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CIMA Exam Practice Kit: Financial Accounting and Tax by Dak Patel, Walter Allan

By Dak Patel, Walter Allan

CIMA examination perform Kits consolidate studying by way of supplying an intensive financial institution of perform questions. each one answer offers a close research of the right kind resolution and highlights why the choices are improper. CIMA examination perform Kits are perfect for scholars learning independently or attending a tutored revision direction. It vitamins the legitimate CIMA examine structures and CIMA Revision playing cards with a wealth of extra questions and fabric centred in simple terms on utilising what has been learnt to passing the examination. CIMA examination perform Kits support scholars organize with self assurance for examination day, and to move the hot syllabus first time. * is helping CIMA scholars to organize and go the hot syllabus first time * perform employing and showing wisdom so CIMA examiners can award you marks * presents labored solutions to completely clarify the right kind resolution, and research of wrong solutions - assisting CIMA scholars steer clear of universal pitfalls

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Control for this purpose exists if one company owns more than 50% of the other company’s issued share capital. 3 Taxable profits ϭ all types of income ϩ chargeable gains Calculate the corporate tax liabilities of all three companies for the year ended 31 December 2004. 12, the tax authority permits: 1 Trading loss relief as follows: (a) against total taxable profits of the same company of the same accounting period and then of the preceding 12 months, and/or; (b) against the first available trading profits of the same trade of the same company, and/or; (c) against total profits of the same accounting period of other companies in the same group of companies.

4 Company R prepares its financial statements applying IAS. The company is resident in a tax jurisdiction which operates the following rules for taxing companies: (i) Corporate income tax operates a partial imputation system whereby the full rate of tax is 25% but dividends received by shareholders – individuals and companies – are received net of 10% tax deducted at source. (ii) Corporate income tax is charged upon total taxable profits. Taxable profits include gains and all investment income, except dividends received from other companies resident in the same tax jurisdiction.

1 Describe the two tests commonly used by tax authorities to determine the place of residence of a company? 2 Under what circumstances can the business profits of a trade conducted on behalf of a foreign company be taxed by the country in which the trade is located? 3 From a tax perspective, why is it often more beneficial for a company undertaking a separate trade in another country to conduct it through a non-resident subsidiary instead of a foreign branch of the company? 4 In the context of a company conducting a trade in a foreign tax jurisdiction, which of the following is not a ‘permanent establishment’?

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