Tax Concessions

Tax Concessions


complete or partial exemptions from taxes enjoyed by legal and physical persons.

Tax concessions are established by the state. Both in precapitalist formations and under capitalism, tax concessions have been enjoyed primarily by representatives of the ruling classes. In many capitalist states, for example, high nontaxable minimums and special additional deductions are used in calculating the inheritance tax.

In the socialist countries, such factors as form of ownership, size and source of income, and personal taxpaying category are taken into account in determing tax concessions. In the USSR, for example, cooperative enterprises and kolkhozes are entirely exempt from taxes on certain types of income. The income tax provides for a nontaxable minimum income of up to 60 rubles a month. In 1972, in a number of regions of the country where the minimum wage of production and office workers was raised to 70 rubles a month, the nontaxable minimum was also raised to this level and the tax rate on wages up to 90 rubles a month was decreased on the average by more than one-third.

Also exempt from taxation are pensions; awards for discoveries, inventions, and efficiency proposals of not more than 1,000 rubles; awards that accompany Lenin, State, and Lenin Komsomol prizes; and gains acquired through state bonds and lotteries. Tax concessions are also given to citizens with large families and to invalids. Certain objects of taxation, such as unusable parcels of land and certain types of property or building, are tax exempt. In a number of cases, tax concessions are established to stimulate particular types of production or manufacturing.


References in periodicals archive ?
Five businesses in the Adelaide Hills region will this week receive rebates of up to $9600 each, as part of the rollout of State Government payroll tax concessions.
Bell Pottinger - whose motto on its website is "Better reputations, better results" - is believed to be lobbying on Sri Lanka's behalf in Brussels, following an EU decision to withdraw special tax concessions called GSP Plus.
He is the brand ambassador for Modi who gave his film Paa tax concessions to the tune of Rs 8- 10 crore," Setalvad said.
The bank's chairman and managing director S Sridhar said that INR30bn will be raised through zero-coupon bonds and INR10bn via retail deposits, for which it will seek tax concessions from the federal government.
CHANCELLOR Alistair Darling is set to allow some tax concessions in a bid to prevent a business exodus from the UK.
Isuzu's plan is to make the Rodeo range as car-like as possible in a bid to increase its share of the expanding pick-up market that is being fuelled by tax concessions.
The Government must bring in tax concessions for first-time buyers and builders - or face the roof collapsing on our young people.
Sales of the current Ranger have more than doubled since the turn of the decade, boosted by favourable tax concessions for users.
The tax concessions made to air travel will probably have been removed and patterns of air travel as we understand them now, will be in a process of change, since it will no longer be so affordable.
Carlisle has been operating in Trinidad as a free zone company for the past eight years, they have benefited from tax concessions, no duty, that kind of thing and we couldn't stand by and allow them too pull out of this country if they are liable to 470 workers in Pt Fortin," he said.
But Hsu said the plan has been aborted because the terms of land and tax concessions offered by Shanghai were more attractive.
However, they have given the Government until midday tomorrow to back down over a decision not to grant tax concessions or the protests will start on Friday.