Tuesday, March 17, 2020

Taxation in Malta Essays

Taxation in Malta Essays Taxation in Malta Essay Taxation in Malta Essay Taxation refers to the compulsory transfer of resources from the private individuals, institutions or groups to the public sector. Taxation can be classified under two types: direct and indirect taxation. Taxes that are levied directly upon wealth, income and capital gains are called direct taxes. Indirect taxes are those, which are additionally charged on prices or on the quantity of goods sold. Official documents issued by the Maltese authorities give four main objectives to taxation in Malta. Ensure an adequate and regular flow of revenue to government To be adjusted in light of Maltas relation with European Union To stimulate saving and capital formation as well as direct investment and personal efforts into productive channels. To ensure that financial burdens be borne by those most able to carry them. Since Malta gained independence, we have experienced various changes in taxation policies, both on the income and expenditure side. In fact the affects of taxation can be divided under two main categories. These are the Micro and Macro affects. According to microeconomic theory, tax changes affect a persons willingness to supply effort. This happens because taxation affects the relative price of work and leisure. The Macroeconomic theory states that changes in taxation have impacts on consumption and saving-investment decisions, in turn affecting total revenue collection. In order to see how tax burden is influenced today one has to consider the taxation history of the country. This is so since taxation is not a static event. The following are the main events in the taxation history of Malta. The government needed a type of taxation that managed to collect revenue for the government over time. For this reason in 1973 the PAYE, -(Pay-as-you-earn) income and the Provisional Tax (PT) were introduced. In 1977, there was a reduction in the company tax rate of 5%. With the election of the Nationalist party in 1987 the government modified certain regulation in the income tax structure. The 2%, 5% and 7% marginal tax rates for married couples and the 2% for the unmarried taxpayer were abolished. In 1991 the maximum marginal income tax rates were lowered from 65% to 35%. At this point it was also possible to opt for a separate income tax assessment. This was important since it encouraged married females to participate formally in the labour force. Another modification was introduced on the company tax rate where this rate was adjusted to be equal to the highest marginal personal income tax rate of 35%. In this way the government eliminated the possibility of avoiding tax liabilities through company profit. In the last budget the income tax rates for the married were revised. Value added tax (Vat) was introduced in 1995, substituting to a great extent, customs duties. In 1996 a final withholding tax of 15 % was introduced on part-time work and the income tax system was integrated with the Childrens allowance transfer scheme. In the same year there was a change in government administration. This brought an alteration of the tax system. In fact VAT was replaced by a Customs and Excise tax system. This system consisted of a 5% Excise tax on products a 5% Excise on services and a 15% Excise tax on imports. In 1998 a new Final Settlement system (FSS) substituted the traditional PAYE tax collection system. The FSS is a system where each employees pay accordingly, leaving no amount owing or owed to government at the end of the year. This system was introduced in order to relieve the Inland Revenue Department from the burden of processing future tax revenue arrears. If we look at the figures of revenue from income tax, we can observe that it remained stable throughout the years, reaching a peak in the late seventies and decreasing at a moderate pace after. National insurance contribution varied in the range of 30 37% of total revenue. This can be seen in Appendix 1. In the nineties there was increased importance of licenses, taxes and fines. On the other hand, revenue from Customs and Excise, which was significant in the eighties and in the seventies, began to lose its share in the early nineties. In fact as we see in Appendix 1 Customs and Excise collapsed to 8% in the