Unit 30-LO4 Evaluate the impact on organizations of the legal and ethical constraints associated with taxation responsibilities-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

One organization that would be severely impacted by the legal and ethical constraints associated with taxation responsibilities is FIFA. The majority of their earnings are made internationally so they have global recognition, but it holds its tax residency in Switzerland.

When Swiss law changed requiring foreign-based companies to pay taxes on profits earned from within the country, FIFA challenged the decision arguing inconsistencies in national legislation. Ultimately they were unsuccessful because Switzerland does not impose any penalty or statute regardless of profit and has no tax on corporate income.

The increased demand for transparency stems from an increased desire for society to contribute meaningfully to services which benefit them, such as education and health care systems, while also increasing accountability towards public funds entrusted with government officials at all levels.”

Legal constraints:

Considering key aspects of the relevant legislation at regional, national, and international levels.

National regulations should be considered in the national context and compared with international standards. To get an idea of the jurisdiction-specific laws, please visit your country’s legislative branch website or use a regional law library.

International regulations can be found on United Nations websites and are generally considered to take precedence over regional legislation pursuant to Article 27 of the Vienna Convention on Law of Treaties.

Regional regulations depend on the location of the organization. For example, regional law libraries are located in Europe and Africa to compare nationally with international regulations.

How do these apply to different business formats and to individuals?

A. Legal constraints that apply to different business formats and individuals are the responsibilities of the owners, directors, or managers in place for each respective company.

B. For example, government regulations may prohibit a restaurant from serving foods containing nuts without providing a way for people with allergies to recognize those dishes (labeling).

C. If one’s company owes money on an obligation, they can be ordered by a judge to close their doors until it is paid off and they are compliant with legal obligations (forbearance orders).

D. They will also need permits determining what kind of work they can do in each location where there’s a need for their service or product; these permits will often have expiration dates and will require regular renewals so that the company must stay current with ongoing changes in legal and ethical standards (licensure requirements).

They will also need to collect all necessary information regarding locations where their franchises are located.

E. They may also be required to report on the financial status of their organization for government agencies, including details about profits and losses, a number of employees, salaries paid; they may also have to file a return each year reporting their personal income taxes or corporate tax payments (provisional filings).

Because companies are governed by federal laws as well as state and local laws concerning taxation, there is no single way in which organizations will be impacted.

Ethical considerations:

What is meant by ethics?

It defines the morals, values, principles, and ideals of a person and can be used in order to make decisions.

Ethics is the branch of philosophy concerned with moral duty. This means it discusses ideas such as reasons for acting morally and whether those actions show respect or disrespect to others but also how people should act towards themselves or their own potential future selves which kind of relates back to assessing our morality.

How does it differ from nation to nation?

Generally, ethics reflects societal values and is defined in different ways.

Different societies will have different institutions that regulate ethical behavior for the society members. In some cases, there might be no normal expectation of an ethical code to be followed.

Furthermore, concepts of responsibility may differ between groups so not everyone is obligated to live up to ethical standards even if they are personally established by oneself (privacy violation).

Etiquette is usually a separate domain from ethics, but still, each factor interacts with one another for a definite outcome regarding the integrity of individual actions when considering social norms or law. The most common issues considered as “ethics” are medical research on human subjects, privacy rights, and patient confidentiality.

How can ethical constraints be applied consistently across different cultures?

Oftentimes, the principles of ethical constraints are not applied consistently across different cultures and can vary greatly within every country.

The application of these rules is often subjective because there exist conflicting multicultural views on what qualifies as appropriate or not. However, some companies have had successes with their cross-cultural ethical practices by implementing them as fundamental elements over which disciplinary procedures can be invoked to enforce compliance with the company’s policies such as “due care” and “continuity”. This type of enforcement provides employees with a clear understanding of what behavior is expected from them without having to thoroughly explain these expectations through long corporate codes that detail different scenarios.

Making ethics a priority also necessitates that relevant factors are taken into account when making decisions about hiring new personnel.

Compliance requirements:

Recording transactions, reporting income for taxation purposes, and the role of organizations as collectors of tax (e.g. VAT, National Insurance, and income tax through PAYE).

Recording transactions:

It is important to keep track of your transactions for various reasons.

One, you are legally required to file taxes on anything that would be taxable in a given year.

Two, it helps alleviate confusion when looking back through previous transactions and any possible tax implications thereof three years or more from now come April 1st.

Three, your records will help provide verification of the jobs you’ve held and utilization with regard to deductions or expenses incurred.

Reporting income for taxation purposes:

Reporting your income for income tax purposes is the law in many countries. Keeping good records of your earnings, work time and other deductions will help you to do it accurately.

For example, if you have business expenses that should be claimed as a deduction from taxable gross income, they must first be included on your personal record of allowable expenses.

A “capital cost allowance” is a form that can greatly reduce the taxes you owe when disposing or selling capital assets with high original costs such as vehicles or real estate property in Canada.

The role of organizations as collectors of tax

The IRS is the largest collector of tax in America and it’s their responsibility to make sure that major corporations, partnerships, self-employed individuals, and other taxpayers pay what they owe in return.

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