By Dak Patel, Walter Allan
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Extra info for CIMA Exam Practice Kit: Financial Accounting and Tax Principles
04 is 100,000 25,000 30,000 150,000 At 1 January 2004, the balance on the tax payable account was $110,000, being the estimated tax liability for the year ended 31 December 2003. 3 Describe the provisions of IAS 12 – income taxes – relating to the disclosure of current taxation in the financial statements of a company. Ignore the rules relating to the treatment of discontinued operations and for extraordinary items. 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.
Qxd 5/7/05 36 4:16 PM Page 36 Exam Practice Kit: Financial Accounting and Tax Principles royalties, rents, dividends and the proceeds of capital gains. Many DT treaties attempt to eliminate or reduce the need for WHT. Underlying tax is the corporate income tax on the profits out of which dividends are paid by the foreign company. 2 A company prepares accounts to 31 December each year. 03 (ii) Paid interest on debentures (gross) This includes tax deducted at source at the rate of 15% (iii) Received dividends (gross) from other companies.
Assuming that the earliest relief is taken for all the losses, calculate the amount that will be unrelieved at 30 June 2005. 12 Company H owns 100% of the ordinary share capital of Company J and 40% of the ordinary share capital of Company K. All the companies are resident in the same tax jurisdiction and all prepare accounts to 31 December annually. For the year ended 31 December 2004, results were: Taxable trading income Taxable investment income Chargeable gain H $ J $ K $ 2,000,000 200,000 300,000 10,000 60,000 60,000 The tax authority applies the following rules for the assessment of corporate profits: 1 Tax rates Taxable profits 1–100,000 100,001–1,000,000 1,000,001 and more Rate % 10 20 30 2 Two companies are associated companies for tax purposes if one company controls the other company or both companies are under common control of another company or person.