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Lump-sum payments to departing employees
Business, Lawalliance Limited Company, Published on 12/07/2016
» When employment comes to an end, whether due to retirement, redundancy or voluntary resignation, the employer may need to make a lump-sum payment to the employee. As the lump sum could be all that a retired employee has left to live on, or a fund to be used during the vocational transition, the law helps to ease the tax burden by allowing a special calculation so that it is taxed separately from other income.
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Your RMF and the law: keep all your papers in order
Business, Lawalliance Limited Company, Published on 30/05/2017
» The great economist Adam Smith once outlined four canons of taxation, one of which is certainty, or as he put it: "The tax which each individual is bound to pay ought to be certain and not arbitrary." This means that where the law denotes what tax should be collected from the taxpayer, there should be no interpretation required to expand the scope of the tax to be collected.
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