#Tax Law

[floral-ashes]

Math is the tax law of STEM. I will not elaborate.

[bitchesgetriches]

Would You Rather Owe Taxes or Get a Tax Refund This April? The Answer Might Surprise You!

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[alwaysbewoke]

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[socialjusticefail]

This article is talking about a tax law that was signed into in 2017 and took effect in 2022. The writer of this article looks into this laws impact on companies. Big companies (think Microsoft) are likely to be able to keep on the same path. Smaller companies would be hurt by this.

[pilawturkey]

Taxation of Remote Workers in Turkey: Essential Information for Foreigners

With the increase in remote work and the appeal of Turkey as a base, understanding taxation of remote workers in Turkey is essential for foreigners planning to work, live, or set up a business in the country. Turkey’s tax regulations impact foreign workers differently based on residency status, the source of income, and the duration of their stay. This article provides key insights into taxes in Turkey for foreigners, helping digital nomads, freelancers, and remote employees understand their tax obligations.

Overview of Turkish Tax Obligations for Foreigners

Turkey’s tax laws classify individuals as either resident or non-resident taxpayers, which plays a crucial role in determining tax obligations. Generally, those who stay in Turkey for over six months are considered residents and are subject to taxation on their global income, while non-residents are taxed only on Turkish-sourced income. The primary taxes affecting foreign remote workers include income tax, VAT (value-added tax), and corporate tax for entrepreneurs.

Foreign nationals are advised to work with professional tax consultants or legal advisors, especially because certain categories, like freelancers or employees working for foreign companies, may encounter additional complexity in meeting Turkish tax requirements.

Key Laws Governing Taxation in Turkey for Foreigners

Taxation in Turkey is based on a few core laws. The Income Tax Code applies to individuals earning in Turkey, including foreign residents. The Corporate Tax Code is relevant for business owners or freelancers registered as companies, while the Value Added Tax Code impacts goods and services transactions. For foreigners, Turkey’s digital nomad framework outlines responsibilities for those residing in Turkey but earning income from abroad.

Importance of Compliance with Tax Regulations

Foreigners working remotely or as freelancers in Turkey need to navigate these tax rules carefully. Failure to meet tax obligations can lead to serious consequences, such as fines, penalties, or legal action. Understanding Turkey’s taxation system, particularly for digital nomads or foreign freelancers, can help prevent unexpected tax liabilities. The guidance of tax advisors is often essential for those unfamiliar with the Turkish tax system, as they can help ensure that all compliance requirements are met.

Digital Nomad Tax Rules and Remote Work Permits

Currently, there is no specific “digital nomad visa” in Turkey; however, foreigners working remotely can stay on tourist visas initially. After this period, a residence permit is required, which may necessitate obtaining a work permit depending on the duration and nature of their stay. According to Turkish law, a work permit is also considered a residence permit, giving foreign nationals both the right to work and to reside in the country legally.

Foreigners should note that spending over six months in Turkey typically triggers residency status, which then requires filing income tax returns on worldwide earnings. This regulation applies even to those without work permits, highlighting the importance of understanding residency-based tax obligations.

Double Taxation Agreements and Tax Residency Rules

Turkey has agreements with several countries to prevent double taxation, which can help foreign workers avoid paying taxes on the same income in both their home country and Turkey. Double taxation treaties outline tax responsibilities for individuals based on their primary country of residence and income sources. These agreements are particularly beneficial for foreign nationals working remotely in Turkey for an international employer, as they may qualify for tax credits or exemptions under certain conditions.

Practical Steps for Tax Compliance

For foreign remote workers, staying compliant with Turkish tax rules means securing the right permits, if required, and keeping accurate records of income and expenses. They should ensure they have a tax identification number, a bank account for transactions, and if needed, register their business activities. Additionally, international tax agreements between Turkey and their home country can influence how their income is taxed.

Conclusion

Working remotely from Turkey offers numerous advantages, from cultural enrichment to diverse opportunities. However, it also brings tax obligations that should be carefully managed. Foreigners should understand their tax residency status, familiarize themselves with Turkish tax codes, and seek professional advice to ensure they meet all regulatory requirements.

In summary, taxes in Turkey for foreigners can vary widely based on individual circumstances, making professional assistance invaluable. By understanding taxation in Turkey for foreigners, remote workers can focus on their careers while staying fully compliant with Turkey’s tax laws.

