Concept Of Vat On Imported Services - 1819 Words

Concept of VAT on Imported Services in Nigeria Introduction: Value Added Tax (VAT) is a consumption tax payable on the goods and service consumed by any person, whether government agencies, business organizations or individuals. It is a consumption tax on economic operations including imports which in this context means goods and services brought form abroad into Nigeria. The target of VAT is consumption of goods and services and unless an item is specifically exempted under the VAT Act, Cap. V1, Laws of the Federation of Nigeria, 2004 (as amended by the VAT (Amendment) Act, 2007), the consumer is liable to the tax at the rate of 5%. Definitions: According to the FIRS information circular no. 9305 dated 5th November, 1993, â€Å"Nigeria†, for†¦show more content†¦Matters Arising: At different points in time in Nigeria, various issues have surrounded VAT administration since the enactment of the Value Added Tax Act, 1993 (later referred to as the â€Å"Act†) and the subsequent Value Added Tax (Amendment) Act, 2007, especially in relation to whether services rendered by a Non-Resident Company (NRC) to a Nigerian company are subject to VAT. This issue became pronounced in 2015 and 2016 when the Tax Appeal Tribunal (TAT), sitting in Abuja and Lagos handed down two conflicting decisions in Gazprom Oil Gas v FIRS (Gazprom) and Vodacom Business Nigeria Limited v FIRS (Vodacom) respectively Facts for consideration. Early in the year 2016, the Tax Appeal Tribunal sitting in Lagos gave his judgment in Vodacom v FIRS case. In this case, New Skies Satellites, a non-Nigerian company based in the Netherlands, entered into a contract for the supply of bandwidth capacities with Vodacom for its use in Nigeria. The Federal Inland Revenue Service (FIRS) assessed the transaction to VAT and issued a re-assessment notice based on the reverse charge mechanism- a system where persons subject to pay VAT are required to self-charge and remit to the FIRS in the event that the entity that rendered the relevant services failed to include VAT in the invoice it presented to the customer. Vodacom filed an appeal at the TAT challenging the re-assessment notice issued by FIRS1. InShow MoreRelatedAccounting Aspect of Value Added Tax in Bangladesh1634 Words   |  7 Pagesunderstand : âž ¢ The concept of Value added tax âž ¢ Characteristics of Vat âž ¢ Advantages and disadvantages of vat âž ¢ Contribution of Vat in Bangladesh âž ¢ some Important features of Vat in Bangladesh âž ¢ Charge of Value added Tax âž ¢ Who will pay the Vat ? âž ¢ Exemption from Vat âž ¢ Registration of Vat âž ¢ Offence and Penalties âž ¢ Accounting treatment at vat âž ¢ Vat authorities Accounting Treatment of VAT 1. Journal Entries for VAT Account : 1. When assetsRead MoreValue Added Tax And Implementing China Essay2371 Words   |  10 PagesUnited States now applied VAT. According to the research by OECD committee, consumption tax was a large source of tax revenues, and â€Å"the VAT accounted on average for 6.6% of GDP and 19.5% in total tax revenues in OECD countries in 2012,† which was the largest proportion (â€Å"Consumption tax trends 2014†). To become familiar with the performance and importance of the VAT, leaning the meaning and implementation of VAT in a specific country would be a effective way to know why VAT developed rapidly in theRead MoreEssay On Gst1329 Words   |  6 PagesGOODS AND SERVICES TAX IN INDIA (GST) – AN INSIGHT Abstract: India’s major tax reform is now realism. A comprehensive dual Goods and Services Tax (GST) has replaced the complex multiple indirect tax structure from 1st July 2017. Internationally, GST was first introduced in France and now more than 160 countries have further implemented GST/VAT in some form or other. In some countries, VAT is the substitute for GST, but conceptually it is a destination based tax levied on consumption of goods andRead MoreGrowing Up From An Economic Recession874 Words   |  4 Pagesvarious segments of the new tax policy. This policy mandates the government to impose taxes on consumer goods and services at all stages of production and distribution. Businesses can pass along a sizable percentage of the cost associated with the tax increase, which will subsequently form part of the final price consumers pay for both locally manufactured or imported goods and services. Debates on the policy started