Evaluate the Effectiveness of the Regulatory Regime in a...

Evaluate the effectiveness of the regulatory regime in a selected market of your choice In this task I will be evaluating the effectiveness of the regulatory regime in a selected market; I will be doing this by identifying a market or industry in the UK business market and researching on the existing regulatory regime governing that particular market. I will also analyse critically how effective it has been implemented and if it is achieving its purpose. I will also discuss its successes and failures and make recommendations as to how it can be more effective. The market that I have chosen to use and show the effectiveness of its regulatory regime is the finance industry. For my industry I will be looking at financial banks, I have†¦show more content†¦These rates tend to change depending on the economy and are a vital tool of monetary policy. The Bank of England influences the interest rates into the UK financial markets as there is daily intervention in the London money markets. Every day there are huge flows of money from the government to banks and vice versa, it is mostly money flowing from the banks to the government and is a continuous cycle resulting into a shortage in the market every day. The BOE is the main provider of liquidity to the wider financial system and so can therefore chose the interest rate it wishes to charge to financial institutions requiring money. The interest rate which the BOE has decided to use is then passed on influencing interest rates in the whole economy. The Bank of England interest rate is effectively being implemented as they have been able to maintain the 0.5% over 3 years meaning they are able to work well with this rate lending to a lot more enterprises, influencing other interest rates on for example mortgages and the rates on offer to savers and is achieving and committed to prom oting and maintain monetary and financial stability as its contribution to a healthy economy. Another way the Bank of England has been effective in implementing the interest rates is by making decisions with the Monetary Policy Committee, the MPC have to takeShow MoreRelatedImpact of Job Analysis on Job Performance: a Study of Public Sector Organizations of Pakistan25727 Words   |  103 Pageson the basis of the opinions of the employees of public sector regulatory authorities. A survey questionnaire was designed and pre-tested. The study was carried out by taking a sample size of 568 employees of Pakistan public sector regulatory authorities from Pakistan Telecommunication Authority (PTA), Oil and Gas Regulatory Authority (OGRA), National Electric Power Regulatory Authority (NEPRA), Pakistan Electronic Media Regulatory Authority (PEMRA), Securities and Exchange Commission of PakistanRead MoreOecd Principles of Corporate Governance19712 Words   |  79 Pages « OECD Principles of Corporate Governance 2004  © OECD, 2004.  © Software: 1987-1996, Acrobat is a trademark of ADOBE. All rights reserved. OECD grants you the right to use one copy of this Program for your personal use only. Unauthorised reproduction, lending, hiring, transmission or distribution of any data or software is prohibited. You must treat the Program and associated materials and any elements thereof like any other copyrighted material. All requests should be made to: Head of PublicationsRead MoreInternal Audit as an Effective Internal Control System at Ongc17652 Words   |  71 Pagesand variety of business risks and related controls that IA needs to assess, monitor and report on has grown exponentially in just a few years. Risks related to the supply chain, treasury and financial instruments, fraud, systems, privacy, emerging markets, strained economic conditions, corporate responsibility, regulation, subprime exposure and liquidity are just some of the new, niche risks which have emerged and can require highly specialized auditing skills. At the same time, more and more companiesRead More3m Pharma Health Care Market Analysis19832 Words   |  80 Pagestheories and knowledge about the market research in order to explore 3M health care, drug delivery system division (DDSD) key competitors and to determine key success factors for winning contracts for oral dosage forms and Phase III trial research for 3M (DDSD) in Europe. 2. Project Objectives: The objectives of this project are: * To explore contract pharmaceutical manufacturing and packaging market. * To identify, the European contract pharmaceutical market. * To explore the competitiveRead MoreThe Impact of Economic Meltdown on the Nigeria Banking Industry (a Case Study of Intercontinental Bank Plc).13502 Words   |  55 Pagesattainment of the organizational goals and objectives. The banking reforms as orchestrated by the global economic meltdown which has witnessed high level of job loss/retrenchment, both in Nigeria and the world at large has given rise to the need to evaluate the impact of the cloud of these uncertainties as conspicuous on the Nigerian banking system on the employee productivity level of the banking industry with a case study of Intercontinental Bank Plc. Intercontinental Bank Plc has been chosen consideringRead MoreStudy on Recruitment and Selection Process18240 Words   |  73 Pages3) 1.4) : Introduction Need for the Study Objectives Limitations Material and Methodology Chapter II : Industry profile 2.1) 