Goods and Services Tax (GST) Accounting for GST, Adjustments and Partial Exemption
|
|
- Alan Gordon
- 7 years ago
- Views:
Transcription
1 Goods and Services Tax (GST) Accounting for GST, Adjustments and Partial Exemption Presenter : Mohd Zaidilharis JKDM, Putrajaya
2 AGENDA PART 1 INTRODUCTION PART 2 RELEVANT LAWS PART 3 ACCOUNTING FOR GST PART 4 ADJUSTMENT PART 5 PARTIAL EXEMPTION AND ANNUAL ADJUSTMENT
3 PART 1 : INTRODUCTION Adjustment under GST - Input Tax and Output Tax When the taxable person issues/receives debit notes / credit notes Payment not received after 6 months (Bad Debt Relief) Debtor has become insolvent before expiry of 6 months (Bad Debt Relief) Payment not made for the acquisition after 6 months Change of use of assets (e.g. from exempt to taxable) over-deducted of input tax due to change of use (Reg. 34) Short claimed of input tax due to change of use Over-deducted of input tax due to change of use Change of accounting basis e.g. payment basis to invoice basis Annual Adjustment for mixed supplier Capital Goods Adjustment (change in the proportion of use) Cont
4 PART 2 : RELEVANT LAWS 1. Section 35 Credit Note & Debit Note 2. Section 58 Bad Debt Relief 3. Regulation 25 Credit Note & Debit Note 4. Regulation Input Tax & Partial Exemption 5. Regulation Bad Debt Relief Cont
5 PART 3 : ACCOUNTING FOR GST 1.Credit Note 2.Debit Note 3.Bad Debt Relief Cont
6 CREDIT NOTE A credit note is issued when the amount previously invoiced is reduced or a transaction is cancelled for whatever reason. When a credit note is issued, the taxable person must reduce his output tax for the corresponding amount stated in the credit note in the return for the taxable period in which the credit note was issued. The customer who is a registered person on the other hand, must reduce his input tax in the return for the taxable period in which he received the credit note. Adjust by deducting the related GST to the input tax in GST - 03
7 CREDIT NOTE EXAMPLE: Goods sold on 20/1/16 by company A to company B, amount RM 1,000. plus GST 6%. Goods returned on 10/2/16 to company A, amount RM212. Credit note issued on 25/2/16 by company A. Company A (Seller) Jan 16 Output tax : RM1000 x 6% = RM60 Feb 16 (Adjustment) Decrease output tax : RM212 x 6/106 = RM12 Company B (Buyer) Jan 16 Input tax RM1000 x 6% = RM60 Feb 16 (Adjustment) Decrease Input tax RM212 x 6/106 = RM 12 OUTPUT TAX INPUT TAX
8 CREDIT NOTE Dr Sales Returns - RM Dr GST output tax - RM Cr Trade Debtors - RM
9 DEBIT NOTE A debit note is issued when the amount previously invoiced is increased for the same supply. When a taxable person issues a debit note, he must increase his output tax for the corresponding amount stated in the debit note in the return for the taxable period in which the debit note was issued. The customer who is a registered person on the other hand, can increase his input tax in the return for the taxable period in which he received the debit note.
10 DEBIT NOTE EXAMPLE: On 20/3/16 WUB Enterprise issued a tax invoice to BHX Enterprise for RM 10,600 inclusive GST 6% (RM10,000 + RM600 GST). In March taxable period, WUB Enterprise includes the output tax of RM600 (i.e. RM10,000 x 6%) for that particular transaction, while BHX Enterprise claimed an input tax of RM600 (i.e RM10,000 x 6%) On 10/4/16 WUB Enterprise raised a debit note for the amount of RM 1,060 inclusive GST 6%.
11 DEBIT NOTE EXAMPLE: To clearly reflect the actual liability, in the April taxable period, WUB Enterprise has to make an adjustment by increasing the output tax by RM60 (i.e. RM1,000 x 6%) because his actual sales has increased by RM1,000. Correspondingly, BHX Enterprise has to make an adjustment by increasing the input tax by RM60 (i.e RM1,000 x 6%) since the price increased by RM1,000 compared to the initial tax invoice.
12 ACCOUNTING ENTRY Debit Note o Eg. A trader raise a debit note for undercharge of value for an earlier invoice. The undercharged amount is RM plus GST His accounts should reflect Dr Debtors RM (gross) Cr Sales - RM (net) Cr GST Output tax RM 60.00
13 BAD DEBTS RELIEF Conditions For Relief Of Bad Debts tax account and paid on the supply; no payment has been received in 6 months from the date of supply; or the debtor has become insolvent before the period of six months has elapsed; and reasonable efforts have been made by such person to recover the tax (shall notify the debtor of his intention to claim bad debt).
14 Conditions For Relief Of Bad Debts (continue) Have written off the debt in GST accounts Have transferred the debt to a separate debt account (Reg. 74(3)) The debt has not been sold or passed to a factoring company You are still entitle to receive relief even though bad debt is not written off. Entitlement of supplier Claim within 6 years from the date of supply; Claim relief as input tax BAD DEBT RELIEF Subsequently receive repayment after claiming the tax account as output tax in return for the taxable period he receives the payment of the tax from the customer
15 Formula for bad debt relief Supplier has not received any payment claim for the whole of the tax paid Supplier received part payment for taxable supply claim for an amount calculated accordance to this formula A1 x C B Where A1 the payment not received for the taxable supply B the consideration for the taxable supply C the tax due and payable on the taxable supply
16 BAD DEBTS Payment not received after 6 months 1. ARBUS Sdn Bhd made a supply and issued a tax invoice on 5/2/2016 to RBS Sdn Bhd for RM 21,200 inclusive GST 6% (RM 20,000 + RM1200 GST). 2. ARBUS Sdn Bhd accounts for output tax for the month of February. 3. ARBUS receives part payment of RM12,000 (inclusive of tax RM 679) for the supply was received on 12/5/ Balance payment of RM 9,200 was received after six months from the date of tax invoice was issued. 5. ARBUS Sdn Bhd can claim bad debt relief in the month of August. 6. The claimable bad debt relief is as follows:- RM9200 x RM1200 = RM 521 RM
17 ADJUSTMENT BAD DEBTS Buyer (taxable person) fails to pay GST within six months from the date of supply : If he has claimed input tax on that supply: pay back the input tax by accounting an amount equal to the input tax as his output tax. account the output tax in his taxable period immediately after the six month period If he subsequently pays the supplier: claim back the output tax he pays to supplier as his input tax for the taxable period in which he made his payment.
