1.1. Opening Remarks Taxes in Cyprus The Process of Tax Audits in Cyprus. 1 Introduction

Size: px
Start display at page:

Download "1.1. Opening Remarks. 1.2. Taxes in Cyprus. 1.3. The Process of Tax Audits in Cyprus. 1 Introduction"

Transcription

1 1 Introduction 1.1. Opening Remarks After your Cypriot company has been audited and filed the tax return, you do not usually expect any additional tax changes. But in reality the tax story of your company has just started. When the tax return is filed and taxes are paid, you should be prepared to have your company audited by the Tax Commissioner. The tax rules in Cyprus are very friendly towards taxpayers but they must be followed. If the taxpayer does not follow these rules, the tax audit of the company may end up with additional tax changes. Some of the taxpayers with loss-making companies careless but this approach is not safe. Even if the company shows loss in its financial statements, the Tax Commissioner can disallow certain losses and the company will end up with profit for tax purposes. The taxpayer should also be aware that in addition to taxes he may also be obliged to pay late payment interest, which amount to 8% per year until 2010 and 5.35% in In addition, the taxpayer should remember, that the company liquidated under the simplified procedure («strike off»), for which there is no evidence of no debts on taxes and charges in Cyprus («tax clearance certificate»), bears all risks associated with the open tax period (see 1.3. below) The tax system in Cyprus is rather flexible and tax risks can be minimized if you identify them and deal with them before tax audit starts. It is important to remember that with early detection of tax risks it is much easier to correct the situation than correcting the historical risk Taxes in Cyprus Defense contribution Income Tax VAT Stamp Duty 1.3. The Process of Tax Audits in Cyprus Tax Commissioner in Cyprus mainly starts the tax audit on the basis of Financial Statement and Auditor s Report. In case these documents do not give a clear picture, Tax Commissioner may request additional documents (copies of contracts with customers and suppliers, invoices, bank statements, etc.).

2 In addition to the above mentioned documents, Tax Commissioner in Cyprus may request to provide documents, which proof the core business, including the company's charter, certificates, contracts with contractors, invoices, statement of bank account, etc. Tax Commissioner in Cyprus may carry out tax audit for the period of six years. Thus, the company can expect an audit for 2010 at any time before the end of This rule also applies to companies that have undergone a simplified liquidation procedure («strike off»).

3 2 Risks of the Defense Contribution in Cyprus 2.1. Defense Contribution in Cyprus on Interests from Bank Deposits As a general rule, interest from bank deposits is subject to defense contribution at the rate of 10% for the full amount of accrued interests. This can be avoided if the company meets all the following requirements and received permission (ruling) of the Tax Commissioner in Cyprus: the main activity of the company is granting loans and / or investments in other financial instruments (not deposits). At the same time, income from financial activities must exceed 60% of total income, or 60% of the company's assets are loans or other financial instruments, and interest income excluding bank interest income should exceed 75% of interest income, and net assets of the company shall exceed EUR10 million Defense Contribution in Cyprus on Interests from Granting Loans to Third Parties If a Cypriot company provides loan to third (unrelated) party, the Cypriot Tax Commissioner charges defense contribution on all the interest accrued on such loans. Information about loans from related and third parties, usually comes from financial statements, prepared by the auditors on the basis of taxpayer s information. Since the auditors do not see the whole structure, they can reflect part of loans as a Third Party Loans, which can result in defense contribution in Cyprus Defense contribution in Cyprus on interests from loans issued at non - market conditions There are two different tax treatment regimes of interest income. If the granting of loans is not the main source of the company s income, the interest income received by the company is subject to the defense contribution at a rate of 10% for the gross amount interests accrued (i. e., interest expenses are not deductible from interest income). If the company generates profit from granting loans, it can be considered as a "finance" company not subject to defense contribution in Cyprus, but the subject to income tax. The income tax rate is also 10%, however, interest expenses will be deductible from the tax base. If the company positions itself as a "finance" company, but at the same time, the company does not get profits from granting loans, because loans are granted not at arm s length terms, it will not be able to support its status of finance company and respective tax treatment. Thus, there is a risk that all interest income received by this company, will be subject to defense contribution in Cyprus Defense Contribution on Non-Distributed Profits. Under Cypriot law, if a company does not distribute profits within two years after the end of the year in which this income is received, then 70% of the profit is subject to Cypriot defense contribution at 15%. This tax does not apply if a shareholder of a Cypriot company is foreign non-cypriot company.