with very disturbing but somewhat interesting views being expressed by politicalRead MoreEssay about India and the Black Market4264 Words   |  18 Pagesfor making and receiving payments has reached a point that for buying even one small ball pen payment is made through credit / debit card. Similarly, payments for the sale and purchase of immovable property, various kinds of consumer goods and services beyond a certain stipulated amount should also be made mandatory through banking channels. While doing so, the Finance Minister will not only be plugging one of the biggest loopholes leading to tax evasion but would also reduce the need for readyRead MoreDeveloping an Effective and Efficient Tax System in a Developing Economy - a Case Study of Ghana29843 Words   |  120 Pages |45-46 | | 2.4.2 | |Government development agenda |46-55 | |2.5 | |The concept of change management |55 | | 2.5.1 | |The nature of organisational change |55 | | 2Read MoreFigaro Coffee5549 Words   |  23 Pages Figaro  -  Head  Office 5 Pine Street Corner Sheridan Street, Mandaluyong City02 637 5969 | Corporate Vision * We will be the preferred brand of specialty coffee of the international business traveler. Our products and unique style of service will leave a lasting impression among our customers. * We will be the investment of choice in the countries where our brand is represented thereby providing attractive returns to all our shareholders. * We will be a model employer thatRead MoreThe Cultural Challenges Of Doing Business Overseas Essays1983 Words   |  8 PagesThe major difference in Czech culture is that the family is the center of the social structure and the obligation to the family is one’s first priority. The Czech people are polite and reserved until a personal relationship is built. Some of their concepts include a logical, practical and efficient way of forward thinking to provide a sense of security through careful planning, in both business and personal life (commuicaid, 2007). The etiquettes and customs of Czech should be learned, because it isRead MorePaint Industry Analysis2202 Words   |  9 PagesMarch. Volumes get doubled compared to an average month. Industry is growing in-line with the GDP growth rate unless special developments occur (eg: construction boom). Average price level has shown a 8%-10% year on year growth. 99% dependence on imported raw materials. 2 Industry Overview In 2007, 41 establishments # 1343 persons involved in the industry # Only 5 establishments had more that 25 employees generated an output of Rs. 7,092,199,787 # 0.35 % of total manufacturing sector output (RsRead MoreZimbabwe Taxation2625 Words   |  11 Pageswhite minority as they raised money, enhanced their economy’s liquidity (cash wise, thus supporting the currency), facilitating further development of the white minority. The whole purpose of a tax system to benefit the people at large through the services provided by the government was rather defeated as the greater proportion of tax was paid by the black majority for the benefit of the white minority. Poll tax was also another type of tax introduced by the colonial authorities again aimed at the

sociology chapter 4 outline - 966 Words

Chapter – 4 Section – 1 importance of socialization 1. Socialization and personality a. Socialization – the process of learning to participate in a group a.i. Social life is being learned a.ii. Begins at birth and ends at death a.iii. Most important learning occurs at the beginning of life 2. How do we know socialization is important a. Compare socialized infants with isolated infants b. Experiments have been done with monkeys 3. How do monks react to social behavior? a. Harry Harlow – surrogate mother experiment pg.111 must read and notes contact and comfort b. Isolated monkey become distressed, apathetic, and withdrawn c. Can we generalize from monkeys to humans c.i. Risky but possible c.ii. Babies denied close contact†¦show more content†¦For the first time relationships with other care givers is impersonal a. Rewards and punishments are based on performance rather than affection b. Schools create a feeling of loyalty to something beyond family 2. Underlying the formal goals of school is the hidden curriculum a. The informal curriculum teaches discipline order cooperation and conformity b. Schools teach time management Peer groups 1. Only agent not controlled by adults a. A child belongs to several peer groups 2. Develop give and take relationships a. Independence from adults is promoted b. Development of self-expression c. Peer groups have more influence than family – children Mass media 1. Display role models for children to imitate 2. What about violence in mass media? a. By age 16 they will have seen 20,000 homicides on TV b. Studies show aggressive programs increase aggression in children Section 4 DE socialization and socialization 1. How does delocalization prepare for new learning? 