[gwgaccountant]

I've seen a few memes about how being able to deduct property taxes on your taxes but not rent is class warfare. I agree with the spirit, but it mostly makes me think the people writing those memes don't actually know much about taxes.

On one hand, it's not specifically property taxes. You get to deduct all taxes you pay to state and local governments. You could say that rich people getting to deduct more taxes than poor people is class warfare, but that's true of all deductions to some extent, and the state/local tax deduction less than pretty much anything else. After all, the state/local tax deduction is limited to $10,000, no matter how much state income tax you paid.

On the other hand, home mortgage interest is also tax-deductible, without any umbrella rule that happens to include home mortgage interest, and without any cap on how much can be deducted.

[ghlawstudent]

27.02.2023

The semester started two weeks ago and it's been heavy. I've been studying so much already and i still feel like i'm behind on everything.

Also tax law... not my cup of tea, oh my...

[thistlehorse]

She’s getting ready to collect

[snkrfnd]

Here's an article from August 2, 2024 in the Associated Press

Here's analysis from Wolters Kluwer that dives into the case and the related SEC filings.

When you see a corporation not pay $16 BILLION in taxes, remember those corporations are funding Republican politicians who want you to be upset with immigrants and migrants.

[bitchesgetriches]

Hey bitches! I just did my taxes and they got me this year. They got me good and I'm furious. Thanks to an int 1099 form combined with my income it put me $3 over the IL cutoff for the earned income credit. $3. Thanks to $3 I got a federal return of $36 instead of one over $600. If I had made $3 less or my interest was $3 less I would have essentially gotten an entire paycheck for a return which I could really use right now. This is the first year this combo has done this. If it was a few hundred or more over it would sting less. But $3?!?!?????? Ugh!!!!!!

And I guess we'll see what happens next year. My fiance has gotten me set up with different investments and such in the past month which will come into play next year. 🙃

Yeah boo, I feel you. I had a 4-figure tax bill this year because of various technicalities. Just breathe deep, think of the children, and admire all those [checks notes] roads and bridges you're funding.

Also, this:

Taxes: Your Annual Fee for Membership in CivilizationDid we just help you out? Join our Patreon!

[acquisory]

Model GST Law – A Tax Law Transformation

The much awaited reform Goods and Service Tax Act 2016 will change the fundamental of Indian Taxation. The state wise VAT, the central excise, the service tax, all will be integrated into one legislation, known as Goods and Service Tax Act, 2016 (‘GST Act 2016’). The GST Act 2016 has been for the first time made public in June 2016 by the Indian Government. The government is planning to introduce the Act w.e.f. 1st April, 2017 and proposes to pass the 122nd Constitutional Amendment bill, 2014 in the upcoming monsoon session of the parliament. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.

The framework of GST is characterized by a marked shift from the present origin based taxation to that of consumption based. It is proposed to be levied on a wide base of goods and services and is likely to subsume a majority of existing taxes — excise duty, service tax, VAT, Central Sales Tax (CST), purchase tax, octroy, local body tax etc. Only few services of public importance are kept outside the purview of GST. The regime is expected to have an equally conducive regulatory effect on Foreign Direct Investment (FDI), allowing foreign manufacturing companies to also be able to reap benefits and thereby, steadily build confidence in investing in India. The transition to GST may change the way business is done in India and is widely expected to boost the country’s economy.

Background

The Constitution (122nd Amendment) bill, 2014 was introduced in Lok Sabha on December 19, 2014 and was passed in the House on May 6, 2015. Further, it was referred to a Select Committee of Rajya Sabha on May 14, 2015. The Bill amends the Constitution to enable Parliament and State legislatures to frame laws on the imposition of the Goods and Service Tax (GST). Consequently, the GST subsumes various central indirect taxes including the Central Excise Duty, Countervailing Duty, Service Tax, etc. It also subsumes state value added tax, octroi and entry tax, luxury tax etc.

The idea behind GST is to subsume all existing central and state indirect taxes under one value added tax, which will be levied on all goods and services. No good or service is exempt, and there is no differentiation between a good or service, whether as an input or as finished product. Under GST, tax paid on inputs is deducted from the tax payable on the output produced. This input credit set off operates through the manufacturing and distribution stage of production. The tax is collected only at the place of consumption. This design addresses cascading of taxes.