mid-nineties, when VAT replaced it. In our analysis we dont have the figures for the later years where we suppose that the removal of Vat in 1997 would have increased Customs and Excise values for the years following until the Introduction of VAT that was brought in the last election when the Nationalist party was appointed. We can observe a graph showing the total revenue collected in taxation in the following country. The graph shows the continuous growth in total tax revenue collected by the government from 1971 to 1995. In order to analyse the tax burden in Malta we have to be able to analyse if the Maltese economy is overtaxed or not. If we therefore speak of overtaxed economy we are implying that there exists an optimal tax. This tax can be used as a yardstick for reasons of comparison. In 1945 an economist named Clarke attempted to determine this rate. Together with Keynes, Clarke suggested that when total taxation exceeded 25 % of Gross Domestic Product (GDP), damaging pressures would follow. So we can explain this 25 % as the limit that an economy is able to support. This concept of having a limit, after which damaging pressures may crop up, is also found in the Laffer curve. Arthur Laffer derived this in the 1970s. The relationship that he focused was the one between tax revenue and tax rates. This can be shown in the figure below. Laffer curve The principal rationale underlying the Laffer curve, is that the optimal tax rate is that rate which maximizes tax revenue for the state. This is point M in the diagram. Below the optimal tax rate, an increase in the tax rate increase tax revenue, whereas above the optimal tax rate, an increase in the tax rate reduces tax revenue. This happens since higher rates discourage productive efforts. Being derived intertemporally, the Laffer curve assumes that the optimal tax rate is consistent overtime, and that such optimal tax rate corresponds to a maximum level of tax revenue, which is also by implication consistent over time. The optimal tax rate corresponds to a particular level of GDP that is consistent over time. However we know that a developing economy tends to grow over time. In fact the economy is continuously subject to trade cycle fluctuations, which influence the overall performance of the economy. This shows that the Laffer curve could be considered being a simplistic approac h. During the period 1960-1980, research of the Maltese scenario has suggested that the tax rate index and tax revenue were positively related and upward moving. If we transfer this analysis to the Laffer curve analysis we can say that the, Maltese economy was still below the maximum rate M. Therefore according to theory a rise in tax rates could yield additional revenues. In an analysis on the data of the Organization for Cooperation and Development (OECD), Michael Beenstock extrapolated a linear function, correlating the average tax rate and the GNP per head. In this way we can compare Maltas past tax indices with those for Europe. In 1976, According to these calculations, Malta obtained a 26% rate of tax. The actual rate was 24 %. This means that tax rate was 2 points below the OECD average. From these results we can say that Maltas tax rate was considered to be fair from an international point of view. In order to judge critically the overall tax burden in Malta there exists mainly two methods. The first method refers to a time serious analysis. This method consists of acquiring data from the Maltese scenario and making an intertemporal analysis using statistical techniques known as regression analysis. The other method consists of an international comparison. In this case one can also use regression techniques in order to derive an internationally equivalent tax rate for the Maltese economy for the year 1994. A countrys tax burden is estimated by dividing the total amount of taxes paid by the GDP, that is, (sigma) sigma taxes /GDP). If we consider the international tax structure, studies have indicated the existence of a progressive element. This means that richer countries pay proportionally more tax than the less well-off (Delia 1982). So we can fit a regression line relating a countrys tax burden to its GDP per capita, using data for different countries. The countries chosen are OECD countries. The following data for the OECD countries is shown below.