18 Formula for repayment Supplier has received the claim Buyer subsequently paid the debt to Supplier Supplier has to repay an amount calculated with the following formula Where A2 the payment received in respect of the taxable supply B the consideration for the taxable supply C the tax due and payable on the taxable supply Declare in GST-03 A2 x C B
19 ADJUSTMENT BAD DEBTS If only part payment received after six months Please refer to the same example of ARBUS. Assuming the customer pays only RM 3900 (inclusive tax ) in 5/11/2016 (after the expiry of 6 months from the date of supply), ARBUS Sdn Bhd must account for output tax calculated as follows:- RM3900 x RM1200 = RM 221 RM21200
20 PART 4 : ADJUSTMENT 1.Change of Use 2.Change of Accounting Basis Cont
21 CHANGE OF USE A change of use will result if there is a change in the intention or there is an actual change in use. If there is a change in use, the registered person shall make an adjustment to the input tax that has been claimed earlier. The amount of input tax claimed must reflect the actual taxable use of the supply acquired. This may lead to over deduction or short claim of input tax. Over deduction will occur when the percentage of usage for taxable supply has decreased. On the other hand, short claim refers to situation where the percentage of usage has increased.
22 CHANGE OF USE (over-deduction) Adjustment of input tax over-deducted due to change of use Change in use of goods or services purchased during a period of 6 years Input tax has been claimed, therefore need to reverse the entry. Taxable Supplies Taxable & Exempt Supplies Taxable & Exempt Supplies Exempt Supplies Adjust by adding the related adjustment to the output tax in GST Return
23 ADJUSTMENT CHANGE OF USE (short claimed) Adjustment of input tax over-deducted due to change of use Change in use of goods or services purchased during a period of 6 years Input tax has been claimed, therefore need to reverse the entry. Exempt Supplies Taxable Supplies Taxable & Exempt Supplies Taxable &Exempt Supplies Adjust by adding the related adjustment to the input tax in GST Return
24 CHANGE OF ACCOUNTING BASIS Requirement as a result of change from an invoices basis to payment basis or vice versa Registered person has to prepare up to the last day of the taxable period before change takes effect: List of creditors amount due by the registered person List of debtor amount due to the registered person Calculate the tax payable or refundable Make adjustment of tax by including the tax payable or refundable in the first return where the change of accounting takes effect 24
25 Change from invoice basis to payment basis Calculation of tax payable due to change from an invoice basis to payment basis. Determined in accordance to this formula: [C D] C An amount equal to the amount of input tax deducted in relation to the amount due as shown in the list of creditors D An amount equal to the amount of output tax accounted in relation to the amount due as shown in the list of debtors Amount will be refunded if net tax is negative 25
26 CHANGE OF ACCOUNTING BASIS FROM INVOICE TO PAYMENT BASIS Must pay the difference if GST on creditors is higher than GST on debtors Include the amount as output tax payable in the first return where the change in the accounting basis takes effect If GST on debtors is higher than GST on creditors, you are entitle to a credit. Can increase your ITC Once under the payment basis, you can only claim a credit when you pay for the supply and account for output tax only when you receive payment for the supply.
27 Sample calculation: changing from invoice to payment basis Creditors list as end of the month Co. Amount Paid Balance A B C D Total Debtors list as end of the month Co. Amount Paid Balance AA AB AC AD Total Tax payable when change from invoice basis to payment basis Amount of input tax deducted - A 4000 X 6/ Amount of output tax accounted - B 3500 X 6/ Tax payable C - D
28 Change from payment basis to invoice basis Determined in accordance to this formula: D - C D An amount equal to the amount of output tax would have been deducted in relation to the amount due as shown in the list of debtors required to be prepared in invoice basis C An amount equal to the amount of input tax would have been accounted in relation to the amount due as shown in the list of creditors required to be prepared in invoice basis Amount will be refunded if net tax is negative 28
29 CHANGE OF ACCOUNTING BASIS FROM PAYMENT BASIS TO INVOICE BASIS Must pay the difference if GST on debtors is higher than GST on creditors Include the amount as output tax payable in the first return where the change in the accounting basis takes effect If GST on creditors is higher than GST on debtors, you are entitle to a credit. Can increase your ITC Once under the invoice basis, you can claim a credit when you receive a tax invoice for the acquisition and must account for output tax when you issue invoice for the supply.
