Issues: » Impact of VAT on sales » Need to reform traditional tax regime » Hurdles in implementing new reforms Discuss how implementing VAT will impact various sectors in India. Implementation of VAT drugs Due to implementation of VAT there is a decrease in the price of the drug so the chemist who wanted to avoid incurring losses by having to sell the drugs at cheaper rates in case the purchased be before april 2005‚ were not sol by that date. Resorted to purchasing very low qty of drugs
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Exam 2 : Estate & Gift Tax 1.) Determination of an estate tax by applying the steps involved in determining the estate tax and showing all work 2.) Determination of gift tax owed by applying the steps in determining a gift tax and showing all work 3.) Credit on prior transfers * A credit is allowed against the estate tax for all or a part of the estate tax paid with respect to the transfer of property to the present decedent by or from a person who died within 10 years before‚
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Sampling for Tests of Transactions Key objectives: 1. Explain the concept of representative sampling. 2. Distinguish between statistical and nonstatistical sampling. 4. Define and describe audit sampling for exception rates. 5. Use nonstatistical sampling in tests of controls and substantive tests of transactions. 6. Define and describe attribute sampling and a sampling distribution. 7. Use attribute sampling in tests of controls and substantive tests of transactions 1. Introduction
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Question 4 (22 marks) You‚ a CGA‚ are given the following information regarding Stoiche Anders. a. Stoiche Anders is 49 years old and is married to Dimmi. Stoiche has been employed by Fasco Ltd. for a number of years as an engineer. His salary for 2011 was $168‚898 as shown on his T4. Amounts paid by Fasco Ltd. on behalf of Stoiche and not included on his T4 are as follows: • Retirement counselling fee $ 1‚800 • Employer contributions to the company’s Registered Pension Plan $ 675 •
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College of Business and Accountancy COLUMBAN COLLEGE‚ INC. No. 1 Mt. Apo Street‚ New Asinan Olongapo City 2200 Tel. No.: (047) 222-3329 Telefax No.: (047) 222-7789 Website: www.columban.edu.ph DEDUCTIONS FROM GROSS ESTATE 1. Classify the following into exclusive deduction or conjugal/communal deduction. a. Funeral expenses b. Judicial expenses c. Loss of exclusive properties d. Loss of conjugal/communal properties e. Claims against exclusive properties f. Claims against conjugal/communal
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What is profit tax? According to Inland Revenue Ordinance s 14 “Charge of profits tax”‚ profit tax is chargeable on every person: Carrying on a trade‚ profession or business in Hong Kong; and In respect of his assessable profits arising in or derived from Hong Kong from such trade‚ profession or business.1 What is person? A person may include: A corporation; Partnership; Trustee‚ whether incorporated or unincorporated; and Body or persons.2 In this case‚ the Taxpayer (“T”) is a private company
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ASSIGNMENT on Income Tax Authorities in Bangladesh [pic] National Board of Revenue – NBR Rajashwa Bhaban Segunbagicha‚ Dhaka Telephone: +88 02 933-3444. http://www.nbr-bd.org National Board of Revenue (NBR)
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3-1 THE ACCOUNTING INFORMATION SYSTEM 3-2 Financial Accounting‚ Seventh Edition 3 Accounting Accounting Transactions Transactions Event (1). On October 1‚ cash of $10‚000 is invested in Sierra Corporation by investors in exchange for $10‚000 of common stock. 1. +10‚000 3-3 +10‚000 LO 1 Analyze the effect of business transactions on the basic accounting equation. Accounting Accounting Transactions Transactions Event (2). On October 1‚ Sierra borrowed $5‚000 from Castle Bank by signing
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The Electronic Communications and Transactions Act 1. Introduction The emergence of personal computers that are portable during the 80’s and 90’s changed the way companies conducted their business. There was the whole move from files and files of paper to electronic databases. Although this move was a significant step in simplifying the way business was conducted‚ it did not create any new spaces and channels for marketing and sales people to exploit. Customers were still limited to buying goods
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Formation of Contracts Introduction An offer is the first step in the formation of a contract. It is something that creates a power of acceptance. It is a proposal made by one party to another to enter into a legally binding agreement with her. In Acme Grain Co. v. Wenaus‚ 1917‚ it was observed: ... To constitute a contract‚ there must be an offer by one person to another and an acceptance of that offer by the person to whom it is made. A mere statement of a person’s intention‚ or a declaration
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