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The Effect of Tourism Taxation on Tourists Budget Allocation PDF

   

Added on  2021-01-01

13 Pages3549 Words137 Views
Political Science
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The Effect of Tourism Taxation on Tourists Budget Allocation PDF_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Demonstrating the taxation system which would be effective in governing economicoperations of country in context with Ford Motor PLC..............................................................1Comparing the taxation system stated in different countries......................................................3TASK 2............................................................................................................................................4Exploring the taxation liabilities for unincorporated organisations............................................4Application of models and formula for interpreting data and determining the taxationliabilities for unincorporated organisation..................................................................................6TASK 3............................................................................................................................................7Exploring the taxation liabilities for incorporated organisation.................................................7Determining the taxable liabilities for Ford Motor PLC.............................................................8TASK 4............................................................................................................................................8Analysing the key legal and ethical constraints on different organisations................................8Application of Key legal and ethical constraints......................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
The Effect of Tourism Taxation on Tourists Budget Allocation PDF_2

INTRODUCTIONTaxation is a method through which a legislative authority in any economy levy taxes onthe income generated by a person or a corporation. It helps in bringing stability in the economyas per generating appropriate amount for reserves and revenue through taxable collection. In thepresent report, there will be discussion based on taxation system and policies which have beenadopted and governed by various countries such as UK, US and Hungary. In context with thecase scenario of Ford Motor PLC (an automotive industry) on which there has beenascertainment of taxable income of Henry ford as per income tax as well as corporate tax of theorganisation. This assignment will achieve information regarding the taxation liabilities for theunincorporated and incorporate organisations as well as demonstrate the legal and ethicalenvironment of various countries as per considering the taxation.TASK 1 - Demonstrating the taxation system which would be effective in governingeconomic operations of country in context with Ford Motor PLCIntroduction to Ford Motor PLC:Ford is a multinational Automotive industry and have been headquartered in Dearborn,Michigan. The company is being engaged in producing the large number of automotive designswhich includes luxury cars, SUV, Hatchback etc. It has been operating in many nations and haveemployees more than 213,000. Moreover, in the present report, there will be analysis over thetaxation system adopted by the branches of Ford in Hungry, UK and US.Taxation and taxation system (direct and indirect):Taxation is the compulsory levy of charges on the income and profits generated bycorporation which have been collected by the government. However, the motive behind such taxcollection is basically for generating the revenue, reserves and funds for utilising in developingthe economy as well as directing the operational growth of the economy.On the other side, in relation with considering the taxation system in any nation therehave been influences of various charges which were being levied on the purchase and sales ofproducts and services as well as revenue generated by the professionals for making adequateascertainment of profitable gains (von Ehrlich and Radulescu, 2017). These are being classified1
The Effect of Tourism Taxation on Tourists Budget Allocation PDF_3

in direct and indirect charges levied on the income such as Sales tax, value added tax, inheritancetax, income tax, corporate tax, national insurance cover etc.Defining the taxation system in UK and explaining the Direct and indirect taxesUK has been denoted as a well-developed nation and have influences of various laws andlegislations which are being useful for performing the adequate taxation practices in the country(Song, Seetaram and Ye, 2019). The main taxation authority is being based on regulationimposed by HMRC in which are mainly based on collection for direct taxes levied on the incomeand profit generated by an individual or an organisation. On the other side, the local governmentin UK is governing the indirect taxes.TaxesExplanationDirect taxesIncome taxThese are the taxes which have been charged on theincome generated by a person through self-employment, employment in organisation as well asthrough capital gains. These are in direct control ofcentral government and HMRC.Corporate taxThese taxes are being charges on the revenuegenerated by businesses in respect with operatingthe business operations in the market (Gemmell andet.al., 2018). However, in relation with the casestudy there have been differences in the corporatetax charged on Ford Motor Plc in various nationssuch as Hungry at 9%, USA at 21% and UK at 20%.Inheritance taxThis are the levies on the real estate of anyindividual and organisation. It includes property,money and possession of a person after the death ofmain owner. Therefore, these are the taxes whichhas to be given by the beneficiary in HMRCCapital gain taxThese are the taxes which have been levied on theassets which have been sold by a person or abusiness (Direct and indirect taxes, 2019).2
The Effect of Tourism Taxation on Tourists Budget Allocation PDF_4

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