30 Sample calculation: changing from payment to invoice basis Creditors list as end of the month Co. Amount Paid Balance A B C D Total Debtors list as end of the month Co. Amount Paid Balance AA AB AC AD Total Tax payable when change from payment basis to invoice basis Amount of output tax accounted - C 3800 X 6/ Amount of input tax deducted - D 3500 X 6/ Tax payable D - C
31 PART 4 : ADJUSTMENT PARTIAL EXEMPTION & ANNUAL ADJUSTMENT Cont
32 OVERVIEW Mixed Supplier a person who makes both taxable and exempt supplies Partial Exemption mixed supplier has to apportion the amount of residual input tax claim in respect of making taxable and exempt supplies using an approved partial exemption method Eligible to claim full amount of input tax credit if the input tax incurred is exclusively attributable to the taxable supplies Not entitled to claim input tax incurred if the input tax incurred is exclusively attributable to the exempt supplies
33 OVERVIEW Residual input means input that is not directly attributable to eithertaxable or exempt supply, ex. electricity, water, rents, etc. Residual input tax need to be apportioned according to taxable supply. (Apportionment rule)
34 APPORTIONMENT DIRECT ATTRIBUTE INPUT A INPUT B PROCESS Taxable Non-Taxable OUTPUT A OUTPUT B Claimable Non- Claimable INDIRECT ATTRIBUTE - Apportionment INPUT A PROCESS OUTPUT A OUTPUT B Taxable Non-Taxable
35 APPORTIONMENT METHOD Mechanism for ITC Apportionment Turnover-based method will be used as a standard method for apportioning any residual input the proportion must correctly reflect the use to which the inputs are put must reflect the range of the taxable person s activities adjustment to the initial input tax claim should be made annually based on the change of the use of the asset Cont
36 APPORTIONMENT METHOD STANDARD METHOD Reg.39 (4) IRR = T O¹ X 100% T + E - O² R = recoverable percentage of residual input tax T = total value of taxable supplies E = total value of exempt supplies 36
37 APPORTIONMENT METHOD O = total value of all excluded amount Excluded Supplies O¹ O² Supply of capital goods Imported services Self Supply Incidental financial supply Supply of land for general use 37
38 APPORTIONMENT EXAMPLE : ABC Co. Sdn. Bhd., whose current tax year ends on 31/12/2016, his current taxable period is May 2016, made some mix supplies and at the same time incurred residual input tax as follows : RM T Value of all taxable supplies (exclusive tax) 200, O Value of a capital goods disposed off (exclusive tax) 50, E Value of exempt supplies 40, Residual input tax 10,000.00
39 APPORTIONMENT Residual input tax recovery rate percentage for May ,000 50, , ,000 50,000 x 100% = 78.95% Amount of residual input tax that ABC Sdn. Bhd can be claimed for May 2016 Residual input tax recovery rate % x residual input tax incurred 78.95% x RM10,000 = RM 7, ABC Sdn. Bhd. Can only claim RM 7,895 out of the RM 10,000 of residual input tax incurred by him in that taxable period (i.e. May 2016)
40 APPORTIONMENT METHODS Other Alternative Methods Floor Space method Transaction-based method Input-based method Cost Centre accounting method Employee Time Method Use of these methods need prior approval
41 APPORTIONMENT METHODS Example Finance company Arbus Sdn Bhd. deals in taxable leasing and exempt personal loans services. The value and number of transaction of taxable and exempt supplies are as follows: Activities Leasing agreements entered into No. of Transactions % Value (RM) % , Personal loans entered into ,000, TOTAL ,750,
42 DE MINIMIS RULE
43 De Minimis Limit Exempt input tax can be recovered in full in any taxable period or a longer period if satisfies the following conditions: Prescribed amount of de minimis limit: total value of the exempt supplies does not exceed an average of $5,000 per month and 5% of the total value of total supplies (all taxable and exempt supplies) made in that period (taxable / longer period) Rationale: To relieve small companies from the partial exemption requirements. Exclude all incidental exempt supplies
44 Example 1 Taxable period = One month Value of taxable supply = RM200,000 Value of exempt supply = RM 50,000 Input tax attributable to taxable supply = RM 10,000 Input tax attributable exempt supply = RM 2,000 Residual input tax = RM 1,000 Test for deminis rule first. Value of exempt supply does not exceed RM 5,000 and 5% of total supply? If yes, All exempt input can be claimed. Otherwise use the formula. In this case deminimis rule is not fulfilled. Therefore residual input tax that can be claimed = 200,000/(200, ,000) x 1,000 = RM 800 Total ITC can be claimed in January = RM 10,000 + RM 800 = RM 10,800
45 Example 2 Taxable period = One month Value of taxable supply = RM 200,000 Value of exempt supply = RM 4,000 Input tax attributable to taxable supply = RM 10,000 Input tax attributable exempt supply = RM 2,000 Residual input tax = RM 1,000 Test for deminis rule first. Value of exempt supply does not exceed RM 5,000 and 5% of total supply? If yes, All residual input can be claimed. Otherwise use the formula. In this case deminimis rule is fulfilled. Therefore all exempt input tax can be claimed Total ITC can be claimed in January = RM 10,000 + RM 2,000+ RM 1,000 = RM 13,000
46 LONGER PERIOD ADJUSTMENT / ANNUAL ADJUSTMENT
47 OVERVIEW A recovery of residual input tax in a taxable period is only provisional The proportion of residual input tax recovered may not be reflective or fairly attributed to the taxable supplies Fluctuations or high volatility in supplies from taxable period to another taxable period Therefore, mix supplier is required to make annual adjustment, which also refer to as longer period adjustment.