4 2.5. Cypriot Defense Contribution on an Unpaid Share Capital. In accordance with Cypriot law, if a share capital of Cypriot company is not paid, then the unpaid amount shall be considered as loan to the parent company and is subject to taxation. Tax (10%) is charged on 9% of the outstanding share capital each year.

5 3 Risks of Income Tax 3.1. Deductibility of Expenses (for all companies) The Cypriot local auditors often treat all expenses as tax deductible, without analyzing these expenses. Meanwhile, under the general rule, expenses are deductible for tax purposes only if they are incurred with respect to activities aimed at generation of income. In respect of such expenses, you must have all supporting documentation, including contract, invoice, proof of payment. How to determine whether the costs of activities aimed at making profit? Consider a typical situation in which a company's income consists of interest and dividends / income from sale of investments. In this situation the deduction will be allowed only in respect of those expenses that are specifically incurred for income generating purposes(i.e. it may be, for example, the salary of an accountant, doing only interest calculation, consulting services regarding interest, interests payable, etc.). The remaining expenses should not be treated as deductible. Costs that cannot be directly allocated to profit generating activity (e. i., rent, services of auditors), should be proportionately divided into deductible and non-deductible Certain expenses (e. i., entertainment expenses) by default are treated as non-deductible regardless of the purpose for which they were incurred Taxation of Interest Income and Expenses As mentioned above in paragraph 2.3., if the company is positioning itself as a "finance" company, but at the same time, the company does not generate profit from granting loans, because they are granted not on arm s length terms, it cannot confirm the status of financial company and respective tax treatment, and there is a risk that interest income received by this company, will be subject to the defense contribution in Cyprus. However, in practice, Tax Commissioner of Cyprus instead of imposing defense fund charges may choose not to allow these companies to deduct those interest expenses, which in their opinion, are not economically justified (for example - the company attracts the loan at 10% and grants the loan at 3% ). Also, the Tax Commissioner may disallow deduction of the interest, which is allocated to investment purposes or to transactions between related parties that have no economic substance and are concluded not on arm s length terms Loans Forgiveness: if the Cypriot Company Writes-off a Loan In Cyprus, it is possible to deduct write off bad debt if the Cypriot company has taken legal action to collect the debt and there are evidences that the debtor cannot repay the debt. Absence of such legal action is an indication for the Tax Commissioner that the relationship between borrower and lender are different from those of independent companies (arm's length principle). Thus, in this situation write off of a debt will not be considered economically

6 justified, and as a result write off (including interest accrued) will not be deductible for tax purposes Loan Forgiveness: if the Loan granted to Cypriot Company is Written off Write off of a loan granted to a Cypriot company may be considered as income for tax purposes. Nevertheless, there is a possibility to avoid taxation when such loan was used for investment purposes, and it is properly documented. On the contrary, in a situation where the borrowings money are granted further as a loan, that generates interest income, there is a high probability that the amount of write off will be subject to tax. With regard to interest charged on the loan which was written off, it should be noted that: if interest has been allocated to deductible expenses in the company s Financial Statement, the amount of forgiven interests will be taxed, but if such interest were not deducted in the past, it will not be taxed Tax Treatment of Foreign Exchange Differences In connection with the receipt and granting loans in various foreign currencies, the company may incur a significant foreign exchange gain. As a general rule, this Forex income should be taxed at the time of repayment (realized Forex differences), or at the end of each reporting period unrealized Forex differences). The method is usually chosen by the auditor and should be followed consistently afterwards.

