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CIMA Study Systems 2006: Financial Accounting and Tax by Tom Rolfe

By Tom Rolfe

The 2006 version of CIMA's legit examine structures were absolutely up to date to mirror alterations within the syllabus. monetary Accounting and Tax ideas has been written through the examiners to completely replicate what might be established within the examination. up-to-date to include legislative and syllabus adjustments, the 2006 learn structures supply whole learn fabric for the may perhaps and November 2006 assessments. the recent version keeps the preferred loose-leaf structure and includes: * perform questions all through * entire revision part * subject summaries * urged studying articles from a number journals * may perhaps 2005 Q & A's * The authentic learn structures are the one learn fabrics counseled by way of CIMA * up to date to mirror alterations within the syllabus with key sections written by way of examiners * whole built-in package deal incorporating syllabus assistance, complete textual content, instructed articles, revision courses and vast query perform

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Extra info for CIMA Study Systems 2006: Financial Accounting and Tax Principles (CIMA Study Systems Managerial Level 2006)

Example text

In this chapter, for consistency, we will refer to all these direct taxes on enterprises as corporate income tax, except examples which directly refer to the UK corporation tax. 2 The corporate tax base Income arising from all sources is usually included in an enterprise’s tax base, whether: ● ● ● earnings from trading and other activities; gains from disposal of investments and assets; other non-business income. Internationally, there are large differences in the definition of taxable income and therefore large differences in the tax base between countries.

In most cases the VAT will be added to the final price paid by the customer. As an indirect tax is not levied on the eventual payer of the tax it cannot be related to the individual circumstances of that taxpayer. 3 Incidence The incidence of tax refers to the distribution of the tax burden. The incidence of a tax is on the person who actually pays it. For example, the incidence of an income tax is on the tax payer as it is the tax payer who is assessed and pays the tax. Incidence can be split into two elements: ● ● Formal incidence: The person or enterprise who has direct contact with the tax authorities.

For example, in the UK, traders have to register for VAT as a taxable person, they can then charge VAT to customers and recover VAT paid to their suppliers (see Chapter 3 for more details on VAT). 5 Competent jurisdiction Jurisdiction can be interpreted as meaning power. The tax authority must have the legal power to assess and collect the taxes. Taxation is either the sole responsibility of central government or combined responsibility of central government and local authorities within a country.

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