2. People give up old norms, values and behaviors a. Total institutions – places in which people are separated from the rest of society 3. Accomplished in many ways: a. Replacing personal possessions with standard – issue items b. Use of serial numbers to ID people c. Loss of privacy d. Denied the use of given names 4. How does socialization begin? a. Once the self-concept has been broken down people adaptShow MoreRelatedSdffdgdfgfdg1230 Words   |  5 PagesPRINCIPLES OF SOCIOLOGY LECTURE SUMMER 2013 OUTLINE – 8 WEEKS LOCATION: ONLINE LECTURE HOURS/CREDITS: 3/3 Nancy Reeves, Adjunct Instructor nreeves@gccnj.edu College Center: B-142 (856) 468-5000 ext. 6423 Office Hours: By Appointment Only It is the responsibility of the student to review the Online Syllabus at: http://www.gccnj.edu/academics/liberal_arts/syllabi.cfm. Additional information provided includes Core Competencies, Student Learning Outcomes, Topical Outlines and GradingRead MoreWhat is Sociology?1169 Words   |  5 PagesIntroduction Sociology is described by Layder (2006, p.1) as being â€Å"How the encounters of everyday life and individual behaviour influence, and are influenced by, the wider social environment in which we live† Bauman May (2001. p.1) describe a visual image of the output of sociology, as being a â€Å"collection of books in a library†. The discussion within this collection broadly follows main concepts and perspectives, with many authors, but also of key peer tested Authors. I will initially outline the mainRead MoreInsight Into Human Behavior in Sociology827 Words   |  4 PagesSociology is the study of societies. Sociology analyses the various social phenomena, such as ethnicity, gender, and sexuality, to gain a better understanding of the dominating values [and norms] that underpin a society’s function and provides an individual with a sense of belonging or attachment. This insight into human behaviour, both as an individual and as part of a group, has been the foundation for sociological thinking in the past and is still relevant in understanding the present and futureRead MoreBriefly Outline the Distinctive Features of the Sociological Approach to Understanding Human Life and the Illustrate How You Would Use Sociology to Make Sense of Globalisation.1554 Words   |  7 PagesSociology is the systematic, sceptical and critical study of the way that people do things together .It’s not a science that simply lists facts and figures about society. Instead it becomes a form of consciousness, a way of thinking, a critical way of seeing the world. It welcomes you to challenge the obvious, to question the world as it is taken for granted and to de-familiarising the familiar. This is what empowers critical thinking which triggers the development of the understanding of the humanRead More Karl Marx Essay1742 Words   |  7 Pagesphilosopher stands out amongst the crowd, and that person is named Karl Marx (1818-1883). In this essay I aim to explore and critically assess his ideas, theories, and studies in his contribution to sociology, and if his ideas, theories and studies are useful to this contribution to sociology. Sociology began in the eighteenth and nineteenth centuries in Western Europe. Around this time, the political and economic systems in Europe were changing. Things like the Monarchy, (which was the rule ofRead MoreEssay on Dramaturgical Analysis1185 Words   |  5 Pageshow we want to be perceived, and may have the foundation to make that happen. But we cannot be sure of every interaction we will have throughout the day, having to ebb and flow with the conversations and situations as they happen. Adopted into sociology by Erving Goffman, he developed most terms and the idea behind dramaturgical analysis in his 1959 book The Presentation of Self in Everyday Life. This book lays out the process of human social interaction, sometimes called impression managementRead MoreWilliam Edward Burghardt Du Bois1252 Words   |  6 Pageshe had never been south before, this is where he first experienced racial prejudice and Jim Crow laws. After college, he went on to study in Berlin and receive both his masters and Ph.D. from Harvard University. Then, he began his great work in sociology. He published his first study not long after college called The Philadelphia Negro: A Social Study, and then started work as a professor at Atlanta University, where he gained acknowledgement for his being very publically opposed to Booker T. 