2.2) 2.3) 2.4) 2.5) 2.6) 2.7) 2.8) 2.9) Introduction Pre-Independence Post-Independence Industry Scenario Global Scenario Market Scenario Production Scenario Demand-availability Projection Pricing and Distribution 2.10) Major Steel and Related Companies 6 Chapter III : Company Profile 3.1) 3.2) 3.3) 3.4) 3.5) 3.6) 3.7) 3.8) 3.9) Introduction Background Vision, Mission Read MoreComparative Analysis of Financial Performance of Public and Private Banks(Case Study)15686 Words   |  63 PagesCOMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE OF PUBLIC AND PRIVATE BANKS [IN THE CASE OF SELECTED PRIVATE AND PUBLIC BANKS] A SENIOR ESSAY SUBMITTED TO DEPARTMENT OF ACCOUNTING AND FINANCE, IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF BACHELOR OF ARTS DEGREE IN ACCOUNTING AND FINANCE. Prepared by: Ruth Alemayehu ADDIS ABABA UNIVERSITY COLLEGE OF MANAGEMENT, INFORMATICS AND ECONOMIC SCIENCE SCHOOL OF BUSINESS AND PUBLIC ADMINSTRATION DEPARTMENT OF ACCOUNTINGRead MoreRisk Management in Banking Sector12709 Words   |  51 PagesRisk Management functions 13 †¢ Risk in Banking 14 3. TOPOLOGY OF RISK EXPOSURE – †¢ Market Risk 19 †¢ Credit Risk 25 Read MoreCorporate Social Responsibility : Supply Chain to Value Chain8966 Words   |  36 Pagesregulator consumer The government is the first non-business actor to pressure corporations to change behaviour. The pressures arise mostly from regulatory efforts that affect a business even before the first product is produced or sold. These efforts are considered to be the â€Å"least common denominator† for behavioural change and their effectiveness depends greatly on the ability of the government to ensure and enforce compliance. Governments typically exert pressure on business behaviour in areasRead MoreAssessing the Competencies of Telecommunication Companies15830 Words   |  63 Pagesissuing licenses to commercial operators who are able to provide cellular service. The liberation causes the previous monopolistic government linked service provider needed to compete in the opened market like others. This liberalization and deregulation creates business competition and gives more choices and better service to the consumer. Traditionally, the IO approach to competitive analysis tells us tha t organizations should seek to create and maintain barriers that restrict potential competitors

Why Almost Everything Youve Learned About Essay Reviews Samples Is Wrong and What You Should Know

Why Almost Everything You've Learned About Essay Reviews Samples Is Wrong and What You Should Know With our writing services reviews it's possible to decide on the business you like fast and uncomplicated! Our reviews contain details like the score of the clients, our rating, starting prices, Discounts, and grade of the papers. Just about any ExtraEssay review also praises friendly and effective customer support that's always prepared to aid you with anything. To begin with, you have to examine the qualities of the writing service accessible. Next thing you should check at when reviewing an assignment service are the kinds of papers. By using our academic provider, you do not just pay for essay cheap, but might request full or partial compensation if your sample doesn't satisfy your requirements. If you would like to find a great essay for a reasonable price, you should give an opportunity to our content specialists! You are able to even check out several reviews and choose the business that most suits your requirements and reasonably priced budget. An excellent team solves virtually every issue. So, with us, you are going to have a fantastic possiblity to get first-class academic support and conserve money at the exact same time. There's no chance we won't have your back once you come to find assistance. The Battle Over Essay Reviews Samples and How to Win It The text includes small parts in a particular sequence which makes sen se. When you're a beginner, it's challenging to select suitable words for your text. Although your book review essay isn't an overview of what the book is all about, you will want to supply a brief analytical paragraph or two to explain it. Writing an essay, or another paper for this matter, isn't just writing. It is possible to also rate the book. Explain what your favourite role in the book was. A book has about a couple of significant themes. Reveal whether or one should read a specific book to follow or not. The Most Popular Essay Reviews Samples To begin with, each our customized essay writing review contains a brief extensive analysis of the writing service in question. Try to remember, that book review essay writing isn't an overview of what the book is all about. You also need to proofread the review to get rid of any spelling mistakes and errors that may be avoided movie review writing should be precise and absolutely free of errors. A movie review writing guide provides the writer instructions on how best to compose a movie review. All samples that you could find on our site provide a correct guide on the best way to present the content of an article review in the ideal form. If you don't understand what article to select for a review, samples can give a great idea. Since you may see, background information is vital when writing a book review. There's several essays completed by them. You've got to compose several academic papers over the span of a year. Review