Download CIMA Study Systems 2006: Financial Accounting and Tax by Tom Rolfe PDF

By Tom Rolfe

The 2006 variation of CIMA's professional research structures were absolutely up-to-date to mirror adjustments within the syllabus. monetary Accounting and Tax ideas has been written by means of the examiners to completely replicate what can be established within the examination. up to date to include legislative and syllabus adjustments, the 2006 learn structures offer entire learn fabric for the may perhaps and November 2006 checks. the hot version continues the preferred loose-leaf structure and comprises: * perform questions all through * whole revision part * subject summaries * suggested examining articles from a number journals * may possibly 2005 Q & A's * The authentic examine structures are the single research fabrics counseled by way of CIMA * up to date to mirror adjustments within the syllabus with key sections written through examiners * entire built-in package deal incorporating syllabus counsel, complete textual content, instructed articles, revision publications and large query perform

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Sample text

Calculate the sales tax due by each enterprise and in total. M’s sale to W W’s sale to R R’s sale to C Total tax due $100 x 5% $160 x 5% $300 x 5% Tax due $5 $8 $15 $28 Each enterprise has to charge tax and then pay it to the tax authorities. The tax paid is not recoverable. The total tax due in this example is $28. 4 Value-added tax (VAT) Value-added tax is not a tax on profits or gains, and is not even eventually borne by most businesses to a material extent. Nevertheless, it is important to businesses, because its charge and collection enter into many, even most, business transactions.

The industrial building qualifies for an annual tax depreciation allowance of 5% on the straight line basis. Calculate HL’s tax depreciation for the years ended 31 May 2002, 2003 and 2004. 1 DIRECT TAXES ON AN ENTERPRISE’S PROFITS AND GAINS use straight line method for calculating tax depreciation on buildings (see Chapter 13 for an explanation of the methods of depreciation). In some systems such as the UK, it is not necessary to calculate every asset separately, all assets of a similar type can be ‘pooled’ and treated as one large asset.

3 Incidence The incidence of tax refers to the distribution of the tax burden. The incidence of a tax is on the person who actually pays it. For example, the incidence of an income tax is on the tax payer as it is the tax payer who is assessed and pays the tax. Incidence can be split into two elements: ● ● Formal incidence: The person or enterprise who has direct contact with the tax authorities. For example, the formal incidence of a sales tax (or VAT ) will be on the enterprise making the sale.

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