19 December 2012 Vinamilk (VNM) 18 March 2011 A safe haven Anh Nguyen Senior Analyst anh.nguyen@vcsc.com.vn +84 8 3 914 3588 ext. 194 Initiation Target price Upside VND106‚000 25% Consumer Goods Market cap Shares outstanding 12M High 12M Low VND84‚500 – BUY US$3‚439m 834m VND92‚700 VND52‚000 Investors appear to recognize the competitive advantages and growth opportunities of Vinamilk. The company has a good brandname‚ economy of scales‚ an extensive distribution
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Death and heartbreak‚ both two very tragic things that could happen in your life‚ but what makes these things tragic? According to Aristotle there are many elements to a tragic tale. Oedipus Rex lives up to all of them. The reader knows how serious Oedipus’s actions are‚ how complete they are‚ and how high his fall is. A tragedy by definition is a drama which imitates an important and casually related series of events in the life of a significant person‚ such events ending in an unhappy catastrophe
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Salmon‚ and Ronald _____________‚ (2000c) ‚ “ Sub-national Revenues: Realities and Prospects”‚ in S.J _____________‚ (2000d). “Rethinking Sub-national Taxes: A New Look at Tax Assignment”‚ Tax Notes International‚ May. ____________‚ ( 1993)‚ “ Threading the Fiscal Labyrinth: Some Issues in Fiscal Decentralisation”‚ National Tax Journal‚ 46(June)‚ 207-27. Bird‚ Richard M. and A. Fiszbein (1998)‚ “ Colombia: The Central Role of Central Government in Fiscal Decentralization‚ “ in R Barnabas‚ A. P. and
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In Oedipus Rex‚ it appears that Oedipus’ tragic downfall was the result of misfortune – his actions of killing his father and marrying his mother were done without knowledge or intent‚ and thus his punishment of scorn and banishment seems excessive for the crime. However‚ though Oedipus was struck by the gods with unfortunate circumstances‚ it was through his own free will that the oracles were permitted to come true. The weaknesses in Oedipus’ personality and his lapses in judgment caused him to
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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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2014 Law in Income Taxation Mrs. Gosom Business Income Tax – A tax that governments impose on financial income generated by all entities within their jurisdiction. By law‚ businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public. Resident Citizen – A citizen of his country who has
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Introduction) Tax Structure in Malaysia Generally‚ all income of companies and individuals accrued in‚ derived from or remitted to Malaysia are liable to tax. However‚ income remitted to Malaysia by resident companies (other than companies carrying on the business of banking‚ insurance‚ air and sea transportation)‚ non-resident companies and non-resident individuals are exempted from tax. Apart from income tax‚ there are other direct taxes such as real property gains tax‚ and indirect taxes
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with a character is called characterization. Direct characterization portrays a character through his or her own words‚ whereas indirect characterization illustrates a character through the author’s or other characters’ words. Direct and indirect characterization allow us to see not only each character’s obvious side‚ but their hidden side too‚ that is not always as easily seen. In the play Oedipus Rex‚ the three main characters Oedipus‚ Teiresias‚ and Iokaste are introduced to us through direct and
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Oedipus Rex Sophocles‚ 496-406 B.C. Main Characters Oedipus - The story revolves around Oedipus and his search for the cause of the blight on his city finding it to be himself. Iocaste - Iocaste is Oedipus’ wife and mother who was very supportive of Oedipus’ search of the truth until she found out that she was part of that truth when she committed suicide. Creon - Creon‚ Iocaste’s brother‚ helps Oedipus find the murderer‚ but when the truth begins to come out through Teiresias‚ Oedipus
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Definition of Gross Income‚ Taxable Income‚ and Net Income Gross income refers to all income but not excluding exempt income and subject to final income tax. Example of gross income include: salaries and wages‚ commission‚ sale of and other dealings in property‚ rents‚ dividends‚ and securities. Exclusion from gross income or those incomes that are exempted from tax include: life insurance proceeds paid to beneficiaries upon the death of the insured; compensation for injuries or sickness‚ retirement
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