what you've been requested to address in your essay Sometimes educational institutions wish to find out more than just your career objectives. If it's still true that you could hardly write fantastic essays, you can view completely free essay papers online. If you're not pleased with your essay, you're guaranteed to have a complete refund! When you supply the payment, we'll begin preparing your writing task. As you don't need an excessive amount of time to read an write-up, it's still true that you can discover that it's tricky to review it. At first, it may seem that deadlines are less crucial as prices and high quality of papers to students. The New Fuss About Essay Reviews Samples At length, share the review with family and friends and see whether it has an effect on their opinions of the film. An excellent sample is able to help you locate a new opinion or perspective, or merely pitch an idea when you're experiencing writer's block. If you have sufficient time and desire, log in your account and get in contact with your writer. Students from all over the world are looking for the best custom writing.

Overseas Cases Taxation On Digital Currency -Myassignmenthelp.Com

Question: Discuss About The Overseas Cases Taxation On Digital Currency? Answer: Introducation The Australian Taxation office (ATO) considers Bitcoin as well as other form of cryptocurrencies as a kind of property. Therefore any profit which is made by a person with respect to the sale of such currency is likely to be subjected to the provisions of Capital Gain Tax and therefore it has to be duly reported to the ATO[1]. However this area in relation to taxation in Australia is still grey as it has not be subjected to tests by the court of law. However until and unless such test are adequately conducted the owners and holders of such currency have been advised by the ATO that they must keep adequate and true records with respect to the receipt of payments, their intention and transactions entered upon into by them. The owners of such currency in their best interest should abide by the advice provided by the ATO as the office is taking a very strict stance in relation to the cryptocurrency holders trying to evade their tax liabilities. There may be a belief among many holders of such currency that the currency itself is not taxable. However such belief is wrong and mistaken as crytocurrencies are treated as a property in Australia. There is also a situation where cryptocurrency investors may be treated as speculators by the court unless otherwise established by them. The situation signifies that the profits which are received by such investors through the virtue of making investment in cryptocurrency is eligible to be taxed totally as a source of income instead of capital gains. The situation further signifies that the investors would not be able to avail any tax discounts after the currency is duly held for a period of one year or more. It is believed by majority of tax experts that most persons who manifest themselves as investors are in reality speculators even where the currency has been held by them for twelve month period or more[2]. In addition bitcoin and other form of crypto currencies are different to shares as such assets are held for long term and usually result in dividends, moreover, when it comes to speculative purposes this is difficult to be seen in relation to cryptocurrency[3]. It is evident from the above discussion that there a clear uncertainty regarding the concept of tax upon Bitcoin and other cryptocurrency which are taking the Australian market as a storm. The purpose of this paper is to throw a light upon the tax implications which may arise out of holding or transacting in Australia. The paper discusses the tax implication which cryptocurrencies like Bitcoin may be subjected to in different situations. In relation to the general taxation situation related to Bitcoin it has to be firstly analyzed that what approach is taken by the ATO towards treatment of the sale of an asset. When the ATO analyzes the tax treatment of an asset it has to initially identify the intention of the individual as to why the asset has been acquired. One of the reasons because of which Bitcoin has become popular is the fear among the public that they may lose out on something big and their neighbors who are investing big may gain big. In addition the hostility and mistrust which the public has in relation to the traditional banking system has also added to the popularity of cryptocurrencies in Australia. Thus the currency is taking the country by storm. Every person wants to be a part of the action as prices are reaching an all time high. Crypto assets are being purchased by more and more Australia such as Blockchains, bubbles and popularly Bitcoin[4]. In this situation not only the tradors and inverstors b ut also the ATO is keeping a close track of cryptocurrencies. In relation to such track a guidance paper has been issued by the ATO where it provides for the tax treatment of such currency in different situations. However Bitcoin also started to operate its own ATMs across the world. In addition few tradors have also started to accept Bitcoin as a mode of payment. Before analyzing the tax treatment of Bitcoin or other Cryptocurrencies, what actually constitutes such currency needs to be discussed. A few people may describe them as virtual