7 4 Cyprus VAT implications 4.1. Obligation to Register for VAT The Cypriot company is required to register for VAT purposes in Cyprus when two following conditions are met simultaneously: The company has economic activities The volume of acquired services exceeds EUR 15,600 during a period of 12 month. In case both conditions are met, the company must register for VAT purposes and file a tax return on a quarterly basis. If the company fails to register and file a VAT return, the company will run the risk of a fine for failing to register for VAT (EUR 85 per month of delay), and fine for non-submission of VAT return (EUR 51 per each VAT return) plus late interest payment, even if the company has no VAT to pay VAT for Passive Holding Companies According to Article 3 of the Cyprus VAT Law Meaning of the Term Business, where an investment holding company whose main business activity is the acquisition of shares (holding) in other companies, without taking part in the management and administration of these companies either directly or indirectly, is considered that it is not performing an economic activity for VAT purposes and therefore is not a VAT person. There are, for example, companies that simply hold shares and have no staff and no other operations in Cyprus. At the same time there are holding companies that are actively engaged in restructuring of its subsidiaries, and their subsequent sale, etc. If the actions of the Company are limited to voting at general meetings of shareholders and the realization of other rights of the Company as a shareholder, it will not be an "economic activity", and the Company will not be recognized as a taxpayer for VAT purposes. If, however, the Company has staff in Cyprus, deals with various projects both in respect of its subsidiaries, as well as prospective investments, search for new investors, the valuation of subsidiary companies, organizations, their funding, etc. the Tax Commissioner may not approve non-registration of the company for VAT purposes. As example, if such companies receive services from Russia (non-eu), they do not have to pay VAT, however, if such companies receive any services from EU suppliers, they have to pay VAT imposed by the EU suppliers on the invoices issued and such EU VAT remains as a cost to the company VAT for Holding Companies Which are also Engaged in Financing Activities Where a holding company provides interest bearing loans to its subsidiaries or to other third parties, then this company will be considered as having an economic activity for VAT purposes. Such company shall be obliged to register for VAT in Cyprus, when the company receives professional services. The actual payment of VAT to be paid depends on the following circumstances.

8 If the services received are not related to the company s economic activity (i.e. granting loans) the Company should claiming pay VAT on them at own cost. The ability of a financing company to recover input VAT is dependent on the place where the borrower is established. If the borrower is established outside the EU, the company may claim input VAT on expenses incurred, i.e. there will be no actual payment of VAT. If on the other hand the financing is granted to persons either belonging to Cyprus or in other EU member state, the company will have to pay VAT with no possibility to claim it back VAT before and after 2010 a Real Example Before 2010 VAT returns were mainly used for statistical purposes. However, from 2010, VAT rules have changed (see above), which led to a significant increase in the tax burden. Let s consider the example of a Cypriot company X - with (similar operations in 2009 and 2010) and see the difference in VAT payable Company X operations $ Investments Loans granted to Russia to Cyprus Professional Services Acquired (non-eu) services related to financial activities services related to holding activities VAT calculation 2009 / Cost of acquired services (non-eu) VAT rate 15% 15% VAT declared VAT payable (holding activities) VAT payable (financial activities Russia) VAT payable (financial activities Cyprus) Recoverable VAT Total VAT payable Since the difference in the VAT payable is so high, it is recommended to review the VAT position of Cypriot companies for

9 5 Other Relevant Taxes and Charges 5.1. Stamp Duty According to the provisions of the Cypriot legislation, an additional issue of shares is subject to stamp duty of 0.6% of the nominal value of shares issued. However the stamp duty may be reduced through the issuance of shares at premium.

TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS

TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS TAXATION OF INTEREST, DIVIDENDS AND CAPITAL GAINS IN CYPRUS LAWS AND DECREES The Income Tax (Amendment) Law of 2005 The Special Contribution for Defence (Amendment) Law of 2004 The Assessment and Collection

More information

CYPRUS TAX CONSIDERATIONS

CYPRUS TAX CONSIDERATIONS TAXATION The following summary of material Cyprus, US federal income and United Kingdom tax consequences of ownership of the GDRs is based upon laws, regulations, decrees, rulings, income tax conventions

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

GLOBAL GUIDE TO M&A TAX

GLOBAL GUIDE TO M&A TAX Quality tax advice, globally GLOBAL GUIDE TO M&A TAX 2013 EDITION www.taxand.com CYPRUS Cyprus From a Buyer s Perspective 1. What are the main differences among acquisitions made through a share deal versus

More information

TAX CARD 2015 GREECE. Table of Contents

TAX CARD 2015 GREECE. Table of Contents GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3

More information

Statement of Financial Accounting Standards No. 7. Consolidated Financial Statements

Statement of Financial Accounting Standards No. 7. Consolidated Financial Statements Statement of Financial Accounting Standards No. 7 Statement of Financial Accounting Standards No. 7 Consolidated Financial Statements 30 November 2004 Translated by Wei-heng Lin, Associate Professor (Chung

More information

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS)

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if

More information

RANBAXY EGYPT COMPANY (L.L.C.) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT

RANBAXY EGYPT COMPANY (L.L.C.) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT Translation of Auditor s report AUDITOR S REPORT TO THE SHAREHOLDERS OF Report on the Financial Statements We have audited

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

Annual report for the financial year 2014-05-28-2014-12-31

Annual report for the financial year 2014-05-28-2014-12-31 1 PZU Finance AB (publ) Org nr Office translation Annual report for the financial year 2014-05-28-2014-12-31 The Board of Directors presents the following annual report Contents Page - Administration Report

