Tax on Forgiven Debts: Fiji Income Tax Act Vs Islamic Perspective
An uncollected tax is a debt to the state. In Fiji, individuals’ pay income tax if they earn more than FJD$30,000 under the Income Tax Act 2015 (ITA). Thus, the purpose of this paper is to critically evaluate the stand of debt forgiveness by the lender to the borrower in the Fiji Income Tax Act 2015...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Mashhad: Behzad Hassannezhad Kashani
2020-06-01
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| Series: | International Journal of Management, Accounting and Economics |
| Subjects: | |
| Online Access: | https://www.ijmae.com/article_114339_81d99635bccd5de2db6e66824a927e48.pdf |
| _version_ | 1797690419496091648 |
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| author | Shivneil Raj Mohammed Azam |
| author_facet | Shivneil Raj Mohammed Azam |
| author_sort | Shivneil Raj |
| collection | DOAJ |
| description | An uncollected tax is a debt to the state. In Fiji, individuals’ pay income tax if they earn more than FJD$30,000 under the Income Tax Act 2015 (ITA). Thus, the purpose of this paper is to critically evaluate the stand of debt forgiveness by the lender to the borrower in the Fiji Income Tax Act 2015. Furthermore, the paper has discussed the Islamic viewpoint of debt that is forgiven. The findings indicated that Fiji looks upon the forgiven debts as income in the hand of the borrower and thus is taxed whereas the Islamic view is that such taxes should not be imposed taking into account the verse of the Quran (2:280). |
| first_indexed | 2024-03-12T01:59:20Z |
| format | Article |
| id | doaj.art-75d3f4cbbba4418d9907d2eb35d3d2b3 |
| institution | Directory Open Access Journal |
| issn | 2383-2126 |
| language | English |
| last_indexed | 2024-03-12T01:59:20Z |
| publishDate | 2020-06-01 |
| publisher | Mashhad: Behzad Hassannezhad Kashani |
| record_format | Article |
| series | International Journal of Management, Accounting and Economics |
| spelling | doaj.art-75d3f4cbbba4418d9907d2eb35d3d2b32023-09-07T21:44:14ZengMashhad: Behzad Hassannezhad KashaniInternational Journal of Management, Accounting and Economics2383-21262020-06-0176363369114339Tax on Forgiven Debts: Fiji Income Tax Act Vs Islamic PerspectiveShivneil Raj0Mohammed Azam1Department of Accounting and Finance, The University of Fiji, Lautoka, FijiDepartment of Accounting & Finance, The University of Fiji, Saweni, Lautoka, FijiAn uncollected tax is a debt to the state. In Fiji, individuals’ pay income tax if they earn more than FJD$30,000 under the Income Tax Act 2015 (ITA). Thus, the purpose of this paper is to critically evaluate the stand of debt forgiveness by the lender to the borrower in the Fiji Income Tax Act 2015. Furthermore, the paper has discussed the Islamic viewpoint of debt that is forgiven. The findings indicated that Fiji looks upon the forgiven debts as income in the hand of the borrower and thus is taxed whereas the Islamic view is that such taxes should not be imposed taking into account the verse of the Quran (2:280).https://www.ijmae.com/article_114339_81d99635bccd5de2db6e66824a927e48.pdfdebt forgivenesstaxlegislationincomegift |
| spellingShingle | Shivneil Raj Mohammed Azam Tax on Forgiven Debts: Fiji Income Tax Act Vs Islamic Perspective International Journal of Management, Accounting and Economics debt forgiveness tax legislation income gift |
| title | Tax on Forgiven Debts: Fiji Income Tax Act Vs Islamic Perspective |
| title_full | Tax on Forgiven Debts: Fiji Income Tax Act Vs Islamic Perspective |
| title_fullStr | Tax on Forgiven Debts: Fiji Income Tax Act Vs Islamic Perspective |
| title_full_unstemmed | Tax on Forgiven Debts: Fiji Income Tax Act Vs Islamic Perspective |
| title_short | Tax on Forgiven Debts: Fiji Income Tax Act Vs Islamic Perspective |
| title_sort | tax on forgiven debts fiji income tax act vs islamic perspective |
| topic | debt forgiveness tax legislation income gift |
| url | https://www.ijmae.com/article_114339_81d99635bccd5de2db6e66824a927e48.pdf |
| work_keys_str_mv | AT shivneilraj taxonforgivendebtsfijiincometaxactvsislamicperspective AT mohammedazam taxonforgivendebtsfijiincometaxactvsislamicperspective |