money or currency which has no existence physically. These currencies are saved in electronic wallets through which a relation between the buyer and seller is provided. The use of such currency can be done online. According to the tax guidance which has been released by the ATO, it has been specified that the office does not view a crytocurrency as foreign currency or money, rater they are viewed by it in form of a digital commodity. To make it simple the office considered tokens and cryptocurrencies in form of an asset. Just like a diamond, when such assets are traded, purchased, sold or exchanged an event is triggered. Whether such even is to be treated as revenue or capital gain even relies upon the facts and circumstances which surrounds the event. It has been provided by the ATO that when a person indulges into transactions with a Bitcoin it is a form of barter system and therefore similar tax consequences are imposed in the person. The ATO also considers that supplying Bitcoin cannot be subjected to Goods and Services Tax (GST) consequences as it is not a good. Bitcoin for the purpose of capital gain is considered as an asset by the ATO. Thus, when a person enters into a transaction with the use of Bitcoin there are a few specific records which needs to be maintained. These records include the date where the transaction took place, the amount which is included in the transaction in Australian Dollars which can be ascertained through taking data from a trusted online exchange source. The purpose for which the transaction had been entered upon into and who was the other party with which the transaction had been entered upon into. When it comes to personal transaction with the use of Bitcoin the tax consequences are different. In the given situation the ATO given the nature of Bitcoin will not impose or subject the transaction to any GST or income tax implications when a person is not in business or is not operating an enterprise and is merely indulging in payment of goods and services through the use of Bitcoins[5]. For instance when a person is purchasing any goods or services online through the use of Bitcoin he is not to be subjected to GST or income tax provision in relation to the transaction. When Bitcoin is used by an individual for the purpose of buying services or goods for using them personally or for consumption any capital gain or loss which may result out of such transaction is likely not to be considered as it would be treated as a personal use asset. However it has to be remembered that the value of such transaction has to be less than A$10000. When the question is context are related to a transaction which is business in nature rather than personal done through the use of Bitcoin or other crypto currency the treatment of such transaction is done in a different manner. When a person has received bit coin in return of the goods and services provided by them with respect to their business it is their liability to keep a record as a part of their general income the value of Australian dollars. The process is the same when a person receives a consideration which is not in form of cash such as in the barter system or barter transactions. The value provided by a reputed and trusted online exchange has to be considered as the value of Australian dollars. For instance when a person or business gets bit coin in exchange of goods or services, GST may be imposed on the business or the person in relation to the Bitcoin. In situation where the supply of goods and services is taxable there would be a right provided to the business to be able to make a claim for input tax credits with respect to GST which has been charged in relation to Bitcoin provided to them in form of payments. These circumstances are governed through the TR IT 2668 Income tax: barter and countertrade transaction[6]. The primary purpose of the ruling is to provide the ATO with a view in relation to when a countertrade or barter transaction results in assessable income, what is the monetory value which has to be imposed in such transactions and when allowable deduction arise from these kind of transactions as well as sales tax implications of such transactions. According to the ruling simple a barter transaction includes the exchange of goods and services directly with other goods and services rather than the use of money[7]. These transaction can take place between to individuals in a private manner. For instance there may be a exchange of hone grown products between neighbors for the purpose of consumption. The system may also take place in com mercial area where a business may exchange goods and services with another business. Thus if such transactions are not taxed there are chances that the big businesses in order to avoid tax will indulge in bartering big ticket transactions. In addition refined kind of barter has originated in the more recent times in the local and international market place which is also identified by the ATO as countertrading. Thus the ruling is applicable on all forms of countertrading and barter systems transactions[8]. As provided by Subsection 25(1) of the Income Tax Assessment Act 1936 every income which has been derived by a person, other than those income which are exempt and a few termination payments has to be taken for the purpose of assessing the income tax payable by such person[9]. Any