48 TAX YEAR Definition Tax years refer to the period in which a registrant remains registered under the GST Act 2014 A tax year in its ordinary meaning would constitute 12 calendar months Tax Year = 12 months or other period approved by the DG (i.e. 6 months up to 18 months) 48
49 TAX YEAR 1 st Tax Year The first tax year -1 st day of the registration until the day before his next tax year commences. Registrant s tax year correspond with financial year, for the convenience of registrants, in term of preparing financial statements First tax year may depend on the effective registration date Period : 6 18 months 49
50 LONGER PERIOD Longer period means a tax year or a period comprising of 2 or more taxable periods or part thereof. If a taxable person who incurs exempt input tax during any tax year, then a longer period shall correspond with that tax year. If he did not incur exempt input during his immediately preceding tax year, his longer period shall begin on the first day of the first taxable period which he incurs exempt input tax; and end on the last day of that tax year. 50
51 LONGER PERIOD If the first partial exemption period falls on the last taxable period of the tax year, longer period is not applicable to work out adjustment for that tax year. Generally, longer Period = tax year = 12 months In some cases, first longer period may be less or even more than a period of 12 months depending on the length of his first tax year. 51
52 LONGER PERIOD Longer Period Example 1 Monthly Taxable Period Tax year run from 1 st January 2016 to 31 st December Start to make exempt supply on 15 th August First longer period would runs from 1 st August to 31 st December /1/ /08/ /12/2016 Longer Period 52
53 LONGER PERIOD Longer Period Example 2 Quarterly Taxable Period o Tax year run from 1 st January 2016 to 31 st December o Start to make exempt supply on 15 th August o First longer period would runs from 1 st July to 31 st December /1/ /07/ /12/2016 Longer Period 53
54 LONGER PERIOD Longer Period Example 3 PE falls on the last taxable period Tax year run from 1 st January 2016 to 31 st December 2016 (quarterly taxable period) Start to make exempt supply on 3 rd October Longer Period not applicable /1/ /10/ /12/2016 Longer Period not applicable 54
55 LONGER PERIOD ADJUSTMENT EXAMPLE: ABC Sdn. Bhd. Current tax year ends on 31 st December 2016 R = T O1 X 100% T + E O2 R = recoverable percentage of residual input tax T = total value (exclusive tax) of taxable supplies E = total value of exempt supplies O = total value (exclusive tax) of all excluded value of supplies
56 Therefore, an adjustment of RM 201,650 RM 100,650 = RM 101,000 need to be made. Example (Annual adjustment) Taxable supplies Exempt supplies % of Taxable Residual input tax Q1 Q2 Q3 Q4 Total 50, , , ,000 1,050, , ,000 3,000, ,000 4,700, % 27.3% 3.2% 60% 18.3% 100, ,000 50, , ,000 Claimable residual 9,100 40,950 1, , ,650 Total residual input tax claimed in 4 quarters = RM 201,650 Under annual adjustment claimable input is only RM 100,650.
57 PRACTICAL EXERCISES
58 Thank You
ROYAL MALAYSIAN CUSTOMS DEPARTMENT GOODS AND SERVICES TAX
ROYAL MALAYSIAN CUSTOMS DEPARTMENT GOODS AND SERVICES TAX GUIDE ON CAPITAL GOODS ADJUSTMENT TABLE OF CONTENTS PAGE INTRODUCTION.. 2 Overview of Goods and Services Tax (GST)... 2 GST TREATMENT ON CAPITAL
More informationMaster Accounting - GST User Guide
Content A. GST Setup 1. Company Profile 3 2. GST Type 4 8 3. Chart of Account 9 10 4. Debtor/Customer 11 12 5. Creditor/Supplier 12 13 6. Stock/Service Item 14 16 7. Default Account Setting 17 8. GST Option
More informationROYAL MALAYSIAN CUSTOMS
ROYAL MALAYSIAN CUSTOMS MALAYSIA GOODS AND SERVICES TAX (GST) GUIDE MANUFACTURING SECTOR (DRAFT) MALAYSIA GST GUIDE MANUFACTURING SECTOR Contents Page 1. Introduction 1 2. Background 1-3 3. General principles
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON VALUERS, APPRAISERS AND ESTATE AGENTS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON VALUERS, APPRAISERS AND ESTATE AGENTS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GST AND VALUERS, APPRAISERS AND ESTATE
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON LEGAL PRACTITIONERS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GST TREATMENT FOR THE INDUSTRY... 1 FREQUENTLY ASKED
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PAYMENT BASIS TABLE OF CONTENTS INTRODUCTION... 1 General Overview... 1 ACCOUNTING BASIS... 1 Invoice basis... 2 Payment Basis... 3 Approval to Account
More informationVAT Guidance Accounting for VAT Version 2: February 14th, 2015
VAT Guidance Accounting for VAT Version 2: February 14th, 2015 PAGE 2 Introduction This guide is intended to provide VAT Registrant information on how they should account for Value Added Tax ( VAT ). It
More informationCHAPTER VI CALCULATION OF VAT PAYABLE AND INPUT TAX CREDIT
25. alculation of VAT Payable HAPTER VI ALULATION OF VAT PAYABLE AND INPUT TAX REDIT (1) Subject to sub rule 2 of this rule the tax payable on a taxable turnover is calculated by applying the rate of VAT
More informationGST-15_Bad Debt. What is 6 Months Bad Debt Relief?
GST-15_Bad Debt What is 6 Months Bad Debt Relief? A GST registered business can claim bad debt relief (GST Tax amount paid earlier to Kastam) if they have not received any payment or part of the payment
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROPERTY MANAGEMENT
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROPERTY MANAGEMENT CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GST TREATMENT FOR THE INDUSTRY... 1 Duties and power...
More information(ii) The bad debt relief must be claimed immediately after the expiry of sixth months from the date of supply.
1. Item 3, 1/2014 Claiming bad debt relief (ii) The bad debt relief must be claimed immediately after the expiry of sixth months from the date of supply. (wef 23/10/2015) (ii) The bad debt relief may be
More informationCHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX. 9. There shall be levied in accordance with the provisions of this Act,
CHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX Charge to tax and incidence. 9. There shall be levied in accordance with the provisions of this Act, (a) a Value Added Tax hereinafter called VAT on the
More informationPROFESSIONAL SERVICES
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROFESSIONAL SERVICES CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax... 1 PROFESSIONAL SERVICES... 1 FREQUENTLY ASKED QUESTIONS...
