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Small businesses in Ethiopia are taxed differently than individuals. Businesses are required to pay: "business income tax, windfall income tax, other income tax, turnover tax and excise tax." [17] Over 20% of all tax revenue in Ethiopia is derived from business profit tax, and 62% of all direct taxes consist of business taxation. [12]
The Ministry of Revenues and Customs Authority (Amharic: ገቢዎች ሚኒስቴር) is an Ethiopian government department responsible for collecting taxes and customs duties. It was established in 2008 under Proclamation No.916/2008 by reorganizing the former ministry Ministry of Capacity Building.
Unlike traditional tax payment methods where individuals write checks or transfer funds to the government, withholding taxes from paychecks renders the tax burden less salient. This "out of sight, out of mind" effect can lead to a perception of lower tax liability and may reduce feelings of resentment or resistance towards taxation.
Types of business loans with tax-deductible interest payments The interest on various types of business loans can potentially be used as a write-off. In some cases, there are rules surrounding how ...
The general rule is that no court permission is required for the IRS to execute a tax levy. [2] While the government relies mainly on voluntary payment of tax, it retains the power of levy to collect involuntarily from those who persistently refuse to pay. The IRS can levy upon wages, bank accounts, social security payments, accounts ...
Similarly, no business deduction is allowed "for any payment made, directly or indirectly, to an official or employee of any government [ . . . ] if the payment constitutes an illegal bribe or kickback or, if the payment is to an official or employee of a foreign government, the payment is unlawful under the Foreign Corrupt Practices Act of 1977."
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Sales taxes, tariffs, property taxes, inheritance taxes, and value-added taxes are different types of ad valorem tax. An ad valorem tax is typically imposed at the time of a transaction (sales tax or value-added tax (VAT)) but it may be imposed on an annual basis (property tax) or in connection with another significant event (inheritance tax or ...