consideration which is received by a person or is supposed to be received in relation to a countertrade or barter transaction in credit units or goods and services for the purpose of being assessed under the subsection relies upon the character of the consideration which is held by the person. It has to be noted that when dealing with barter or countertrade transactions they are deductible or assessable to the same extent as any similar credit or cash transaction[10]. In the same way for deriving the income and incurring expenditure timing principles which are applicable on any credit or cash transactions are applicable on countertrade and barter transactions. in situation where an employee is provided a no n cash consideration in return of services provided by them the income is assessed as the purpose of income tax in the same way as a fringe benefit. Thus if an employee receives a bitcoin as fringe benefit it is taxable. It has to be noted that in situation where the sum of a non cash benefit transaction is not more than $300 in a particular year of income, no amount is liable to be assessed under subsection 25(1) as these benefits are subjected to an exception under the provisions of section 23L of the ITAA. Thus in the same way transacting with a Bitcoin under $300 is also likely to be exempted. In addition it has been provided through section 21 of the ITAA that any consideration from countertrade or barter transactions would be valued as the money value or as per section 21A as the arm length value of the received consideration. Generally while providing value to the consideration from a countertrade or barter transaction the office is likely to accept a fair market value throug h which the arms length value or money value is reflected as applicable. In maximum cases the office as a fair market value accepts the price which would have normally been changed by a tax payer from a stranger in relation to sale of good, property or services. However when it comes to countertrade in relation to business organization, the fair market value would be deemed by the office in relation to ever credit unit as an Australian dollar other than when it can be shown that there is a consistent different value of such credit units while trading. Thus the same principles of valuation in relation to transacting with bitcoins are also applicable[11]. Any transactions which are entered upon into through the use of Bitcoin is also likely to be subjected to the provisions for deduction as provided through section 51 of the ITAA. For instance where a car company provides a car to a lawyer for the services provided by him the arms length value of the car will be considered as an allowable deduction towards the car company[12]. A number of changes and fees are imposed by business-oriented countertrade organizations in their members and the degree to which these charges are to be considered as allowable deduction are subjected to the provisions of subsection 51(1) of the ITAA. In maximum situations recurring charges such as transaction or service fee, where they are directly related to the transaction are to be considered as deductible expenses. However under the provisions of subsection 51(1) joining fees is not allowed to be deducted as it is capital in nature. These fees result out of a one time payment through which individuals are provided access to indulge in such trading. Thus in the given situation the same principles are to be applied in relation to determination of deduction with respect to bitcoin and other cryptocurrecy trading[13]. To the degree to which a countertrade or barter transaction of goods is initiated prior to the passing of taxing points by the goods, for instance the end wholesale sales of goods which have been locally manufactured or imported in the country, the liability of sales tax would be imposed upon the goods in a similar manner as compared to position of the goods if imported or sold conventionally[14]. The countertrading or bartering of goods by which their taxing points have already been passed would not be subjected to any sales tax implications. Thus in the same way he countertrading or bartering of Bitcoin or other cryptocurrency where their taxing points have already been passed would not be subjected to any sales tax implications. When it comes to the use of Bitcoin for goods and services the following are the tax implications. Where a person is indulging into a business where he or she is buying items for the business through the use of Bitcoins such as trading stock they would have the right to claim deduction with respect to the value of arms length of the acquired item. However GST has to be paid in relation to the supply of Bitcoin which is done in relation to or in course of business of the enterprise[15]. The calculation of GST would be done with respect to the market value of goods and services. Generally this is equal to bitcoins or other cryptocurrencies fair market value when the transactions had been entered upon into[16]. In addition there are also capital gain tax consequences applicable on bitcoin. These consequences will be applicable in situation where bitcoin is used as part of carrying out the business activity. However it has to be noted that any form of capital gain is decreased with respe ct to the amount which is incorporated in the assessable income in from of ordinary