More informationVAT CHANGE OF THE STANDARD RATE TO 20 PER CENT: A DETAILED GUIDE FOR VAT-REGISTERED BUSINESSES
VAT CHANGE OF THE STANDARD RATE TO 20 PER CENT: A DETAILED GUIDE FOR VAT-REGISTERED BUSINESSES Version 2: December 2010 Contents Page 1 INTRODUCTION... 4 2 SALES... 7 2.1 WHEN DO I HAVE TO START CHARGING
More informationVAT Certificate Course
VAT Certificate Course Session 6 VAT Registrations & Compliance Obligations Saviour Bezzina 26 November 2014 Session 6 Agenda 2 Part 1 VAT Registrations 1.1 Article 10 Registration 1.3 Article 12 Registration
More informationVAT guide should I register for VAT?
VAT guide should I register for VAT? associates ltd Should I register for VAT? This guide will give you an understanding as to whether you should register, what the various schemes are for small businesses
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON COMMERCIAL BANKING CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF THE INDUSTRY... 1 GST
More informationVAT Guidance Accounting for VAT Version 4: November 1, 2015
VAT Guidance Accounting for VAT Version 4: November 1, 2015 PAGE 1 Introduction This guide is intended to provide VAT Registrants with information on how they should account for Value Added Tax ( VAT ).
More information1.3 What is the cash accounting scheme?
Foreword This notice cancels and replaces Notice 731 (August 2008). Details of any changes to the previous version can be found in paragraph 1.2 of this notice. The legal basis for the cash accounting
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON AGENTS TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL PRINCIPLES OF AGENCY... 1 TYPE OF AGENT AND THEIR
More information2016/17 TO... GUIDE TO... GUIDE TO WWW.NEWBYCASTLEMAN.CO.UK FOR ELECTRONIC USE ONLY
2015/16 2016/17 GUIDE TO 2016/17 TO... GUIDE TO... Value VALUE Added ADDED TAX Tax WWW.NEWBYCASTLEMAN.CO.UK FOR ELECTRONIC USE ONLY YOUR GUIDE TO Value Added Tax Value Added Tax (VAT) is a tax chargeable
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON MONEYLENDERS TABLE OF CONTENTS INTRODUCTION... 1 Overview Of Goods And Services Tax (GST)... 1 GST TREATMENT ON MONEYLENDER... 1 Provision of Loan...
More informationPenalty regime Trade with EU VAT Advice helpline: Adrian Houstoun Gail Pitchley Geraint Lewis Luke Webster www.kingstonsmith.co.
VAT Facts 2014/15 Registration Standard rate = 20% from 4 January 2011 Registration threshold from 1 April 2014: 81,000 Deregistration threshold from 1 April 2014: 79,000 VAT rates and types of supply
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON TRANSFER OF BUSINESS AS A GOING CONCERN CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 SCOPE OF THIS GUIDE... 1 GENERAL
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON UTILITY INDUSTRY (ELECTRICITY)
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON UTILITY INDUSTRY (ELECTRICITY) CONTENT GUIDE ON UTILITY INDUSTRY (ELECTRICITY) INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL
More informationGLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Thailand Country VAT/GST Essentials kpmg.com TAX b Thailand: Country VAT/GST Essentials Thailand: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT?
More informationROYAL MALAYSIAN CUSTOMS
ROYAL MALAYSIAN CUSTOMS MALAYSIA GOODS AND SERVICES TAX (GST) GUIDE AGENT (DRAFT) CONTENTS PAGE 1. INTRODUCTION 1 2. GENERAL PRINCIPLES OF AGENCY 1-2 3. TYPE OF AGENT AND THEIR LIABILITIES 2-6 4. FREQUENTLY
More informationStudying Paper F6 Performance objectives 19 and 20 are relevant to this exam
RELEVANT TO ACCA QUALIFICATION PAPER F6 (UK) Studying Paper F6 Performance objectives 19 and 20 are relevant to this exam Value added tax (VAT): Part 2 This article is relevant to those of you taking Paper
More informationROYAL MALAYSIAN CUSTOMS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROPERTY DEVELOPER CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF THE INDUSTRY... 1 GST TREATMENT
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON CONSTRUCTION INDUSTRY
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON CONSTRUCTION INDUSTRY CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATION OF THE INDUSTRY... 1 Time of Supply....
More informationACCOUNTING SOFTWARE GST COMPLIANCE
ACCOUNTING SOFTWARE GST COMPLIANCE MOHD ROZLAN MOHAMED ALI Pengarah Unit Teknikal GST Persatuan Akauntan Percukaian Malaysia (M.A.T.A.) UKM 18 MAR 2015 AGENDA 1 GST & ACCOUNTING ENTRIES 2 3 CODE FOR SUPPLY
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROFESSIONAL SERVICES
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON PROFESSIONAL SERVICES CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 PROFESSIONAL SERVICES... 1 FREQUENTLY ASKED QUESTIONS...
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON AGENTS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON AGENTS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL PRINCIPLES OF AGENCY... 1 TYPES OF AGENT AND THEIR LIABILITIES...
More informationIRAS e-tax Guide. GST: Partial Exemption and Input Tax Recovery
IRAS e-tax Guide GST: Partial Exemption and Input Tax Recovery Published by Inland Revenue Authority of Singapore Published on 31 Dec 2013 Disclaimers: IRAS shall not be responsible or held accountable
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EMPLOYEE BENEFITS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EMPLOYEE BENEFITS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF THE INDUSTRY... 1 Employee Benefits...