More information

Cross Border Tax Issues

Cross Border Tax Issues Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6

More information

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc Interim Report 2011 Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc ("Capcon" or the "Group"), the AIM listed investigations and risk management

More information

MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2. Cash Flow Statements

MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2. Cash Flow Statements MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2 Cash Flow Statements March 2013 MPSAS 2 CASH FLOW STATEMENTS Acknowledgment The Malaysian Public Sector Accounting Standard (MPSAS) 2 is based on International Public

More information

IPSAS 2 CASH FLOW STATEMENTS

IPSAS 2 CASH FLOW STATEMENTS IPSAS 2 CASH FLOW STATEMENTS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 7, Cash Flow Statements published

More information

IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY

IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY July 2012 M-10855059-6 IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH PROPERTY FOR FOREIGN INVESTORS

More information

EUROPEAN UNION ACCOUNTING RULE 17 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS)

EUROPEAN UNION ACCOUNTING RULE 17 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) EUROPEAN UNION ACCOUNTING RULE 17 REVENUE FROM NON-EXCHANGE TRANSACTIONS (TAXES AND TRANSFERS) Page 2 of 26 I N D E X 1. Introduction... 3 2. Objective... 3 3. Scope... 3 4. Definitions... 4 5. Non-exchange

More information

TAXATION OF FINANCIAL INSTRUMENTS

TAXATION OF FINANCIAL INSTRUMENTS 2 Ing. Katarína Vavrová Faculty of Business Management University of Economics in Bratislava Investment in securities is influenced not only by the relation between the intrinsic value and market price

More information

0175/00014699/en Half-Yearly Financial Report GLOBAL DIGITAL SERVICES PLC STC. Correction To:0175/00014529

0175/00014699/en Half-Yearly Financial Report GLOBAL DIGITAL SERVICES PLC STC. Correction To:0175/00014529 Correction To:0175/00014529 0175/00014699/en Half-Yearly Financial Report GLOBAL DIGITAL SERVICES PLC STC Corrected Consolidated Half Year Financial Report 9th February 2016 Global Digital Services PLC

More information

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss

More information

In this chapter, we build on the basic knowledge of how businesses

In this chapter, we build on the basic knowledge of how businesses 03-Seidman.qxd 5/15/04 11:52 AM Page 41 3 An Introduction to Business Financial Statements In this chapter, we build on the basic knowledge of how businesses are financed by looking at how firms organize

More information

Argus Stockbrokers Ltd

Argus Stockbrokers Ltd Argus Stockbrokers Ltd DISCLOSURES IN ACCORDANCE WITH THE DIRECTIVE OF THE CYPRUS SECURITIES AND EXCHANGE COMMISSION FOR THE CAPITAL REQUIREMENTS OF INVESTMENT FIRMS AS AT 31 st DECEMBER 2013 MAY 2014

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

Unaudited financial report for the six-month period ending 30 June 2015. RWE Finance B.V. s-hertogenbosch, the Netherlands

Unaudited financial report for the six-month period ending 30 June 2015. RWE Finance B.V. s-hertogenbosch, the Netherlands Unaudited financial report for the six-month period ending 30 June 2015 RWE Finance B.V. s-hertogenbosch, the Netherlands Content Interim report of the directors 3-5 Interim report of the directors 4-5

More information

NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE

NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE NOTES TO ASSIST COMPLETION OF BUSINESS QUESTIONNAIRE Never change company shareholding without conferring with us because there are tax implications. Please note the following comments 1. Cars If you sell

More information

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS

INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY "DRAFT VERSION FOR FIRST REVIEW ONLY" Submitted to: Minstry of Finance and Economy Head of Insurance Department Republic of Armenia Submitted by: BearingPoint

More information

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%.

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. Corporations in Turkey can be regarded as either limited or unlimited

More information

Actuarial Society of India

Actuarial Society of India Actuarial Society of India EXAMINATIONS November 2004 SUBJECT - 108: Finance and Financial Reporting Indicative Solution S-108 Page 1 of 7 1 D 2 C 3 B 4 D 5 D 6 A 7 B 8 C 9 B 10 D 11 Trade credit is short-term

More information

Dutch limited liability company ( BV )

Dutch limited liability company ( BV ) Dutch limited liability company ( BV ) General Besloten vennootschap met beperkte aansprakelijkheid (usually abbreviated BV in the Netherlands) is the Dutch version of a private limited liability company.

