By Tom Rolfe
The 2007 version of CIMA's respectable studying structures has been written together with the CIMA school to completely replicate what may be confirmed within the examination. up-to-date to include legislative and syllabus adjustments, the 2007 studying platforms offer entire research fabric for the may perhaps and November 2007 tests. the recent version continues the preferred loose-leaf layout and comprises: * perform questions all through * whole revision part * subject summaries * suggested examining articles from various journals * may well 2006 Q & A's CIMA reliable studying platforms are the single fabrics written and recommended by way of the CIMA college * The professional studying structures are the one examine fabrics counseled by means of CIMA * absolutely revised and up to date with new readngs and labored examples * Written by means of the Examiner and CIMA school * entire built-in package deal incorporating syllabus assistance, complete textual content, urged articles, revision publications and wide query perform
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Extra info for CIMA Learning System 2007 Financial Accounting and Tax Principles
Sample text
In country 2 the tax on profits is 0% on the first $20,000; 10% on amounts between $20,001 and $50,000 and 30% on amounts over $50,001. qxd How much tax would A and B be subject to in each of the countries? 2% Progressive Proportional Proportional Indirect taxes cannot normally be progressive on the individual as they are either assessed on: ● ● the number of goods (excise duty); or the value (VAT ) of the goods. These taxes can only be progressive or regressive on the individual if different rates of tax are charged on different goods.
There may be no limit to how often this deferral can take place. For example, in the UK, for an entity with a continuous existence, the deferral can be for an indefinite time, provided that the conditions are fulfilled. This relief from capital gains tax is sometimes known as rollover relief. Rollover relief allows a deferral of the payment of the corporate income tax on the gain till a later date, providing a cash flow advantage and allowing the corporate income tax to be paid in depreciated currency at a later date.
50 This is collected by R who pays it over to the tax authorities, along with the VAT due on other sales. But R first deducts all the VAT suffered on its inputs, its purchases. This will include the VAT charged by W on the supply of the refrigerator, and VAT suffered on items such as stationery, telephone and other overhead costs of goods and services. The overall effect on M, W and R is that most of the VAT paid by them on their inputs (purchases) is deducted when accounting for VAT on their outputs (sales).