More informationIRAS e-tax Guide. GST: Partial Exemption and Input Tax Recovery (Third edition)
IRAS e-tax Guide GST: Partial Exemption and Input Tax Recovery (Third edition) Published by Inland Revenue Authority of Singapore Published on 8 Aug 2016 First edition on 31 Dec 2013 Second edition on
More informationVAT Guidelines - Insurance Services in The Bahamas
VAT Guidelines - Insurance Services in The Bahamas Document History: Version 3 Person Position Date Publication reference Prepared: Various Approved: John Rolle FS; Acting Comptroller 18 April 2015 Published:
More informationFire Protection Tax Act
Übersetzung durch den Sprachendienst des Bundesministeriums der Finanzen. Translation provided by the Language Service of the Federal Ministry of Finance. Stand: Die Übersetzung berücksichtigt die Änderung(en)
More informationCorporation tax ( 329,080 x 26%) 85,561
Answers Professional Level Options Module, Paper P6 (UK) Advanced Taxation (United Kingdom) December 2012 Answers 1 Flame plc group (a) Report to the Group Finance Director of Flame plc (i) Flame plc sale
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON HIRE PURCHASE AND CREDIT SALE TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF HP
More informationPST-5 Issued: June 1984 Revised: August 2015 GENERAL INFORMATION
Information Bulletin PST-5 Issued: June 1984 Revised: August 2015 Was this bulletin useful? THE PROVINCIAL SALES TAX ACT GENERAL INFORMATION Click here to complete our short READER SURVEY This bulletin
More informationTAX DIRECTIONS. What you need to know about GST
TAX DIRECTIONS Information to help your business Information to help your business What you need to know about GST IR 214 April 2014 IR 214 June 2007 This brochure gives you an overview of GST (goods and
More informationTax 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 informationSEMINAR GST. GST Treatment S14(2) Industry. Date : 18 June 2014 Venue: Pullman, Putrajaya
SEMINAR GST GST Treatment S14(2) Industry Date : 18 June 2014 Venue: Pullman, Putrajaya Agenda 1 2 Charging Output Tax Tax invoice 3 Entitlement of Input tax 4 GST Treatment 5 Transitional Period 6 7 8
More informationGOODS AND SERVICES TAX ROYAL MALAYSIAN CUSTOMS GENERAL GUIDE
GOODS AND SERVICES TAX ROYAL MALAYSIAN CUSTOMS GENERAL GUIDE CONTENTS INTRODUCTION... 1 General Guide... 1 Other Related Guides... 1 Other Sources of Information... 1 SCOPE OF TAX... 2 Charge to Tax...
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GENERAL GUIDE TABLE OF CONTENTS INTRODUCTION... 1 General Guide... 1 Other Related Guides... 1 Other Sources of Information... 1 SCOPE OF TAX... 2 Charge
More informationGLOBAL INDIRECT TAX. India. Country VAT/GST Essentials. kpmg.com VAT
GLOBAL INDIRECT TAX India Country VAT/GST Essentials kpmg.com VAT b India: Country VAT/GST Essentials India: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2 What
More informationFundamentals Level Skills Module, Paper F6 (RUS)
Answers Fundamentals Level Skills Module, Paper F6 (RUS) Taxation (Russia) 1 OOO Lambert December 2012 Answers and Marking Scheme Marks (a) Profits tax liability for the year 2012 Domestic sales of animal
More informationTAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed
TAX NEWSLETTER July 2012 Issues Discussed Tax implications of carrying on business in Trinidad and Tobago Corporation tax Business levy Green Fund Levy Withholding tax PAYE National Insurance Value Added
More informationAddress Bedrijvenzone Machelen Cargo 751 1830 Machelen. Taxe sur la Valeur Ajoutée (TVA) or Belasting over de Toegevoegde Waarde (BTW)
BELGIUM Name of the firm Deny Cargo bvba Address Bedrijvenzone Machelen Cargo 751 1830 Machelen Contact Grégory Moortgat gregory.moortgat@denycargo.be Tel. No. +32 2 752 21 11 Managing Partner www.denycargo.be
More informationVAT (Value added tax)
VAT (Value added tax) Note it may be possible to use the Adobe Acrobat bookmarks facility to navigate this document If your enterprise is registered for VAT then the system will handle all of your VAT
More information[19.02.10A] Cost of Acquisition / Enhancement Where Debt Released Restriction of Allowable Cost for CGT purposes
[] Cost of Acquisition / Enhancement Where Debt Released Restriction of Allowable Cost for CGT purposes 1. Introduction Section 552 of the Taxes Consolidation Act 1997 sets out the rules for determining
More informationTAX SEMINAR. The New Cash Basis Explained. 2 December 2013
TAX SEMINAR The New Cash Basis Explained 2 December 2013 1 THE OLD CASH BASIS The old cash basis is a special basis of accounting available to self-employed barristers during their first seven years of
More informationThe accountant has established the following mutually exclusive options and collected the following information:
RELEVANT TO ACCA QUALIFICATION PAPER F6 (MYS) Tax implications of financial arrangements for motor vehicles When a company needs a motor vehicle, it can choose to either purchase it outright by cash, through
More informationSOUTH AFRICAN REVENUE SERVICE ABC OF CAPITAL GAINS TAX FOR COMPANIES
SOUTH AFRICAN REVENUE SERVICE ABC OF CAPITAL GAINS TAX FOR COMPANIES Another helpful guide brought to you by the South African Revenue Service ABC OF CAPITAL GAINS TAX FOR COMPANIES Foreword This guide
More informationBAD DEBTS (excluding hire-purchase)
Value-Added Tax Information Leaflet BAD DEBTS (excluding hire-purchase) 1. General Bad debt relief arises when a customer defaults in full or part on payment to a supplier where that supplier has accounted
More information1/5/2016. S Corporations. Objectives. Define an S Corp
S Corporations Objectives Define an S corp. Identify the benefits of being an S corp. Determine how an entity elects to be an S corp. Establish how an S corp is taxed. Describe the S corp shareholder s
More informationNorth East Lincolnshire Council. Debt Management Strategy
North East Lincolnshire Council Debt Management Strategy Section Title Page No 1. Introduction 2. General Principles 3. Principles common to all debts 4. Principles of Enforcement 5. Strategy specific
More informationC02-Fundamentals of financial accounting
Sample Exam Paper Question 1 The difference between an income statement and an income and expenditure account is that: A. An income and expenditure account is an international term for an Income statement.
