Lecture 3 : Corporate Tax Tutorial Question Question 1 Dinishah Sdn Bhd manufactures glass products for both the local and export markets. The company’s income statement for the year ended 31 December 2011 is as follows: Notes RM Sales revenue 1‚200‚000 Less: Cost of sales 1 (230‚000) Gross profit 970‚000 Operating expenses 2-6 (650‚000) Profit before tax 320‚000 Notes 1 Cost of sales includes the following: RM Provision for stock obsolescence
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Tax Description Income Tax is a tax on a person’s income‚ emoluments‚ profits arising from property‚ practice of profession‚ conduct of trade or business or on the pertinent items of gross income specified in the Tax Code of 1997 (Tax Code)‚ as amended‚ less the deductions and/or personal and additional exemptions‚ if any‚ authorized for such types of income‚ by the Tax Code‚ as amended‚ or other special laws. Types of Income Tax Personal Income Tax (PIT) is a direct tax levied on income
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To Tax or Not to Tax: The Problem of America Money‚ like a cookie‚ is something everybody wants‚ and when it is gone a person blames everybody else for its absence; realizing later they were the one to consume it in the first place. Taxes‚ since the beginning of an organized economy‚ have been argued over for centuries. At the end of 2012 after surviving the “end of the world‚” tax payers were faced with another apocalyptic situation‚ the Fiscal Cliff. It had the potential to raise taxes to outrageous
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order to prevent illness‚ loss of working hours and so on. Further on this report‚ I will go on to discuss: 1- Obesity and why is it a growing concern? 2- Why should the government intervene? 3- What is a fat tax and what is its effect? 4- How might we impose a fat tax? 5- Impacts 6- Conclusion Obesity and why is it a growing concern? Obesity is a medical condition in which excess body fat has accumulated to the extent that it may have an adverse effect on health‚ leading
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I. INTRODUCTION Synthesis Acetylsalicylic acid is an acetyl derivative of salicylic acid which appears as a white and crystalline and a weakly acidic substance with a melting point of 135°C and is also known to be aspirin. It is one of the most widely used drugs that can lower fever and is used as a painkiller. According to (Escobel‚ 2011)‚ Aspirin is synthesized through the reaction of salicylic acid with acetyl anhydride that causes a chemical reaction that turns salicylic acid’s hydroxyl group
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Corporate Tax Chapter 5: Complete Liquidations (Textbook: Corporate‚ Partnership‚ Estate and Gift Taxation (2013 Ed.) by Pratt‚ Kulsard) I. Introduction • Ch. 3 & 4: distributions of property and stock as well as those relating to redemptions and partial liquidations o Corp. continues to operate all or part of its business • Ch. 5: complete liquidation • Reasons: o Business’s profitability‚ or lack thereof‚ no longer justifies continuing the corp. o Shareholders simply seek the corp’s
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Tax Avoidance Analysis Tax Avoidance is a legally manipulation for the corporations to lower their tax bill by structuring transactions‚ is also called tax planning. Different with Tax Evasion‚ the Tax Evasion is Criminal and completely illegal. And in generally‚ company which have more profit should have higher tax rate‚ but with the growth of the company‚ many tax avoidance strategy were used by management as result of minimize the tax bills and also without obey the law‚ There are 3 strategies
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empirical research on tax evasion‚ delineating the variety of factors affecting noncompliance and examining possible remedies. Particular emphasis is placed on the institutional and procedural rules governing the tax enforcement policy. JEL classification: K34 Keywords: Tax Enforcement‚ Compliance‚ Taxpayer’s Behavior‚ Tax Gap 1. Introduction Tax evasion is said to occur when individuals deliberately fail to comply with their tax obligations. The resulting tax revenue loss may cause
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management‚ the accountants‚ auditors‚ and everyone who has interest in the business should be aware of the different factors and indicators of a near-bankruptcy. After the high-profile corporate collapses in 2001‚ bankruptcy and accounting fraud became critical issues that should be addressed in the corporate world. This led the researcher to the topic Bankruptcy: Its Prediction and Accounting Indicators. The story of Enron is what made the researcher very interested in the topic. The Enron scandal
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Title: Acceptance of Electronic Tax Filing System LITERATURE REVIEW Governments around the world are started relying on e-government system such as e-filing system to improve their efficiency and effectiveness in tax return. The number of literatures is getting more on e-filing system. According to Azmi and Bee (2010)‚ Azmi et al. (2012)‚ Fu et al. (2006)‚ Schaupp et al. (2010) and Suhani Anuar and Radiah Othman (2010)‚ they assessed the acceptance intention of the e-filing system by using
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