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Transfer Tax
A transfer tax is a tax on the passing of title (property), title to property from one person (or entity) to another. In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property from one entity to another. This kind of tax is typically imposed where there is a legal requirement for registration of the transfer, such as transfers of real estate, share (finance), shares, or bond (finance), bond. Examples of such taxes include some forms of stamp duty, real estate transfer tax, and levies for the formal registration of a transfer. In some jurisdictions, transfers of certain forms of property require confirmation by a Notary public, notary. While notarial fees may add to the cost of the transaction, they are not a transfer tax in the strict sense of the term. UK In England and Northern Ireland, property transfers between living persons or other legal entities incur a Stamp duty in the United Kingdom#Stamp Duty Land Tax, Stam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title (property)
In property law, title is an intangible construct representing a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership. Conveyance of the document (transfer of title to the property) may be required in order to transfer ownership in the property to another person. Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it (for example squatting). In many cases, possession and title may each be transferred independently of the other. For real property, land registration and recording provide public notice of ownership information. '' Possession'' is the actual holding of a thing, whether or not one has any right to do so. The '' right of possession'' is the legitimacy of possession (with or wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the Tax exemption, exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Value-added tax#Comparison with sales tax, Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final good, final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the cer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transfer Tax
A transfer tax is a tax on the passing of title (property), title to property from one person (or entity) to another. In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property from one entity to another. This kind of tax is typically imposed where there is a legal requirement for registration of the transfer, such as transfers of real estate, share (finance), shares, or bond (finance), bond. Examples of such taxes include some forms of stamp duty, real estate transfer tax, and levies for the formal registration of a transfer. In some jurisdictions, transfers of certain forms of property require confirmation by a Notary public, notary. While notarial fees may add to the cost of the transaction, they are not a transfer tax in the strict sense of the term. UK In England and Northern Ireland, property transfers between living persons or other legal entities incur a Stamp duty in the United Kingdom#Stamp Duty Land Tax, Stam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnover Tax
A turnover tax is similar to VAT, with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax, typically on an ad valorem basis, applicable to a production process or stage. For example, when manufacturing activity is completed, a tax may be charged on some companies. Sales tax occurs when merchandise has been sold. By country In South Africa, the turnover tax is a simple tax on the gross income of small businesses. Businesses that elect to pay the turnover tax are exempt from VAT. Turnover tax is at a very low rate compared to most taxes but is without any deductions. In Ireland, turnover tax was introduced in 1963 and followed by wholesale tax in 1966. Both were replaced in 1972 by VAT, in preparation for Ireland's accession to the European Communities, which prohibited both taxes. See also * Cascade tax * Goods and Services Tax * Gross receipts tax * Sales tax * Turnover tax in the Soviet Union * Value-added tax A value-added t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stamp Duty
Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). Historically, a physical revenue stamp had to be attached to or impressed upon the document to show that stamp duty had been paid before the document was legally effective. More modern versions of the tax no longer require an actual stamp. The duty is thought to have originated in Venice in 1604, being introduced (or re-invented) in Spain in the 1610s, the Spanish Netherlands in the 1620s, France in 1651, and England in 1694. German economist Silvio Gesell proposed in 1891 that demurrage currency could be enabled by stamp duties, which would in turn stimulate economic growth. Gesell referred to this monetary policy as Freigeld. Usage by country Australia The Australian Federal Government does not levy stamp duty. However, stamp duties are levied ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spahn Tax
A Spahn tax is a type of currency transaction tax that is meant to be used for the purpose of controlling exchange-rate volatility. This idea was proposed by Paul Bernd Spahn in 1995. Early history The initial idea for a currency transaction tax is attributed to James Tobin in 1972, a concept now known as a Tobin tax. On 16 June 1995 Spahn, in his analysis of the original idea, concluded that the concept was not viable and suggested an alternative solution to the problem of managing exchange-rate volatility. Concept According to Spahn, "Analysis has shown that the Tobin tax as originally proposed is not viable and should be laid aside for good." Furthermore, he believes that "it is virtually impossible to distinguish between normal liquidity trading and speculative 'noise' trading. If the tax is generally applied at high rates, it will severely impair financial operations and create international liquidity problems, especially if derivatives are taxed as well. A lower tax r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Tax
International tax law distinguishes between an estate tax and an inheritance tax. An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. Inheritance taxes vary widely between countries. History There was a steep increase in the number of countries that implemented inheritance taxes throughout the 19th and early 20th century. From 1960 onwards, inheritance taxes declined in prevalence as numerous countries repealed theirs. For historical reasons, the term "death duty" is still used colloquially (though not legally) in the UK and some Commonwealth countries. The estate tax in the United States is sometimes referred as "death tax". Other taxation applied to inherita ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction Tax
A financial transaction tax (FTT) is a levy on a specific type of financial transaction for a particular purpose. The tax has been most commonly associated with the financial sector for transactions involving intangible property rather than real property. It is not usually considered to include consumption taxes paid by consumers. A transaction tax is levied on specific transactions designated as taxable rather than on any other attributes of financial institutions. If an institution is never a party to a taxable transaction, then no transaction tax will be levied from it. If an institution carries out one such transaction, then it will be levied the tax for the one transaction. This tax is narrower in scope than a financial activities tax (FAT), and is not directly an industry or sector tax like a Financial stability contribution (FSC), or "bank tax", for example. These distinctions are important in discussions about the utility of financial transaction tax as a tool to select ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Transaction Tax
A currency transaction tax is a tax placed on the use of currency for various types of transactions. The tax is associated with the financial sector and is a type of financial transaction tax, as opposed to a consumption tax paid by consumers, though the tax may be passed on by the financial institution to the customer. Types of currency transaction taxes Currency transaction taxes have been proposed as taxes on domestic currency usage as part of the automated payment transaction (APT) tax and on international currency transactions, the Tobin tax and the Spahn tax. APT tax The automated payment transaction (APT) tax was first proposed in Buenos Aires at the International Institute of Public Finance Conference by Edgar L. Feige in 1989 and an extended version of the proposal appeared in Economic Policy in 2000. The APT tax proposal is a generalization of the Keynes tax and the Tobin tax. The APT tax consists of a small flat tax levied on all transactions. The tax is automat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