More informationFundamentals Level Skills Module, Paper F6 (MYS)
Answers Fundamentals Level Skills Module, Paper F6 (MYS) Taxation (Malaysia) Judlee Sdn Bhd June 20 Answers and Marking Scheme Marks (a) Income tax computation Year of assessment 200 Net profit before
More informationIRAS e-tax Guide. GST Guide on Insurance: Cash Payments and Input Tax On Motor Car Expenses
IRS e-tax Guide GST Guide on Insurance: Cash Payments and Input Tax On Motor Car Expenses Published by Inland Revenue uthority of Singapore Published on 31 Dec 2013 Disclaimers: IRS shall not be responsible
More informationINLAND REVENUE BOARD OF MALAYSIA
UNIT TRUST FUNDS PUBLIC RULING NO. 7/2014 Translation from the original Bahasa Malaysia text. DATE OF PUBLICATION: 4 NOVEMBER 2014 Published by Inland Revenue Board of Malaysia First edition on 23 May
More informationArizona Form 2007 Exempt Organization Business Income Tax Return 99T
Arizona Form 2007 Exempt Organization Business Income Tax Return 99T Obtain additional information or assistance, tax forms and instructions, and copies of tax rulings and tax procedures by contacting
More informationtes 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 informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON INVESTMENT BANKING CONTENTS INTRODUCTION... 1 General Operation of Goods and Services Tax (GST)... 1 OVERVIEW GENERAL OPERATIONS OF THE INDUSTRY...
More informationBuying and selling an unincorporated business
Introduction This section covers the main tax issues that arise when buying or selling a business owned by a sole trader, a partnership or a company. The tax consequences differ, depending on whether the
More informationCHAPTER II INCIDENCE AND LEVY OF TAX
CHAPTER II INCIDENCE AND LEVY OF TAX Incidence Tax 3 (1) Liability: - Subject to other provisions of this Act, every dealer - (a) whose turnover during the year immediately preceding the commencement of
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON LEGAL PRACTITIONERS
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON LEGAL PRACTITIONERS CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GST TREATMENT FOR THE INDUSTRY... 1 Tax Invoices...
More informationFinancing Incentives March 5, 2009
Change picture on Slide Master Financing Incentives March 5, 2009 PRESENTED BY Robert A. Friedman Troutman Sanders LLP The Chrysler Building 405 Lexington Ave New York, NY 10174 (212) 704-6000 www.troutmansanders.com
More informationEmployment income and investment income are not subject to HST and would not be considered in this calculation.
People Count. HST and Income Tax Considerations for Participants in Ontario s microfit Solar Energy Program The Ontario Power Authority has developed a Feed-In Tariff (the "FIT") Program for the province
More informationSection A 73,000 37,200 + 41,700 = 77,500 2 A 890,000 260,000 120,000 276,000 = 234,000. 9 (6 + 3) x 110 = 990
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) September/December 05 Answers and Marking Scheme Section A B 73,000 37,00 + 4,700 = 77,500 A 3 D 890,000 60,000 0,000 76,000
More informationValue Added Tax (VAT)
PKF Taxation Services Ltd Value Added Tax (VAT) www.pkfea.com Global Expertise Local Knowledge Definition VAT is a general consumption tax assessed on the value of goods and services It applies to all
More informationNAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES
NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON HEALTHCARE SERVICES
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON HEALTHCARE SERVICES TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF HEALTHCARE SERVICES...
More informationMinistry Of Finance VAT Department. VAT Guidance for Land and Property Version 4: November 1, 2015
Ministry Of Finance VAT Department VAT Guidance for Land and Property Version 4: November 1, 2015 Introduction This guide is intended to provide businesses supplying land and property within The Bahamas
More informationLife Business Guidance Notes
REVENUE ACCOUNT Income 1. Policyholders fund brought forward refers to policyholders fund and investment linked fund brought forward from the preceding financial/calendar year. It should correspond with
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON HEALTHCARE SERVICES
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON HEALTHCARE SERVICES CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 GENERAL OPERATIONS OF HEALTHCARE SERVICES... 1 GST TREATMENT
More informationSage Careline is open between 8am to 8pm, Monday to Friday, excluding public holiday Phone Support Hotline : 1300 88 SAGE (7243)
This courseware is the property of Sage Software Sdn. Bhd., and is prepared for training purposes at Sage Training Centre (STC). It covers GST features available in Sage UBS 2015 [Version 9.9.1.0] onwards.
More informationINTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting
www.xtremepapers.com INTERNATIONAL ACCOUNTING STANDARDS CIE Guidance for teachers of 7110 Principles of Accounts and 0452 Accounting 1 CONTENTS Introduction...3 Use of this document... 3 Users of financial
More informationBrief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007
MARUHAN Co., Ltd. Brief Report on Closing of (connection) for the Term Ended March 31, 2007 (Amounts less than 1 million yen omitted) 1.Business Results for the term ended on March, 2007 (From April 1,
More informationTreatment of COD Income by Partnerships
Treatment of COD Income by Partnerships Stafford Presentation January 28, 2015 Polsinelli PC. In California, Polsinelli LLP Allocation of COD Income COD income is allocated to those partners who are partners
More informationHKAS 12 Revised May November 2014. Hong Kong Accounting Standard 12. Income Taxes
HKAS 12 Revised May November 2014 Hong Kong Accounting Standard 12 Income Taxes HKAS 12 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard
More informationtes for Guidance Taxes Consolidation Act 1997 Finance Act 2015 Edition - Part 12
Part 12 Principal Provisions Relating to Loss Relief, Treatment of Certain Losses and Capital Allowances, and Group Relief CHAPTER 1 Income tax: loss relief 381 Right to repayment of tax by reference to
More informationFundamentals Level Skills Module, Paper F6 (UK)
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 205 Answers and Marking Scheme Section A A 2 D Output VAT 408 x 20/20 = 68 Input VAT 600 x 20/20 = 00 3 A 6,00 (23,700
More informationConsumer lending. terms and conditions
Consumer lending terms and conditions 1 Important information Who we are Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence 238981. In this document, the Bank, we, us and our
More informationFiji Revenue & Customs Authority Revenue Collection Division Suva VALUE ADDED TAX
Fiji Revenue & Customs Authority Revenue Collection Division Suva VALUE ADDED TAX 1 CONTENTS 1.0 INTRODUCTION & BACKGROUND TO VALUE ADDED TAX (VAT) 1.1 WHAT IS VAT? 1.2 WHY WAS VAT INTRODUCED? 1.3 EFFECTS
More informationFundamentals Level Skills Module, Paper F6 (ZWE)
Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) December 2015 Answers and Marking Scheme Section A 1 D Prescribed rate of interest 1 5% + 5% = 6 5% Relevant loan $6 000 Taxable
More information(AA11) FINANCIAL ACCOUNTING BASICS
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JANUARY 2016 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time allowed:
More informationCHAPTER VIII CONSUMPTION TAX. General
CHAPTER VIII CONSUMPTION TAX General Taxable Items General Transactions subject to Consumption Tax Criteria for Classification of Domestic and Overseas Transactions a. b. c. Non-taxable Transactions
More informationFrequently Asked Tax Questions for Homeowners, Buyers, Sellers
Frequently Asked Tax Questions for Homeowners, Buyers, Sellers August 2011 1. Homestead Exemption What is the Homestead Exemption, and how do I apply for it? Louisiana law provides an exemption from parish
More informationVAT Refund Scheme for academies
VAT Refund Scheme for academies VAT Information Sheet 09/11 June 2011 1. Introduction 1.1 What is this Information Sheet about? This Information Sheet provides guidance for academies, free schools, 16
More informationPaper F6 (UK) Taxation (United Kingdom) Tuesday 2 June 2015. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Tuesday 2 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section A ALL 15 questions
More informationLOCAL AUTHORITY RATES APPORTIONMENTS ON PROPERTY TRANSACTIONS - GOODS AND SERVICES TAX TREATMENT
LOCAL AUTHORITY RATES APPORTIONMENTS ON PROPERTY TRANSACTIONS - GOODS AND SERVICES TAX TREATMENT PUBLIC RULING - BR Pub 99/8 This is a public ruling made under section 91D of the Tax Administration Act
More information2012 Annual Financial Statements Questionnaire
Nair & Chen Chartered Accountants Limited 280 Great South Rd PO BOX 74-322 Greenlane Auckland 1051, New Zealand 2012 Annual Financial Statements Questionnaire Business Name: Financial Year ended: 2012
More informationDEBTOR AND CREDITOR USURY ACT 73 OF 1968 [ASSENTED TO 20 JUNE 1968] [DATE OF COMMENCEMENT: 1 APRIL 1969] (Signed by the President) as amended by
DEBTOR AND CREDITOR USURY ACT 73 OF 1968 [ASSENTED TO 20 JUNE 1968] [DATE OF COMMENCEMENT: 1 APRIL 1969] (Signed by the President) as amended by Limitation and Disclosure of Finance Charges Amendment Act
More informationtes for Guidance Taxes Consolidation Act 1997 Finance Act 2014 Edition - Part 8
Part 8 Annual Payments, Charges and Interest CHAPTER 1 Annual payments 237 Annual payments payable wholly out of taxed income 238 Annual payments not payable out of taxed income 239 Income tax on payments
More informationCancellation of Debt
Cancellation of Debt The Cancellation of Debt lesson is optional specialty training available only on Link & Learn Taxes for volunteers with an Advanced Certification. A separate certification is required
More informationAdvanced Financial Accounting
Advanced Financial Accounting Sample Paper 2 Questions & Suggested Solutions Page 1 of 27 INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate clearly whether they are answering the
More informationTAXATION OF INCOME FROM PROPERTY TAX YEAR 2013(1 st July 2012 TO 30 th June 2013) (SECTIONS 15, 16, 155 & 169)
(1 st July 2012 TO 30 th June ) (SECTIONS 15, 16, 155 & 169) BASIS OF ATION 1. Income from property is taxable as a separate block of income on gross rental receipts. In Finance Act 2010 words section155
More informationCOMMERCIAL CREDIT ACCOUNT APPLICATION
COMMERCIAL CREDIT ACCOUNT APPLICATION *Mandatory field required to process application Please complete the below form in BLOCK LETTERS ONLY ensuring all information is entered with as much detail as possible.
More information