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Rationale for the inclusion of the course/module in the programme Doing research is an important activity of the for today’s business environment. Business and economics students need to understanding basic concepts of business research methodologyRead MoreAnnotated Bibliography Of Family Life1412 Words   |  6 PagesThis book provides a very detailed and widespread overview of family life within New Zealand, by examining the factors which have changed and shaped family structure such as economic status, globalization, cultural traditions, etc. to clarify and outline the diversity of families. Baker discusses many theories of the differences of family life such as elaborating on social diversity, outlining the increase of personal satisfaction within marriage and the strongly gendered patterns of paid and unpaid

Analysis of Advertisement

Question: Discuss about the Analysis of Advertisement. Answer: Introduction: The aim of the paper is to identify two important external factors that significantly influence consumer purchasing behaviour. As pointed out by Danaher and Dagger (2013), there are a number of external factors that are indeed important to keep in mind at the time of designing an advertisement. Following are the two factors that might be used to improve the print advertisement of Cool Switch. Social class and lifestyle: The culture of Singapore is inclined towards the Western Culture in spites that the major population are Asian than include Malay, Indian, Chinese and to some extent the British. As stated by Aaker and Biel (2011), their cultural symbolism is associated with economic prosperity with a distinct ethnic culture. This particular print ad of Cool Switch the model has been portrayed as hard working and the body wear is helping the person to match the hardship that also help to perform better. An improvement is suggested in this perspective. Rather than portraying a single model, the advertisement would have used a couple or two models that would portray a culture of togetherness. There would have been two or more models who are working out together. This shall attract the attention of more target consumers (Danaher and Dagger 2013). The models should comprise of both males and females that would create a sense of sex role in the advertisement and will attract consumers from both sexes. The image of the models should be portrayed in a way that it by wearing the outfits of Cool Switch, they can maintain a social class and high life style. Word of mouth, social media, fashion: As already mentioned, the theme of the advertisement could be made more interesting rather than keeping it dull. If the image portrayed that a couple or two of the people are doing certain work out at the gym, it would have gained greater attention of the readers (Sraphin et al. 2016). It is a common trend that both boys and girls work out together at the gym and perhaps it is often found that they keep on trending the same over the social media. Thus, there remained a chance that the advertisement would have become a word of mouth of the readers and impacted Group and situational effects on consumer behaviour. Therefore, it can be easily said that by creating a thematic advertisement better improvement would have been made to the print ad. References: Aaker, D. and Biel, A., 2011.Brand equity advertising. 1st ed. Hillsdale, N.J.: Lawrence Erlbaum Associates. Danaher, P.J. and Dagger, T.S., 2013. Comparing the relative effectiveness of advertising channels: A case study of a multimedia blitz campaign. Journal of Marketing Research, 50(4), pp.517-534. Sraphin, H., Ambaye, M., Gowreesunkar, V. and Bonnardel, V., 2016. A marketing research tool for destination marketing organizations' logo design.Journal of Business Research, 69(11), pp.5022-5027.