More information

CROSS-BORDER MERGERS OF LIMITED LIABILITY COMPANIES

CROSS-BORDER MERGERS OF LIMITED LIABILITY COMPANIES 1 CROSS-BORDER MERGERS OF LIMITED LIABILITY COMPANIES Law 2 of 186(I) of 2007 has introduced new provisions to the Cyprus Companies Law, Cap. 113 in consistency to the provisions of Directive 2005/56/EC

More information

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008 INFORMATION SHEET NO.54 Setting up a Limited Liability Company in Poland December 2008 General The Commercial Companies Code (KSH) regulates all issues related to the establishment, activity and dissolution

More information

TAX ISSUES RAISED BY LNG PROJECTS

TAX ISSUES RAISED BY LNG PROJECTS TAX ISSUES RAISED BY LNG PROJECTS Jon Lobb Baker Botts L.L.P. ABSTRACT This paper discusses tax issues that may be encountered by a company investing in an LNG project. 1. Income Taxes A seller's income

More information

BIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars)

BIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited Prepared by Management) NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

ebrief for freelancers and contractors Contractors guide to investing surplus cash

ebrief for freelancers and contractors Contractors guide to investing surplus cash ebrief for freelancers and contractors Contractors guide to investing surplus cash Making the most of your Surplus Cash Intouch Accounting, the personal online accountant, looks at this all important question

More information

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax USA Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of regulated investment companies: income tax Investment companies in the United States (US) are structured either as openend

More information

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank (Unofficial translation, amendments up to 645/2006 included) Act on Mortgage Credit Banks 23.12.1999/1240 Chapter 1 General provisions Section 1 Definition of a mortgage credit bank A mortgage credit bank

More information

how to prepare a cash flow statement

how to prepare a cash flow statement business builder 4 how to prepare a cash flow statement zions business resource center zions business resource center 2 how to prepare a cash flow statement A cash flow statement is important to your business

More information

the original accounting office for small business 2016/2017 Company, Trust or Partnership Tax Return Checklist

the original accounting office for small business 2016/2017 Company, Trust or Partnership Tax Return Checklist 2016/2017 Company, Trust or Partnership Tax Return Checklist Page 1 Name of taxpayer: : Address: Preferred Contact No: Income Accounting information, including trial balance, profit & loss and balance

More information

Taxation of banking and finance in the BSEC countries

Taxation of banking and finance in the BSEC countries Taxation of banking and finance in the BSEC countries Anastasia Certan Head, Tax and Customs Policy and Legislation General Directorate 1 AGENDA CIT rates and exemptions WHT rates General and special deductions

More information

Statement of Cash Flows

Statement of Cash Flows STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.

More information

Spain Tax Alert. Corporate tax reform enacted. Tax rate. Tax-deductible expenses. International Tax. 2 December 2014

Spain Tax Alert. Corporate tax reform enacted. Tax rate. Tax-deductible expenses. International Tax. 2 December 2014 International Tax Spain Tax Alert 2 December 2014 Corporate tax reform enacted Contacts Brian Leonard bleonard@deloitte.es Francisco Martin Barrios fmartinbarrios@deloitte.es Elena Blanque elblanque@deloitte.es

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

C2W Music Ltd. Report To The Shareholders Financial Statements Ended September 30 th, 2015

C2W Music Ltd. Report To The Shareholders Financial Statements Ended September 30 th, 2015 C2W Music Ltd. Report To The Shareholders Financial Statements Ended September 30 th, The Board of Directors of C2W Music Limited (the Company ) is pleased to announce the financial results th for the

More information

ebrief for freelancers and contractors Borrowing company money

ebrief for freelancers and contractors Borrowing company money ebrief for freelancers and contractors Borrowing company money The facts behind the Directors Loan Account Taking money from the business for personal use when trading as a partnership or sole trader is

More information

Assurance and accounting A Guide to Financial Instruments for Private

Assurance and accounting A Guide to Financial Instruments for Private june 2011 www.bdo.ca Assurance and accounting A Guide to Financial Instruments for Private Enterprises and Private Sector t-for-profit Organizations For many entities adopting the Accounting Standards

More information

REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND

REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND () () REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND Published in issue 226339 of the Official Gazette dated November 7, 2006

More information

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents

FINANCIAL STATEMENTS. Alberta Beverage Container Recycling Corporation. Contents 1 FINANCIAL STATEMENTS Alberta Beverage Container Recycling Corporation Contents 2 Independent Auditor s Report 3 Statement of Operations and Changes in Net Assets 4 Statement of Financial Position 5 Statement