income of a person[17]. In situation where there is a legal agreement between the employee and the employer that the employee is willing to sacrifice his or her salary in Australian dollars in lieu of receiving Bitcoins, the treatment of such payment is bitcoin would be done as a fringe benefit and the employer would have to abide by the provisions of the Fringe Benefits Tax Assessment Act 1986[18]. However where there is no legal agreement between the employee and the employer in relation to the sacrifice of salary, the payment is to be treated as general wages or salary, the employers have the liability of meeting pay as you go obligations in a usual manner. TR 2001/10 Income tax: fringe benefits tax and superannuation guarantee: salary sacrifice arrangements deals with such situation. A person who has the liability of paying wages and salary under the meaning of the ITAA also has the responsibility of paying fringe benefit tax in relation to the taxable value of fringe benefit within a financial year[19] . Generally, as defined in subsection 136(1) of the FBTAA is a benefit which is given to an employee or associate by the employer in relation to the services of the employee. In addition it has been provided that the definition of fringe benefit is exclusive of payment of such wages or salary or a payment which can be considered as a wage or salary in case such payments involves income exempt in relation to the ITAA. Thus in the same way where the employees are provided bitcoin in form of a fringe benefit by the employer the employer is liable to pay FBT in relation to the taxable value of Bitcoin[20]. There are provisions provided by the ATO in relation to the situation of mining Bitcoin as well. In situation where a person indulges in business of mining Bitcoin any form of income with such person games or derives from such transfers in relation to mine Bitcoins to any third party is liable to assessed for income tax purpose[21]. In the same way any expenses which a person in cause for the purpose of mining Bitcoins would be subjected to deduction under the income tax assessment act[22]. The non commercial loss provision may be applicable on any losses with a person has entered in relation to mining activities arising out of Bitcoin. In addition where are taxpayer who indulges into a business of selling and mining Bitcoin will be treated by the ATO as a trading stock. It is the liability of such taxpayers to keep a record of any Bitcoin which are in hand at every income year ending. In addition a person would also be liable to pay GST with respect to any supply of Bitcoin which is made in furtherance or in course of the Bitcoin mining business. The person may also be provided with an opportunity to avail input tax credit with respect to the acquisitions attained in relation to carrying out the Bitcoin mining business. As discussed above there are various Bitcoin ATMs which have been opened across the country. These give effect to exchange transactions in relation to Bitcoins and other cryptocurrencies. There are specific tax consequences of indulging into these kinds of transactions. In situation where a person is indulging in business activities which include selling and buying of Bitcoin inform of an exchange service the proceeds derived by such person in relation to the sale of Bitcoin are to be included for the purpose of the assessable income under the income tax assessment act[23]. In the same way any expenses which have been incurred by the person with respect to any exchange services including those in relation to acquisition of Bitcoin for sale purposes would be allowed as legal deduction. Any taxpayer who holds a bitcoin and indulges into a business which exchanges Bitcoin it would make Bitcoin be considered as a trading stock. In the same way as for mining purposes Bitcoin which are hel d by the person in hand at the end of every in come here has to be accurately recorded[24]. In addition a person would also be liable to pay GST with respect to any supply of Bitcoin which is made in furtherance or in course of the Bitcoin exchang business. The person may also be provided with an opportunity to avail input tax credit with respect to the acquisitions attained in relation to carrying out the Bitcoin exchange business. The consequences of tax with respect to entering into a transaction through the use of a bitcoin exchange would rely on the question that whether the person is supplying or acquiring the cryptocurrency as a part of business transaction or for the purpose of investment or otherwise[25]. These provisions are governed through TR 2001/14 Income tax: Division 35 non-commercial losses. There are a few recommendations which can be provided in relation to ensuring that a person is able to properly take course of taxation of Bitcoin and other Cryptocurrencies in Australia. In the initial stage, to prepare our return of tax in the last part of financial year , the availability of all the information is very much important to us. It is important to make an arrangement before hand and keep in record of all the information that is needed before an individual is organizing his own return of tax or whether a person is willing to make a usage of a taxation adviser. This is the way of having access to every cryptocurrency transactions (sales, purchases and trades). Whenever a person is making a