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CIMA Learning System 2007 Financial Accounting and Tax by Tom Rolfe

By Tom Rolfe

The 2007 version of CIMA's authentic studying platforms has been written together with the CIMA college to completely replicate what can be established within the examination. up-to-date to include legislative and syllabus adjustments, the 2007 studying structures supply entire research fabric for the could and November 2007 assessments. the hot variation keeps the preferred loose-leaf layout and comprises: * perform questions all through * entire revision part * subject summaries * instructed studying articles from a number journals * might 2006 Q & A's CIMA respectable studying structures are the one fabrics written and recommended via the CIMA school * The legit studying platforms are the one learn fabrics counseled via CIMA * totally revised and up-to-date with new readngs and labored examples * Written by way of the Examiner and CIMA school * entire built-in package deal incorporating syllabus counsel, complete textual content, instructed articles, revision courses and large query perform

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Qxd 6/9/06 2:45 PM Page 17 FINANCIAL ACCOUNTING AND TAX PRINCIPLES In your examination you will not be tested on any specific country’s system of tax depreciation or depreciation rates. If computation questions are set the details will be given along with all the tax rates needed to answer the question. The following example illustrates the approach required in questions. A HL commenced business on 1 June 2001, making up the first accounts for the year to 31 May 2002. The entity’s purchases and sales of fixed assets were as follows: Purchases 2001 2004 1 June 1 June 1 June Industrial building Plant Plant Sales 2004 31 May Plant bought on 1 June 2001 $ 260,000 47,000 58,000 9,500 HL qualifies for accelerated first-year allowance on the plant at the rate of 50% for the first year.

CT has taxable profits of $100,000 and decides to distribute 50% as dividends. Calculate the total tax paid by CT and the shareholders assuming that they are resident first in country X and then in Y. D Country X and Country Y use the same rates of tax as in example 2C. CD has taxable profits of $100,000 and decides to distribute 90% as dividends. Calculate the total tax paid by CD and the shareholders assuming again that they are resident in each country. Country X Corporate income tax paid by CD Shareholders total income tax on dividends Total tax due if resident in country X Country Y Total tax due if resident in country Y (as Example 1) $ 100,000 ϫ 15% 90,000 ϫ 25% $ 15,000 22,500 37,500 30,000 Conclusion, in countries using the classical system the total amount of tax paid depends on the amount of the profit that is paid as a dividend to shareholders.

In some countries when an asset is replaced by another business asset, it is possible to defer the charge to tax until the replacement asset is sold. When the replacement asset is sold, any gain arising on that disposal may also be able to be deferred. 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.

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