More information

Accounting Norms and Principles January 7, 2003

Accounting Norms and Principles January 7, 2003 1 Accounting Norms and Principles January 7, 2003 The purpose of an accounting system is to provide credit union management with complete and accurate financial information that can be used to operate

More information

TAX AND STATEMENT MATTERS OF THE INCOME TAX FOR THE YEAR 2010

TAX AND STATEMENT MATTERS OF THE INCOME TAX FOR THE YEAR 2010 Bulletin of the Transilvania University of Braşov Vol. 4 (53) No. 1-2011 Series V: Economic Sciences TAX AND STATEMENT MATTERS OF THE INCOME TAX FOR THE YEAR 2010 Steliana BUSUIOCEANU 1 Abstract: The numerous

More information

Cash Flow Statements

Cash Flow Statements STATUTORY BOARD FINANCIAL SB-FRS 7 REPORTING STANDARD Cash Flow Statements SB-FRS 7 Cash Flow Statements applies to Statutory Boards for annual periods beginning on or after 1 January 2009. This Standard

More information

Most economic transactions involve two unrelated entities, although

Most economic transactions involve two unrelated entities, although 139-210.ch04rev.qxd 12/2/03 2:57 PM Page 139 CHAPTER4 INTERCOMPANY TRANSACTIONS LEARNING OBJECTIVES After reading this chapter, you should be able to: Understand the different types of intercompany transactions

More information

Rev Re i v sed e Scheduled VI Dhinal Shah Charte Chart re r d Accoun Accoun a t nt

Rev Re i v sed e Scheduled VI Dhinal Shah Charte Chart re r d Accoun Accoun a t nt Revised Scheduled VI Dhinal Shah Chartered Accountant Structure of Presentation Setting the Context Structure of Revised Schedule VI Key Changes Key Points Setting the Context Setting the Context Towards

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Condensed Interim Consolidated Financial Statements of THE BRICK LTD. For the three months ended March 31, 2013 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

Cashflow Management. What is cashflow

Cashflow Management. What is cashflow Cashflow Management This Fact File Information Sheet looks at the key elements of cashflow, and how effective cashflow management will help protect the financial security of a business. It outlines the

More information

WithumSmith+Brown, PC Certified Public Accountants and Consultants BE IN A POSITION OF STRENGTH. withum.com

WithumSmith+Brown, PC Certified Public Accountants and Consultants BE IN A POSITION OF STRENGTH. withum.com 1 Objectives for Today s Webinar What are the different types of K-1s? K-1 line items where do they end up? My income is greater than the cash I received why would that be? 2 What is a Schedule K-1 Form?

More information

Accounting Standard for Business Enterprises No. 33 - Consolidated financial statements Caikuai [2006] No.3

Accounting Standard for Business Enterprises No. 33 - Consolidated financial statements Caikuai [2006] No.3 Accounting Standard for Business Enterprises No. 33 - Consolidated financial statements Caikuai [2006] No.3 Chapter I General Provisions Article 1: These Standards are formulated in accordance with the

More information

U.S. Income Tax Return for an S Corporation

U.S. Income Tax Return for an S Corporation Form 1120S U.S. Income Tax Return for an S Corporation Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. Information about Form 1120S and

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

Improving the tax treatment of bad debts in related party financing

Improving the tax treatment of bad debts in related party financing Improving the tax treatment of bad debts in related party financing Discussion paper July 2012 Commonwealth of Australia 2012 ISBN 978 0 642 74837 9 This publication is available for your use under a Creative

More information

Financial Statements

Financial Statements Financial Statements The financial information forms the basis of financial planning, analysis & decision making for an organization or an individual. Financial information is needed to predict, compare

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

COSTAS TSIELEPIS & CO LTD

COSTAS TSIELEPIS & CO LTD COSTAS TSIELEPIS & CO LTD TAX UPDATE By ALEXIS TSIELEPIS, Director, Head of Taxation VOLUME 4, ISSUE 3 knowledge Facts, information and skills acquired through experience or education; the theoretical

More information

tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 13

tes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 13 Part 13 Close companies CHAPTER 1 Interpretation and general 430 Meaning of close company 431 Certain companies with quoted shares not to be close companies 432 Meaning of associated company and control

More information

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 In accordance with a resolution of the Directors dated 16 December 2015, the Directors of the Company have pleasure in reporting on the Company for

More information

REGULATION ON EQUITY OF BANKS (Published in the Official Gazette Nr 26333 dated November 01, 2006)