record of them they should make sure to make verification of date, in AUD the transaction of the amount (after even they trade from one cryptoasset to the other one)[26]. There are many exchanges which have such functions that will availability of this function and make it permissible for an individual to print every transactions to a document of excel. In the second stage, a person should not start assuming that the ATO will be turning into a blind eye to cryptocurrency. The final recommendations says that one should seek advice whenever it is required. The landscape of task is ambiguous at many times, specifically when a fresh conception is entirely given to an individual like in merging up of cryptocurrency. An individual should always consult to a tax accountant whenever one feels confused or unsure at any point of tax obligation. The environment and pace of the cryptocurrency market is swift and it is very stimulating as well. Probably a person might be thinking tax as the final thing but it is very essential for a person to realize and recognize ones responsibilities and accordingly an individual should plan ahead. Thus from the above discussion it can be concluded that The Australian Taxation office (ATO) considers Bitcoin as well as other form of cryptocurrencies as a kind of property. As per the tax guidance which has been released by the ATO, it has been specified that the office does not view a crytocurrency as foreign currency or money, rater they are viewed by it in form of a digital commodity. It has been provided by the ATO that when a person indulges into transactions with a Bitcoin it is a form of barter system and therefore similar tax consequences are imposed in the person. The ATO also considers that supplying Bitcoin cannot be subjected to Goods and Services Tax (GST) consequences as it is not a good. In the same way as tax exemptions for barter under $300, transacting with a Bitcoin under $300 is also likely to be exempted. The ATO also considers that supplying Bitcoin cannot be subjected to Goods and Services Tax (GST) consequences as it is not considered as goods. Where a person is indulging into a business where he or she is buying items for the business through the use of Bitcoins such as trading stock they would have the right to claim deduction with respect to the value of arms length of the acquired item. Where the employees are provided bitcoin in form of a fringe benefit by the employer the employer is liable to pay FBT in relation to the taxable value of Bitcoin. The consequences of tax with respect to entering into a transaction through the use of a bitcoin exchange would rely on the question that whether the person is supplying or acquiring the cryptocurrency as a part of business transaction or for the purpose of investment or otherwise. The businesses and individuals associated with bitcoin and other form of crypto currency can take follow the recommendations provided by the paper. References Abramovich, Mark. "coining a new currency."Superfunds Magazine393 (2014): 38. Bal, Aleksandra. "How to Tax Bitcoin?."Handbook of digital currency. 2015. 267-282. Bal, Aleksandra. "Should Virtual Currency Be Subject to Income Tax?." (2014). Bryans, Danton. "Bitcoin and money laundering: mining for an effective solution." Ind. LJ 89 (2014): 441. Chapman, Jennifer L., Benjamin Akins, and Jason M. Gordon. "A Whole New World: Income Tax Considerations of the Bitcoin Economy." (2014). De Filippi, Primavera. "Bitcoin: a regulatory nightmare to a libertarian dream." (2014). DeVries, Peter D. "An Analysis of Cryptocurrency, Bitcoin, and the Future." Driscoll, Brian S., and T. J. Wang. "Accounting and Taxation of Virtual Currencies." (2016). Franklin, Mitchell. "A PROFILE OF BITCOIN CURRENCY: AN EXPLORATORY STUDY."International Journal of Business Economics Perspectives11.1 (2016). Godsiff, Philip. "Bitcoin: bubble or blockchain."Agent and Multi-Agent Hampton, Sam. "Undermining Bitcoin."Wash. JL Tech. Arts11 (2015): 331. Isom, Jennifer. "As Certain as Death and Taxes: Consumer Considerations of Bitcoin Transactions for When the IRS Comes Knocking." (2013). Kucherov, I. I., and I. A. Khavanova. "TAX CONSEQUENCES OF USING ALTERNATIVE MEANS OF PAYMENT (THEORETICAL AND LEGAL ASPECTS)."VESTNIK PERMSKOGO UNIVERSITETA-JURIDICHESKIE NAUKI1 (2017): 66-72. Lee, Taiki. "C. Overseas Cases of Taxation on Digital Currency." Korean Economic and Financial Review 22.3 (2017): 63-65. Liu, Louis, and Chuck Dana. "Crypto Currency and Society." (2012). McCullum, Esq, and N. Paul. "Bitcoin: Property or Currency?." (2015). McCullum, Paul. "Tax Treatment of Bitcoin: Property or Currency?." (2015). McLeod, Patrick. "Taxing and Regulating Bitcoin: The Government's Game of Catch Up."CommLaw Conspectus22 (2013): 379. Patron, Travis.The Bitcoin Revolution: An Internet of Money. Travis Patron, 2015. afka, Ji?. "Virtual currencies in real economy: Bitcoin." (2014). Slattery, Thomas. "Taking a bit out of crime: Bitcoin and cross-border tax evasion."Brook. J. Int'l L.39 (2014): 829. Taxation, Australian. "Tax treatment of crypto-currencies in Australia-specifically bitcoin. Retrieved March 5, 2017." (2013). Tripathy, Chetan. "A Bit of Bother." (2015). Wiseman, Scott A. "Property or Currency: The Tax Dilemma behind Bitcoin."Utah L. Rev.(2016): 417. Wisniewska, Anna.Bitcoin as an example of a virtual currency. No. 1/2016. 2016.

