SOME OF THE WEIRDEST TAX LAWS ACROSS THE WORLD (General)

1.  Hot air balloons that are tethered to the ground and stay there are taxed. Hot air balloons that are piloted "some distance downwind from the point of launching" do not have to pay the amusement tax. (United States)
2. As part of world cup bidding, host nations have to agree to exempt F.I.F.A and its subsidiaries from paying taxes. 
3. Compared to US, Europe is more protective of tech companies. However, due to the recent global economic crisis France has decided to impose "Google Taxes" which apply to any huge internet-based company. (France)
4. The Tax Justice Network concluded that Switzerland was the top-most tax haven globally, due to the level of confidentiality in revealing individuals' bank operations. The reason is that they have a law that was passed in 1934 making it a criminal offence to reveal identities of clients in banking. (Switzerland)
5. In Ireland,  artists are exempted from tax. This is in line with promoting composers, writers, sculptors, and visual artists. However, artists are obliged to file claims with Commissioners of Revenue to determine cultural merit, originality and creativity. (Ireland)

Source

http://www.cnbc.com/id/101418394

Quotable Quotes (Income Tax)

According to Albert Einstein, "The hardest thing in the world to understand is the income tax." But let's hang on, because it will always be there...so let's try and understand it a little so that it can benefit us.  

HOW TO COMPUTE DUTIES FOR IMPORTING CARS IN KENYA (Customs)

First things first and prior to showing how to do the above, note that this does not apply to (Lorries, Pickups, Motorcycles, Prime-movers, Trailers, Buses, and Bulldozers). These others will be handled later.

Firstly, obtain the C.R.S.P(Current Retail Selling Price), which the the current market price in Kenya for such a given model's brand new car. That you can get from the KRA website kra.go.ke on the section of Downloads>Customs Downloads> latest CRSP.

Secondly, you have to determine DEPRECIATION, which is based on the date of first registration as per the foreign logbook or Inspection Certificate e.g. JEVIC

Depreciation rates are as follows:

•  0-6 Months       5%
• Over 6 Months  10%
• 1-2 years           15%
• 2-3 years           20%
• 3-4 years           30%
• 4-5 years           40%
• 5-6 years           50%
• 6-7 years           60%
• 7-8 years           70%

Taking CRSP to be x and DEPRECIATION to be D, 

Then;  

        To determine the CUSTOMS VALUE (on which to determine DUTY)

       

        Customs Value = [(x/1.25)*(100%-D)/ 1.25/1.2/1.16]

DUTIES COMPUTATION

1. Import Duty

Import Duty = Customs Value*25%

Excise Value = Customs Value + Import Duty

2. Excise Duty

Excise Duty = Excise Value*20%

VAT Value= Excise Value + Excise Duty

3. VAT @ 16%

VAT at 16% = VAT Value*16%

Total Taxes = Import Duty (1) + Excise Duty (2) + VAT (3)

4. I.D.F Fees

I.D.F Fees = 2.25%*Customs Value

GRAND TOTAL DUTIES = Import Duty (1) + Excise Duty (2) + VAT (3) + I.D.F (4)

For any questions e-mail tax.xplained@gmail.com

• There is also this link I would recommend which goes further to show all other costs involved besides duty plus the software for computation http://www.ushurucalc.com/

Source

http://www.kra.go.ke/index.php/downloads/customs-downloads/customs-downloads