“Implementation of GST in India will integrate the existing line of taxes like Central Excise, Service Tax, Sales Tax, Value Added Tax etc. into one tax i.e. GST. Thus it will help to reduce or eliminate the multiple taxes currently being levied on products and services.”

Key Features

GST will create a single, unified Indian market to make the economy stronger. The basic aim of GST is to benefit the consumers as well as the Government, thus creating a win win situation for both. Some of the important features are-

The GST shall have two components: one levied by the Centre (Central Goods and Service Tax) and other levied by States (State Goods and Service Tax). Rates for Central GST and Sate GST would be prescribed appropriately, reflecting revenue considerations and acceptability. This dual GST model would be implemented through multiple statutes. However, the basis features of law such as chargeability, definition of taxable event and taxable person, measure of levy including valuation provisions, basis of classification etc. would be uniform across these statutes as far as practicable.

Ending of Multiple Layer of taxes — Implementation of GST in India will integrate the existing line of taxes like Central Excise, Service Tax, Sales Tax, Value Added Tax etc. into one tax i.e. GST. This will help in avoiding multiple taxes currently being levied on products and services.

Alleviation of Cascading taxation — Under the GST regime, the final tax would be paid by the consumer of the goods/services but there would be an input tax credit system in place to ensure that there is no cascading of taxes. GST would be levied only on the value added at every stage, unlike the present scenario wherein tax is also required to be paid on Tax in a few cases i.e. VAT is payable on Excise Duty.

Development of National Economy — With the introduction of a uniform taxation law across states and different sectors in respect to indirect taxes under GST, would make it easier to supply goods and services hassle-free across the country. This will not only help in removing economic distortions, promote exports and bring about development of a common national market but will also enhance tax — to — gross domestic product ratio and thus help in promoting economic efficiency and sustainable long term economic growth.

Increase in voluntary compliance — Under the GST regime, the process will be simple and articulate with a lessor scope for errors. As all the information will flow through the common GST network, it would make tax payment and compliances a regular norm with lessor scope for mistakes. It will only be upon the payment of tax, that the consumer will get credit for the taxes they pay on inputs. This will generate an automatic audit trail of value addition and income across the production chain, creating a unified base of tax…

Read More: https://www.acquisory.com/ArticleDetails/17/Model-GST-Law-%E2%80%93-A-Tax-Law-Transformation

[gwgaccountant]

I kinda hate this tweet, for two reasons.

First off, that's not how taxes work. The government does not know how much tax you owe before you file your return. It knows how much you were paid at any job that files a W-2, how much interest/dividends/pension/etc you were paid by an entity which sent you a 1099, whether you won enough gambling that the casino had to file a W-2G, how much tuition was reported on your 1098-T, and so on.

It might also know whether you have children, if the IRS asked the Social Security administration—but then again, it doesn't know whether they still qualify as your dependents. (For instance, if your kid vanished in May, you can't claim them as your dependent, and the IRS has no way of knowing that.) And there are some dependents who don't have social security numbers, or who aren't the children of the person claiming them.

For most people, the most important information has already been sent to the IRS. The government knows how much you earned at the office last year. But some people have substantial amounts of tax-relevant information that the IRS doesn't know, and most people have a little information like that. Not only does the IRS not know that, it can't know most of it without a level of surveillance that would make Oceania jealous.

Or, of course, if they ask for that information every year.

And that ties into the other reason the IRS needs you to file taxes every year. If all your relevant information was already sent to the IRS, your tax return serves as a signed document stating that there is no other relevant information. You didn't run a business of buying broken bikes and fixing them in your garage, you didn't start taking care of your grandma, you didn't go back to school.

I'm not saying the tax system is perfect; I know it's not! There's a lot of shit I would change if Biden appointed me King of the IRS. But out of all the valid criticisms you can make of the IRS, this is none of them.

...

Anyways, the second reason is that the explanation is just bad. It (incorrectly) explains the process of filing taxes, it (crudely) explains the consequences of not paying them, but it never explains what taxes are. Which is the question the tweeter's son asked.

[oh-my-damn]

I genuinely have no idea how this exam just went LMAO idk if it's absolutely terrible or good

4 hours for a tax law exam with two different cases to work over is just NOT enough ya girl was panicking to make it in time 😭

[ebizfilingindia-blog]

Understanding the Essential Clauses of Memorandum of Association: A Comprehensive Guide

The Memorandum of Association (MOA) is a key record that outlines the foundational structure of a business enterprise. It defines the connection between the agency, its shareholders, and the outside world.