REGULATION ON EQUITY OF BANKS (Published in the Official Gazette Nr 26333 dated November 01, 2006) By the Banking Regulation and Supervision Agency: REGULATION ON EQUITY OF BANKS (Published in the Official Gazette Nr 26333 dated November 01, 2006) SECTION ONE Objective and Scope and Basis and Definitions

More information

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report

Cathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional

More information

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term

Notes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term To Those Shareholders with Voting Rights Notes to the Consolidated Financial Statements for the 92nd Fiscal Term Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term The above documents

More information

Notes 2011 Solvang Group

Notes 2011 Solvang Group Notes 2011 Solvang Group NOTE 1 - CORPORATE INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES CORPORATE INFORMATION Solvang ASA is a public limited company incorporated and domiciled in Norway whose shares

More information

Contents. 1-2 Contact Details 15. Part 1 Introduction. 3-4 Disclaimers 16. Part 2 Brief News 5-9. Part 3 Austerity Measures Amendments to Tax Laws

Contents. 1-2 Contact Details 15. Part 1 Introduction. 3-4 Disclaimers 16. Part 2 Brief News 5-9. Part 3 Austerity Measures Amendments to Tax Laws Contents Part 1 Introduction 1-2 Contact Details 15 Part 2 Brief News 3-4 Disclaimers 16 Part 3 Austerity Measures Amendments to Tax Laws 5-9 Special Feature Members Voluntary Liquidation 10-14 1 Introduction

More information

INCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I OF THE INCOME TAX ACT, 1962 (the Act)

INCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I OF THE INCOME TAX ACT, 1962 (the Act) REPUBLIC OF SOUTH AFRICA SOUTH AFRICAN REVENUE SERVICE PRACTICE NOTE : NO. 4 DATE : 8 MARCH 1999 INCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I

More information

2015 Individual Tax Return Checklist

2015 Individual Tax Return Checklist 2015 Individual Tax Return Checklist Name of taxpayer: Address: Preferred contact no.: Income PAYG payment summaries (eg from employers) Lump sum payments (eg employment termination payment) Partnership

More information

FMG GLOBAL HEDGE FUND LTD. Financial Statements (With Auditors Report Thereon) March 31, 2010 and 2009

FMG GLOBAL HEDGE FUND LTD. Financial Statements (With Auditors Report Thereon) March 31, 2010 and 2009 Financial Statements (With Auditors Report Thereon) and 2009 KPMG Crown House Telephone 441 295-5063 4 Par-la-Ville Road Fax 441 295-9132 Hamilton HM 08, Bermuda www.kpmg.bm Mailing Address: P.O. Box HM

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

DOING BUSINESS IN GERMANY Overview on Taxation

DOING BUSINESS IN GERMANY Overview on Taxation DOING BUSINESS IN GERMANY Overview on Taxation March 2015 1. Introduction 1.1. Generally, taxes are administered and enforced by the competent local tax office. These local tax offices administer in particular

More information

FORM G-405, PART IIA REPORT ON FINANCES AND OPERATIONS OF GOVERNMENT SECURITIES BROKERS AND DEALERS

FORM G-405, PART IIA REPORT ON FINANCES AND OPERATIONS OF GOVERNMENT SECURITIES BROKERS AND DEALERS FORM G-405, PART IIA REPORT ON FINANCES AND OPERATIONS OF GOVERNMENT SECURITIES BROKERS AND DEALERS GENERAL INSTRUCTIONS This report on the finances and operations of government securities brokers and

More information

TERRITORY REVENUE OFFICE COMMISSIONER S GUIDELINE CG-GEN-004: Instalment arrangements

TERRITORY REVENUE OFFICE COMMISSIONER S GUIDELINE CG-GEN-004: Instalment arrangements TERRITORY REVENUE OFFICE COMMISSIONER S GUIDELINE : Instalment arrangements Version Issued Dates of Effect From: To: 1 15 December 2006 15 December 2006 31 December 2007 2 2 January 2008 1 January 2008

More information

STANDARD ADVICE ON EVIDENCE FROM FINANCIAL ADVISERS/ACCOUNTANTS

STANDARD ADVICE ON EVIDENCE FROM FINANCIAL ADVISERS/ACCOUNTANTS EMPLOYER SUPPORT PAYMENT SCHEME STANDARD ADVICE ON EVIDENCE FROM FINANCIAL ADVISERS/ACCOUNTANTS A statement from a financial adviser or accountant must specify the amounts of income received from all sources