Investigatory proj free essay sample

The researchers thought of using eggshell, styrofoam and gasoline as a sealant. To make the sealant, the researchers put the styrofoam in the gasoline and melted it by stirring the gasoline. After stirring, the pounded eggshell was mixed. The researchers conducted four experiments. The commercialized sealant and the eggshell sealant were observed in it’s durability, sealing ability, physical appearance and insolubility. The researchers observed the results and discovered that if the hole in the roof was lesser in diameter, it was durable and if the diameter was greater, the sealant was less durable. The researchers considered the time it took to dry. D. Introduction Today, rain is a big deal to everyone. If there are news that rain is coming soon, everyone often think that it is a new problem to be encountered. It maybe can cause landslides, floods or even can make everyone worried because of the holes in their roofs. We will write a custom essay sample on Investigatory proj or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In order to solve one of those problems, the researchers investigated about the eggshells with styrofoam and gasoline as a substitute to commercial sealant. The researchers came up with this problem because as the researchers observe in their houses now, plenty of their roofs had holes. Instead of buying commercial sealant, anyone can just recycle their styrofoam, eggshells and make it a sealant. The making of this substitute sealant can give a big benefit to the community especially the people who can’t afford to buy the commercialized sealant. It will also give a great for the school whenever there are styrofoams that will not be used. The school does not need to worry of what to do. It will also serve as a great help to the next generation of researchers whenever the next researchers would want to make a sealant. The next researchers could get ideas of this project so that it will be more effective ad be very easy to make. This study is only limited in the Styrofoam because styrofoam can be melted by the gasoline. People cannot just use any plastic material instead of Styrofoam because it can be melted by the gasoline. That’s why the researchers used Styrofoam. E. Review of Related Literature ?Can bonaw shells be an effective additive in preparing sealant? † This was the problem the researchers had found which was related to the researchers’ study. Katrina Loisse Cabugnason and Cocon Rusiana, the proponents of this study. The researchers conducted a study that bonaw shells(Callista erycina ) can be an effective additive in preparing sealant, which is cheap and easy to make. In testing the effectiveness of the sealant, two experiments were conducted. A commercialized sealant and the bonaw shell sealant were compared in terms of sealing ability and rate of time it took to dry up. The result showed that sealant from bonaw shell is as effective as the commercialized one. The researchers and the proponents of this study differ in shells that were used. The researchers used the eggshell while the proponents of this study used the bonaw shells. F. Procedure This research uses the following materials: Eggshells Cup with gasoline (250 ml) Styrofoam 1 empty sealed bottle (glass) 1 empty cup The researchers gathered their eggshells and styrofoam by asking from their relatives, friends, etc. They bought the gasoline that they use in the Gasoline Station. The researchers had the following steps: Gather the eggshells, styrofoam and the cup of gasoline. Pound the eggshells and put it in a cup. Dissolve the styrofoam to the cup of gasoline and stir it well. Mix the pounded eggshells to the cup of gasoline with styrofoam. Put the finish product in a glass. G. Results and Discussions Table 1 Durability of the sealant SEALANT DIAMETER AFTER 1 hr. AFTER 3 hrs. AFTER 5 hrs. Eggshell with sealant 0. 25 cm durable durable durable Commercialized sealant 0. 25 cm durable durable durable The Table 1 shows that in 0. 25 cm, eggshell and commercialized sealant are durable after 1,3 to 5 hrs. Table 2 Sealing Ability Kind of Sealant RESULT Eggshell sealant No leakage Commercialized sealant No leakage The Table 2 shows that the sealing ability of the commercialized sealant has no leakage as well as the eggshell sealant. Table 3 Physical Appearance (color and texture) KIND OF SEALANT COLOR TEXTURE Eggshell sealant pinkish with dotted white rough Commercialized sealant gray smooth The Table 3 shows the color of the eggshell sealant is pinkish with dotted white; it’s texture is rough while the eggshell sealant is gray and it’s texture is smooth. Table 4 Insolubility of each sealant KIND OF SEALANT Eggshell sealant insoluble Commercialized sealant insoluble The Table 4 shows that the eggshell and commercialized sealant are both insoluble when soaked in water for 45 mins. H. Conclusion The sealant made from eggshells is durable after 1,3 to 5 hrs. ,when applied in hole with 0. 25cm in diameter. It has a sealing ability with no leakage, pinkish with dotted white in color and rough in texture. It is insoluble when soaked in a water for 45 mins.. The commercialized sealant is durable after 1,3 to 5 hrs. when applied in hole with 0. 25 cm in  diameter. It has sealing ability with no leakage, gray in color and smooth in texture. It is insoluble when soaked in water for 45 mins.. Therefore the researchers concluded that the eggshells with Styrofoam and gasoline can be substitute to commercial sealant which makes the first affirmative hypothesis to be accepted. I. Recommendation The researchers recommended this project to the next generation of researchers as a guide and for the betterment of the project. The researchers also recommend the next researchers to conduct further experiment to improve the product.