Sunday, March 1, 2020

What to expect from your book cover designer

What to expect from your book cover designer What to expect from your book cover designer You’ve written a brief and commissioned a designer. What’s next? In this guest post, bestselling book cover designer Simon Avery explains the process of working with a cover designer, from the first concepts up to the final payment.  Professional cover design is part of what makes a bestselling title. So it’s no wonder that successful indie authors are serious about the process. Once you’ve tracked down a cover designer you like, the first thing you’ll need is a good brief (which you can learn how to do with this guide). But after you've come to an agreement to work together, what comes next? Round One – The concept stageThe first and longest part of the process is the concept stage. In a nutshell, your book cover designer will take your brief and produce several potential ideas for a cover.Behind the scenesFor me, the concept stage takes between 1-2 weeks. In this time I create 10 or so designs, many of which will never see the light of day. The best 3-5 will be sent as concepts to the author to give a feel for how the final cover could look.In the concept stage I’m also doing a  number of things:Consulting image librariesA good designer will subscribe to a big selection of image libraries. This ranges from well-known libraries like iStock and Shutterstock to smaller specialist outlets. For example, I might consult a library that stocks edgy urban images. This also means my clients get pictures that are not in wide circulation. Image libraries charge for picture downloads. Some designers charge extra for this but I personally include it as part of my fee. The final concept stageArmed with the favourite concept, I then tidy up and polish. This is my favourite part of the process. I add any suggested changes. For example, an author might ask to change the eye colour of a character or make some element more or less prominent. For the most part, however, I’m just finalising the chosen concept ready to publish.The big finish!The cover is done and the author might use it to Tweet and gain social media prior to publication. When authors are happy with their cover they ‘sign it off’, meaning I forward them all the artwork and they pay me.Check out Simon Avery’s profile on Reedsy:  https://reedsy.com/simon-averyWant to learn more about Reedsy's book cover design professionals and how to work with them? Click here!

What to expect from your book cover designer

What to expect from your book cover designer What to expect from your book cover designer You’ve written a brief and commissioned a designer. What’s next? In this guest post, bestselling book cover designer Simon Avery explains the process of working with a cover designer, from the first concepts up to the final payment.  Professional cover design is part of what makes a bestselling title. So it’s no wonder that successful indie authors are serious about the process. Once you’ve tracked down a cover designer you like, the first thing you’ll need is a good brief (which you can learn how to do with this guide). But after you've come to an agreement to work together, what comes next? Round One – The concept stageThe first and longest part of the process is the concept stage. In a nutshell, your book cover designer will take your brief and produce several potential ideas for a cover.Behind the scenesFor me, the concept stage takes between 1-2 weeks. In this time I create 10 or so designs, many of which will never see the light of day. The best 3-5 will be sent as concepts to the author to give a feel for how the final cover could look.In the concept stage I’m also doing a  number of things:Consulting image librariesA good designer will subscribe to a big selection of image libraries. This ranges from well-known libraries like iStock and Shutterstock to smaller specialist outlets. For example, I might consult a library that stocks edgy urban images. This also means my clients get pictures that are not in wide circulation. Image libraries charge for picture downloads. Some designers charge extra for this but I personally include it as part of my fee. The final concept stageArmed with the favourite concept, I then tidy up and polish. This is my favourite part of the process. I add any suggested changes. For example, an author might ask to change the eye colour of a character or make some element more or less prominent. For the most part, however, I’m just finalising the chosen concept ready to publish.The big finish!The cover is done and the author might use it to Tweet and gain social media prior to publication. When authors are happy with their cover they ‘sign it off’, meaning I forward them all the artwork and they pay me.Check out Simon Avery’s profile on Reedsy:  https://reedsy.com/simon-averyWant to learn more about Reedsy's book cover design professionals and how to work with them? Click here!

What to expect from your book cover designer

What to expect from your book cover designer What to expect from your book cover designer You’ve written a brief and commissioned a designer. What’s next? In this guest post, bestselling book cover designer Simon Avery explains the process of working with a cover designer, from the first concepts up to the final payment.  Professional cover design is part of what makes a bestselling title. So it’s no wonder that successful indie authors are serious about the process. Once you’ve tracked down a cover designer you like, the first thing you’ll need is a good brief (which you can learn how to do with this guide). But after you've come to an agreement to work together, what comes next? Round One – The concept stageThe first and longest part of the process is the concept stage. In a nutshell, your book cover designer will take your brief and produce several potential ideas for a cover.Behind the scenesFor me, the concept stage takes between 1-2 weeks. In this time I create 10 or so designs, many of which will never see the light of day. The best 3-5 will be sent as concepts to the author to give a feel for how the final cover could look.In the concept stage I’m also doing a  number of things:Consulting image librariesA good designer will subscribe to a big selection of image libraries. This ranges from well-known libraries like iStock and Shutterstock to smaller specialist outlets. For example, I might consult a library that stocks edgy urban images. This also means my clients get pictures that are not in wide circulation. Image libraries charge for picture downloads. Some designers charge extra for this but I personally include it as part of my fee. The final concept stageArmed with the favourite concept, I then tidy up and polish. This is my favourite part of the process. I add any suggested changes. For example, an author might ask to change the eye colour of a character or make some element more or less prominent. For the most part, however, I’m just finalising the chosen concept ready to publish.The big finish!The cover is done and the author might use it to Tweet and gain social media prior to publication. When authors are happy with their cover they ‘sign it off’, meaning I forward them all the artwork and they pay me.Check out Simon Avery’s profile on Reedsy:  https://reedsy.com/simon-averyWant to learn more about Reedsy's book cover design professionals and how to work with them? Click here!

