United International College Hong Kong Taxation Assignment 1 Answer the following questions. 25 marks each. 1. David’s salaries tax for year of assessment 2010/11 were due as follows: 1st instalment $10‚500 due on 2 January 2012 2nd instalment $4‚000 due on 4 April 2012. However David failed to pay the 1st instalment by the end of January 2012. What actions will be taken by Inland Revenue Department to recover the tax from David? Ans. When the tax was overdue after 2
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UNIVERSITY OF HERTFORDSHIRE Academic Year: 2011-12 Semester: A Business School Department of Accounting‚ Finance and Economics ACC/AIFS/BA/AF/JH 6BUS0332 Management Decision Making Duration of Exam: 2 hours THE FOLLOWING ARE PROVIDED FOR THIS EXAMINATION: One Answer book Graph Paper PV Table INSTRUCTIONS TO CANDIDATES: This paper consists of SIX questions out of which you are required to answer TWO questions in Section A and TWO questions in
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Business Law & Taxation EASY ROUND 1. Which of the following individuals shall not be subject to the income tax under Section 24 (A)? |D |a. |Individual citizen of the Philippines residing therein; | | |b. |Individual citizen of the Philippines who residing outside the Philippines including overseas contract workers; | | |c. |Individual alien who is a resident of
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Prentice Hall’s Federal Taxation 2014 Corporations‚ 27e Chapter C3 The Corporate Income Tax 1) A C corporation must use a calendar year as its tax year unless it has a substantial business purpose to use a fiscal year. Answer: FALSE Page Ref.: C:3-2 Objective: 1 2) Corporations are permitted to deduct $3‚000 in net capital losses annually. Answer: FALSE Page Ref.: C:3-7 Objective: 2 3) Organizational expenses incurred after 2004 are amortized over five years. Answer: FALSE Page Ref.:
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Presumptive Taxation A presumptive or imputed tax is generally a proxy for the standard tax. It is applied when the tax base is too small or hard to verify‚ due to limited administrative resources‚ or improper accounting practices. According to a definition by Ahmed and Stern (1991)‚ “The term presumptive taxation covers a number of procedures under which the ‘desired’ base for taxation (direct or indirect) is not itself measured‚ but is inferred from some simple indicators which are more easily
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ACCT 330 – TEST 2 CHAPTER 6 – DEDUCTIONS AND LOSSES Criteria for deducting business and investment expenses – must be… * Related to a profit-motivated activity of the taxpayer * Ordinary‚ necessary‚ and reasonable in amount * Properly documented * An expense of the taxpayer Expenditure is not deductable if it is… * A capital expenditure * Expense related to tax-exempt income * Illegal or in violation of public policy‚ or * Specifically disallowed by tax law Business
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------------------------------------------------- TAXATION August 2011 Multiple Choice. Identify the letter of the choice that best completes the statement or answers the question. 1. Which of the following is not subject to tax as a corporation? (A) Business partnerships. (B) Insurance companies. (C) Joint stock companies. (D) General professional partnership. 2. A partnership formed by persons for the sole purpose of exercising their common
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I. Introduction to the tax systemThe laws governing taxation in the Philippines are contained within the National Internal Revenue Code. This code underwent substantial revision with passage of the Tax Reform Act of 1997. This law took effect on January 1‚ 1998.Taxation is administered through the Bureau of Internal Revenue which comes under the Department of Finance. The chief executive of the Bureau of Internal Revenue is the Commissioner who has exclusive and original
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There are many presentation topics that college students can select. However‚ a successful presentation is determined by a number of factors‚ thus it is important for a student to understand that an interesting presentation topic will not be enough. To start with‚ students should be armed with the necessary skills to create a captivating presentation. Using images in your college presentation Balance of graphics in your presentation is very important. Although images and beautiful fonts cannot
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http://gbr.pepperdine.edu/2010/08/how-coach-h-p-zara-and-ford-profited-from-a-comprehensive-application-of-market-orientation/ A Comprehensive Approach Total Quality Management (TQM) is a well-known philosophy for coordinating all of a company’s production processes‚ which mandates cooperation by all affected departments. Its three basic principles are employee involvement‚ continuous improvement‚ and customer satisfaction. Customers often use the term “quality” to refer to their level of satisfaction
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