More information

Section A 3 A (1,515,120 1,416,000)*18/118 = 15,120 RR 5 B (624,000*27.1%) + ((700,000 624,000)*10%) = 176,704 RR

Section A 3 A (1,515,120 1,416,000)*18/118 = 15,120 RR 5 B (624,000*27.1%) + ((700,000 624,000)*10%) = 176,704 RR Answers Fundamentals Level Skills Module, Paper F6 (RUS) Taxation (Russia) December 2015 Exam Answers and Marking Scheme Section A 1 B 5,000*1/4*1.5%*1,000 = 18,750 Tutorial note: Property tax is not payable

More information

Tax Planning Checklist

Tax Planning Checklist Tax Planning Checklist For the year ended 31 March 2014 Contents Year end tax planning checklist 1 General tips on minimising tax 4 Help us to process your records efficiently and quickly 5 Help yourself

More information

NH&RA Fall Developers Forum October 18-19, 2010 A Few Things to Remember About Debt Restructuring

NH&RA Fall Developers Forum October 18-19, 2010 A Few Things to Remember About Debt Restructuring NH&RA Fall Developers Forum October 18-19, 2010 A Few Things to Remember About Debt Restructuring Forrest Milder, Nixon Peabody LLP Roger Yorkshaitis, Gatehouse Group, Inc., Overview -- 1 The cancellation

More information

THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) ADVANCED TAX QUESTION PAPER NOVEMBER 2014

THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) ADVANCED TAX QUESTION PAPER NOVEMBER 2014 QUESTION 1 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) (a) Zacky Company Limited has approached you to assist their company to comply with the Value Added Tax regime in Ghana. They have asked you specifically

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

Telecom Italia Capital Société Anonyme 12, rue Eugène Ruppert L-2453 Luxembourg. R.C.S. Luxembourg B 77.970

Telecom Italia Capital Société Anonyme 12, rue Eugène Ruppert L-2453 Luxembourg. R.C.S. Luxembourg B 77.970 12, rue Eugène Ruppert L-2453 Luxembourg R.C.S. Luxembourg B 77.970 Audited Annual Accounts as at December 31, 2014, which have been authorized by the Board of Directors held on February 27, 2015 Table

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

More information

tutor2u Cash Management How and Why Businesses Need to Manage their Cash AS & A2 Business Studies PowerPoint Presentations 2005

tutor2u Cash Management How and Why Businesses Need to Manage their Cash AS & A2 Business Studies PowerPoint Presentations 2005 Cash Management How and Why Businesses Need to Manage their Cash AS & A2 Business Studies PowerPoint Presentations 2005 Importance of Cash (1) A business can exist for a while without making profits but

More information

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY))

Anadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY)) Consolidated Balance Sheet As At ASSETS I- Current Assets A- Cash and Cash Equivalents 14 302,999,458 216,428,429 1- Cash 14 3,385 27,952 2- Cheques Received 3- Banks 14 145,598,543 87,301,020 4- Cheques

More information

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND CANACCORD GENUITY INVESTMENT FUNDS PLC Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND This Supplement contains specific information in relation to CGWM

More information

International Financial Accounting (IFA)

International Financial Accounting (IFA) International Financial Accounting (IFA) Preparation and presentation of Financial Statements DEPARTMENT OF BUSINESS AND LAW ROBERTO DI PIETRA SIENA, NOVEMBER 4, 2013 1 INTERNATIONAL FINANCIAL ACCOUNTING

More information

Tax Sectors General Part General Provisions

Tax Sectors General Part General Provisions AMENDMENTS TO THE TAX CODE AS EFFECTIVE SINCE 1 JANUARY 2015 Laws on Amendments to the Tax Code: The tax Code was amended by the following laws of the Republic of Kazakhstan: the Law of the Republic of

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

Clarifying the definition of limited recourse debt

Clarifying the definition of limited recourse debt Clarifying the definition of limited recourse debt Discussion paper July 2012 Commonwealth of Australia 2012 ISBN 978 0 642 74838 6 This publication is available for your use under a Creative Commons Attribution

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS Background A United Kingdom Limited Liability Partnership (LLP) has become a very popular vehicle for international commercial activity. This is because the

More information

Fundamentals Level Skills Module, Paper F6 (CYP)

Fundamentals Level Skills Module, Paper F6 (CYP) Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) (a) Costas Costoulas December 203 Answers and Marking Scheme (i) Income tax for 202 Employment (worldwide) Salary income 0.000

More information