Thursday, February 13, 2020

Cross cultural management Essay Example | Topics and Well Written Essays - 1750 words

Cross cultural management - Essay Example The key messages that the author has tried to suggest in this article are that cross-cultural perception between supposedly similar groups in terms of similarity of national culture varies on the basis of the context in which the cooperation occurs between the groups (Heijes, 2011). The author asserts that power dynamics between different ethnic groups is one of the most fundamental drivers of the cross-cultural perception. Research along this line is a valuable aid that extends the understanding of the significant interrelationship between the culture and dynamics of power within organizations. The distinctive content of the article is that the author has achieved his objectives by compiling a comparative evaluation of the cross-cultural perception between two different ethnic groups. In the recent years, the number of cross-national studies has considerably increased, of which this research forms a part. The organizational research’s domain is getting increasingly internatio nal, thus raising concerns about the transportability of the models of social science across societies.The ethnic groups selected for the study were African Curacaoans and European Dutch. These groups were chosen in two organizations that operated in two different countries and the power dynamics of the selected organizations in their respective environments differed from each other. The author has used empirical evidence to demonstrate the way cross-cultural perception is influenced by differences of power. Â  ... Research along this line is a valuable aid that extends the understanding of the significant interrelationship between the culture and dynamics of power within organizations. The distinctive content of the article is that the author has achieved his objectives by compiling a comparative evaluation of the cross-cultural perception between two different ethnic groups. In the recent years, the number of cross-national studies has considerably increased (Renn and Rohrmann, 2000, p. 20), of which this research forms a part. The organizational research’s domain is getting increasingly international, thus raising concerns about the transportability of the models of social science across societies (Tsui, 2004). The ethnic groups selected for the study were African Curacaoans and European Dutch. These groups were chosen in two organizations that operated in two different countries and the power dynamics of the selected organizations in their respective environments differed from each o ther. The author has used empirical evidence to demonstrate the way cross-cultural perception is influenced by differences of power. Perception has been studied along two altering axes; the first of which was the external national context and the second was the internal organizational context. The author has studied the cross-cultural perceptions in Curacaoans and Dutch as well as in two organizations that were made part of the research; the police and the Internal Revenue Service (IRS). The author used these comparative case studies to offer a comprehensive account of the real-life cross-cultural perceptions between the selected ethnic groups so as to comprehend

Saturday, February 1, 2020

PreCalc PARAMETRIC PROJECT Essay Example | Topics and Well Written Essays - 500 words

PreCalc PARAMETRIC PROJECT - Essay Example hand, each of the hyperbolas of parametric curves (5), (6), and (7) consists of two regions that reflect each other’s opposite courses of motion (clockwise and counter-clockwise). Apparently, a parametric motion is governed by equations where a third variable ‘t’, known as the parameter, is introduced. One discovers and comprehends that, in dealing with problems involving parametric motion, the concept of working with parametric equations is quite impressive in the sense that these equations are plotted as a single graph designed to illustrate movement along the ‘x’ and movement along the ‘y’ (Dawkins). To this extent, there emerges clearer understanding of the motion of a point particle as it occurs in two dimensions simultaneously. No wonder parametric motion has been applied widely in kinematics or in other similar fields that require the scheme of observing point particles in terms of their displacements, velocities, and elapsed time (t) of travel. As such, a typical kinematic problem is parametrically characterized by a projectile whose parabolic (or semi-elliptical) trajectory depicts the object’s velocity a nd displacement (on 2-D xy-plane) as a function of

