Filipino seafarers are renowned for their skills and expertise, contributing significantly to the global maritime industry. As part of their employment, they often embark on voyages that may extend across multiple countries. To ensure fairness and transparency, many jurisdictions have implemented tax regulations that apply to seafarers’ income. In certain cases, double taxation may occur … Read more
When you invest in bonds, you’re essentially lending money to a company or government. In return, you receive regular interest payments and the repayment of your principal when the bond matures. Bonds can be either taxable or tax-free. Taxable bonds are subject to income tax on the interest payments, while tax-free bonds are not. The … Read more
Considering whether to purchase a taxi medallion involves weighing several factors. The value of medallions fluctuates depending on variables such as market demand, regulatory policies, and ride-sharing competition. The potential for profitability varies depending on the location and type of taxi service provided. Additionally, costs such as maintenance, insurance, and licensing fees must be accounted … Read more
The Carbon Tax Increase, implemented in multiple countries and regions around the world, is a government-imposed fee on activities that involve the release of carbon dioxide and other greenhouse gases into the atmosphere. This includes the burning of fossil fuels such as coal, oil, and natural gas, which contribute to climate change. The tax increase … Read more
. The Intriguing World of Taxidermy Humans Taxidermy, the art of preserving and mounting the bodies of animals, has been practiced for centuries. However, the preservation of human remains using taxidermy techniques is a relatively rare occurrence, known as “plastination.” Here, we delve into the history and intricacies of this fascinating practice. A Brief History … Read more
Land tax, an annual charge levied on landowners, is generally not deductible for income tax purposes. This means that individuals and businesses cannot reduce their taxable income by the amount of land tax they pay. However, there are a few exceptions to this rule, such as when the land is used for business or investment … Read more
An honorarium is a payment given for services rendered, but it is not considered wages or salary. In Canada, honorariums are generally taxable as income. This means that the recipient of an honorarium must report it on their tax return and pay taxes on it. However, there are some exceptions to this rule. For example, … Read more
Mileage allowance is a tax-free reimbursement employers give to employees who use their personal vehicles for business purposes. This reimbursement covers the costs of fuel, maintenance, and depreciation. Employees who receive a mileage allowance do not have to pay taxes on it, as long as the allowance is reasonable and does not exceed the actual … Read more
Sponsorships can qualify as tax-deductible expenses under certain conditions. If the sponsorship primarily benefits a qualified charitable organization and is not considered advertising or promotion, it may be eligible for a tax deduction. To be considered charitable, the sponsorship must be made to an organization recognized as a 501(c)(3) non-profit and must be used for … Read more
Retrenchment benefit is a lump sum payment provided to an employee who is terminated due to redundancy. It is intended to compensate the employee for the loss of income and the expenses incurred as a result of job loss. In some jurisdictions, retrenchment benefits are subject to income tax, while in others they are exempt. … Read more