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Government accounting refers to the field of accounting that specifically finds application in the public sector or government. A special field of accounting exists because: The objectives to which accounting reports to differ significantly from that for which generally accepted accounting practice has been developed for in the private ...
The winning tax farmers (called publicani) paid the tax revenue to the government in advance and then kept the taxes collected from individuals. The publicani paid the tax revenue in coins, but collected the taxes using other exchange media, thus relieving the government of the work to carry out the currency conversion themselves. [1]
Tax Farming is where a government grants persons the right to collect taxes and turn them over to the government. Tax holiday is a policy where certain taxes are not collected for a period of time. Tax-free shopping is a policy where visitors to a country can get their sales taxes or other taxes refunded.
The Internal Revenue Code governs the application of tax accounting. Section 446 sets the basic rules for tax accounting. Tax accounting under section 446(a) emphasizes consistency for a tax accounting method with references to the applied financial accounting to determine the proper method. The taxpayer must choose a tax accounting method ...
A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...
A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. [1] [2] Depending on the jurisdiction, revenue services may be charged with tax collection, investigation of tax evasion, or carrying out audits. [3]
A mid-level accounting position between junior accountant and senior accountant. At public accounting firms, staff accountant may be an entry-level position. Staff accountants typically have bachelor degrees but are not necessarily Certified Public Accountants. Typical duties of a staff accountant include preparing journal entries and ...
In modern times, tax revenue is typically the primary source of revenue for a government. [1] Types of taxes recognized by the OECD include taxes on income and profits (including income taxes and capital gains taxes), social security contributions, payroll taxes, property taxes (including wealth taxes, inheritance taxes, and gift taxes), and ...