In this comprehensive guide, we are able to explore the important Clauses of Memorandum of Association, losing light on their significance and prison implications for companies.

1. What is a Memorandum of Association (MOA)?

The MOA is a prison document required at some point of the incorporation of a organization. It comprises the company’s name, targets, and different essential details that define its scope and operational framework. The Clauses of Memorandum of Association dictate the enterprise's rights, powers, and duties, acting as a blueprint for the business enterprise’s functioning.

2. The Essential Clauses of Memorandum of Association

The MOA consists of six essential clauses that each enterprise have to encompass. These clauses make certain the business enterprise operates inside felony and regulatory frameworks. Below is an in depth breakdown of every clause:

2.1 Name Clause

The Name Clause specifies the felony call of the enterprise. This name ought to observe legal regulations, including including "Limited" or "Private Limited" for organizations registered below the Companies Act, 2013. It is vital to avoid any call that resembles an current employer or infringes on trademarks.

Importance: The call clause offers the organization a awesome identification and differentiates it from others inside the marketplace.

2.2 Registered Office Clause

The Registered Office Clause offers the kingdom or place wherein the organization’s authentic address is registered. This cope with is vital as all felony notices and correspondence are dispatched to this vicinity.

Legal Implication: The business enterprise ought to continually preserve its registered workplace up to date to ensure it receives crucial communications and avoids criminal complications.

2.3 Object Clause

The Object Clause outlines the primary motive for which the corporation is shaped. It defines the scope of the corporation’s activities and guarantees that the enterprise operates handiest in the defined objectives. Companies can't interact in activities past their object clause, or they chance being declared ultra vires, that means past the scope of their authority.

Importance:

The Object Clause protects shareholders and lenders with the aid of proscribing the corporation’s scope to specific sports.

2.4 Liability Clause

The Liability Clause defines the legal responsibility of the business enterprise’s shareholders. For organizations restricted by stocks, this clause specifies that shareholders' legal responsibility is limited to the unpaid amount on their stocks. In organizations confined through guarantee, the clause outlines the amount every member ensures to pay inside the event of enterprise dissolution.

Legal Implication: This clause safeguards shareholders through capping their monetary liability.

2.5 Capital Clause

The Capital Clause specifies the most quantity of capital that the agency can increase via the issuance of shares. It consists of the authorized proportion capital and the information of the sorts and range of shares a employer is permitted to trouble.

Importance: This clause governs the financial structure of the organization and provides transparency to shareholders and investors.

2.6 Association Clause

The Association Clause is a announcement made through the business enterprise’s founders (additionally known as subscribers) pointing out their intent to form the enterprise and abide via the rules outlined in the MOA.

Legal Relevance: This clause formalizes the established order of the organization and its adherence to the MOA’s terms.

3. Legal Implications of the Clauses in the Memorandum of Association

The Clauses of Memorandum of Association are legally binding and alter the organization's operations. Here’s why know-how those clauses is important:

Limited Powers: The clauses restrict the employer’s powers, making sure it operates within a felony framework.

Protection for Stakeholders: These clauses shield shareholders, creditors, and the public by way of defining clean recommendations on the company’s goals, capital, and liabilities.

Ultra Vires Doctrine: If a company undertakes activities beyond its Object Clause, such acts are deemed ultra vires, meaning the agency could face criminal movement or dissolution.

4. Alteration of Clauses in Memorandum of Association

Companies can also need to regulate the clauses of their MOA as they grow and evolve. However, altering those clauses calls for a unique resolution surpassed by shareholders and occasionally approval from the applicable authorities authorities, relying on the clause being modified.

Key Points: The Name Clause may be altered with Central Government approval. The Object Clause alteration requires a unique decision and approval from the Registrar of Companies (ROC). The Liability and Capital Clauses require shareholder consent and legitimate filings.

Conclusion

The Clauses of Memorandum of Association play a essential role in shaping a agency’s felony and operational framework. Each clause serves a particular reason, from defining the employer’s name and targets to restricting its liabilities. It is critical for groups to apprehend and comply with those clauses to operate lawfully and shield the hobbies of stakeholders.