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The United States of America has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2010, taxes collected by federal, state, and municipal governments amounted to 24.8% of GDP. In the OECD, only Chile and Mexico are taxed less as a share of their GDP.
A flat tax is a tax with a single rate on the taxable amount, after accounting for any deductions or exemptions from the tax base. It is not necessarily a fully proportional tax. Implementations are often progressive due to exemptions, or regressive in case of a maximum taxable amount. There are various tax systems that are labeled "flat tax" even though they are significantly different. The defining characteristic is the existence of only one tax rate other than zero, as opposed to multiple non-zero rates that vary depending on the amount subject to taxation.
An automated teller machine (ATM) or cash machine is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, or account information inquiries, at any time and without the need for direct interaction with bank staff.
Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY, is a multinational professional services network with headquarters in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers, it is considered one of the Big Four accounting firms. It primarily provides assurance, tax, consulting and advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting.
An offshore bank is a bank regulated under international banking license, which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale, can be referred to as offshore financial centres. Since OFCs often also levy little or no tax corporate and/or personal income and offer, they are often referred to as tax havens.
Bank of Ireland Group plc is a commercial bank operation in Ireland and one of the traditional 'Big Four' Irish banks. Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Bank of Ireland, the ancient institution established by Royal Charter in 1783.
Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the "Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an extensive network of branches and ATMs in England and Wales and offers 24-hour telephone and online banking services. As of 2012 it has 16 million personal customers and small business accounts.
Danske Bank, formerly known as the National Irish Bank, is a bank operating in the Republic of Ireland. The bank is a subsidiary of the Danske Bank Group which is headquartered in Copenhagen.
An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer.
A receipt is a document acknowledging that a person has received money or property in payment following a sale or other transfer of goods or provision of a service. All receipts must have the date of purchase on them. If the recipient of the payment is legally required to collect sales tax or VAT from the customer, the amount would be added to the receipt and the collection would be deemed to have been on behalf of the relevant tax authority. In many countries, a retailer is required to include the sales tax or VAT in the displayed price of goods sold, from which the tax amount would be calculated at point of sale and remitted to the tax authorities in due course. Similarly, amounts may be deducted from amounts payable, as in the case of taxes withheld from wages. On the other hand, tips or other gratuities given by a customer, for example in a restaurant, would not form part of the payment amount or appear on the receipt.
A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated "PAN card", by the Indian Income Tax Department, to any "person" who applies for it or to whom the department allots the number without an application. It can also be obtained in the form of a PDF file.
A tax refund or tax rebate is a payment to the taxpayer when the taxpayer pays more tax than they owe.
Taxation in the Republic of Ireland in 2017 came from Personal Income taxes, and Consumption taxes, being VAT and Excise and Customs duties. Corporation taxes represents most of the balance, but Ireland's Corporate Tax System (CT) is a central part of Ireland's economic model. Ireland summarises its taxation policy using the OECD's Hierarchy of Taxes pyramid, which emphasises high corporate tax rates as the most harmful types of taxes where economic growth is the objective. The balance of Ireland's taxes are Property taxes and Capital taxes.
The Shetab system is an electronic banking clearance and automated payments system used in Iran. The system was introduced in 2002 with the intention of creating a uniform backbone for the Iranian banking system to handle ATM, POS and other card-based transactions.
Taxation in Iran is levied and collected by the Iranian National Tax Administration under the Ministry of Finance and Economic Affairs of the Government of Iran. In 2008, about 55% of the government's budget came from oil and natural gas revenues, the rest from taxes and fees. An estimated 50% of Iran's GDP was exempt from taxes in FY 2004. There are virtually millions of people who do not pay taxes in Iran and hence operate outside the formal economy. The fiscal year begins on March 21 and ends on March 20 of the next year.
Westpac Banking Corporation, known simply as Westpac, is an Australian bank and financial services provider headquartered in Sydney, Australia. Established in 1817 as the Bank of New South Wales, it acquired the Commercial Bank of Australia in 1982 before being renamed shortly afterwards. It is one of Australia's "big four" banks and is Australia's first and oldest banking institution. Its name is a portmanteau of "Western" and "Pacific".
Taxation in Israel include income tax, capital gains tax, value-added tax and land appreciation tax. The primary law on income taxes in Israel is codified in the Income Tax Ordinance. There are also special tax incentives for new immigrants to encourage aliyah.
Banking secrecy, alternately known as financial privacy, banking discretion, or bank safety, is a conditional agreement between a bank and its clients that all foregoing activities remain secure, confidential, and private. Most often associated with banking in Switzerland, banking secrecy is prevalent in Luxembourg, Monaco, Hong Kong, Singapore, Ireland, Lebanon and the Cayman Islands, among other off-shore banking institutions.
A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Indian tax forms are used to document information in compliance with the Income Tax Act of 1961 and in accordance with the Income Tax Rules, which govern the process of filing income tax returns in India.
References
- ↑ Lodgements & Withdrawals Archived 2009-12-08 at the Wayback Machine , Anglo Irish Bank, Retrieved 2009-11-24
- ↑ How banking works in Ireland: Bank Lodgements and Credit Transfers (Giros)...in Ireland Archived 2010-02-02 at the Wayback Machine , Bankhawk Banking Solutions, Retrieved 2009-11-24
- ↑ Electronic lodgment service Archived 2013-10-25 at the Wayback Machine , Australian Taxation Office, Retrieved 2013-10-23
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