Judges Essays - Legal Professions, Judge, Law Enforcement, Jury

Judges The dictionary defines a judge as "a public officer authorized to hear and determine causes in a court of law." The following essay will deal on how to become a judge, the requirements to become a judge, salaries, and the different types of judges and what kind of information they deal with. Judges are some of the most important people in Canada. They are the men and women who sit on the benches in the courtrooms, whose responsibility it is not only to decide the fate of human beings, like themselves, but to steer and control the course of the law itself. The arrival advent of the 1982 Charter of Rights changed many things for judges. Since then, they have been handed the tasks of determining the fundamental rights and freedoms of all Canadians. WHAT IS A JUDGE? A judge basically decides on the fate of the person who stands before him. He listens to the information presented from the defendant, who is the accused, and the plaintiff, who is the accuser. Once all of the information has been presented, either the judge makes a decision or the jury does. In a small court, usually a judge makes the decision, but if the defendant was a mass murderer, and had eye witnesses seeing him kill a person, but had a virtual air-tight case for him that would get him out scot-free because he was the prime minister's son, there would be a jury. A judge also passes sentence, which is how long the accused, if found guilty, should be punished. A judge is looked upon as "god" to the accused standing before him, the judge holds the fate of a person in his hands. They command respect, and the job of a judge, if it is the supreme court or a small claims court, the word "judge" holds special meaning. A judge also has the good fortune to see almost every type of person living today, from killer to housewife, from jaywalker to terrorist. REQUIREMENTS TO BECOME A JUDGE AND HOW TO BECOME ONE Only the best can become a judge. The word "best" does not apply to the best at math, physics, or science, but the best that they can do. If a judge only sits there, in a black robe, staring attentively at the wall, then anyone could become a judge. To become a judge, you must have the ability to think logically, fairly, and to listen to two sides of a story, conflicting each other. One says guilty. One says mistake. The judge must listen and make his decision. Research on fifty judges from around Canada showed up the following information: All of them had a Law degree. 60 percent said that they hadn't planned on being a judge The first step to becoming a judge is work. You have to work hard to graduate from law school. Many judges said that they hadn't planned on being a judge, and almost all of them said that it was the right job for their abilities. Many say that emotion during a trial can kill a judge, but to look at it from many different points of view to come up with a decision actually helps the judge to make the correct decision. Many lawyers often become judges. It is a stereotype to say that judges are all old, white haired men, because there are many, many women judges. The information I have so far gathered says that a law degree is the first step. There really is no other second step. You can't really become a judge of a high court on just a law degree, so anything else which will help. One judge surveyed has his law degree, MBA, a degree in economics, and has gone to school for over half his life. He is seventy three years old. He is now retired, after being on the bench at Provincial Court for over 20 years. Provincial Court is where street level cases are heard. To get into law school, you must have an average score of 94 percent or better, (1987 figures) and to graduate you must have 95 percent or better (again 1987 figures.) The first step is very tough. There are too many lawyers out there, but not enough judges. Hundreds of cases have been thrown out simply because they were waiting to be brought to trial. One person was waiting for over a year, and the case was thrown out. Judges are selected