Friday, January 24, 2020

City of Angels :: essays papers

City of Angels The film City of Angels depicts the existence of an angel watching over a doctor who is deeply shaken by the loss of one of her patients, thus making the reality of angels on earth a possibility for me. Not only does this film make me seriously consider the existence of celestial beings, but I now believe in the possibility that a guardian angel is looking after me. The belief in such beings can be comforting during times of need and in matters of life and death. City of Angels portrays the grace of Heaven meeting the beauty of Earth. Two souls, one mortal and one celestial, must struggle with their willingness and their need to sacrifice everything familiar for the sake of love. Seth is the guardian angel who watches over Dr. Maggie Rice. After learning that it is possible for an angel to become mortal if his love for a woman is deep enough, he realizes the strength of his love for Maggie and agrees to fall from heaven to be with her. Until I watched City of Angels, the thought of invisible beings guiding and protecting me was not a major interest of mine. At the age of eight my uncle, whom I was very close to, passed away, and his death was tragic. Being young and not understanding the concept of death, I had endless questions. â€Å"Where do people go when they die?† â€Å"Is there really a heaven or hell?† â€Å"Are their souls still on earth, just not visible to humans?† Providing some explanation to my uncertainties, the scene in the film involving a library book with a mysterious origin suggests one method in which angels could convey subliminal messages. Seth leaves the book with a section marked for Maggie to consider the existence of angels around her. This scene gives me the sense of spiritual beings roaming earth after death. So where is my late uncle now? In contrast with the belief that a person’s soul travels to Heaven or Hell after death, I feel that my uncle’s soul is still nearby. It is clear that my uncle is my guardian angel. Similarly to the scene in City of Angels where Seth leaves the book on the nightstand to send a message, I have felt as though my uncle was present in a time of concern. City of Angels :: essays papers City of Angels The film City of Angels depicts the existence of an angel watching over a doctor who is deeply shaken by the loss of one of her patients, thus making the reality of angels on earth a possibility for me. Not only does this film make me seriously consider the existence of celestial beings, but I now believe in the possibility that a guardian angel is looking after me. The belief in such beings can be comforting during times of need and in matters of life and death. City of Angels portrays the grace of Heaven meeting the beauty of Earth. Two souls, one mortal and one celestial, must struggle with their willingness and their need to sacrifice everything familiar for the sake of love. Seth is the guardian angel who watches over Dr. Maggie Rice. After learning that it is possible for an angel to become mortal if his love for a woman is deep enough, he realizes the strength of his love for Maggie and agrees to fall from heaven to be with her. Until I watched City of Angels, the thought of invisible beings guiding and protecting me was not a major interest of mine. At the age of eight my uncle, whom I was very close to, passed away, and his death was tragic. Being young and not understanding the concept of death, I had endless questions. â€Å"Where do people go when they die?† â€Å"Is there really a heaven or hell?† â€Å"Are their souls still on earth, just not visible to humans?† Providing some explanation to my uncertainties, the scene in the film involving a library book with a mysterious origin suggests one method in which angels could convey subliminal messages. Seth leaves the book with a section marked for Maggie to consider the existence of angels around her. This scene gives me the sense of spiritual beings roaming earth after death. So where is my late uncle now? In contrast with the belief that a person’s soul travels to Heaven or Hell after death, I feel that my uncle’s soul is still nearby. It is clear that my uncle is my guardian angel. Similarly to the scene in City of Angels where Seth leaves the book on the nightstand to send a message, I have felt as though my uncle was present in a time of concern.