: 0821387545

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"Revenue administration is a major interface between the state and its citizens. A good revenue administration is, therefore, an important attribute of good government. As a result, in recent years, policy makers have become increasingly aware of the importance of policies that will promote business development while ensuring voluntary tax compliance. In the modern context, it is neither desirable nor feasible to examine or inspect every single taxpayer. The revenue administration, therefore, has to rely on effective management of compliance. Promoting voluntary compliance, achieved through a self-assessment system in which taxpayers comply with their tax obligations without intervention from tax officials, requires developing modern approaches to audits based on risk management. The impact of audits critically depends on a properly designed audit selection strategy focused on high-risk taxpayers to provide the most cost-effective outcome. This, in itself, contributes to promoting voluntary compliance. Risk-based country audits: approaches and country experiences are an important study of this critical revenue function of compliance management."--Publisher's website.

The Optimal Turnover Threshold and Tax Rate for SMEs
The Optimal Turnover Threshold and Tax Rate for SMEs

Author: Feng Wei

Publisher: International Monetary Fund

Published: 2019-05-07

Total Pages: 34

ISBN-13: 1498312292

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Presumptive income taxes in the form of a tax on turnover for SMEs are pervasive as a way to reduce the costs of compliance and administration. We analyze a model where entrepreneurs allocate labor to the formal and informal sectors. Formal sector income is subjected either to a corporate income tax or a tax on turnover, depending on whether their turnover exceeds a threshold. We characterize the private sector equilibrium for any given configuration of tax policy parameters (corporate income tax rate, turnover tax rate, and threshold). Given private behavior, social welfare is optimized. We interpret the first-order conditions for welfare maximization to identify the key margins and then simulate a calibrated version of the model.