By Tom Rolfe
The 2007 variation of CIMA's legitimate studying structures has been written along side the CIMA college to completely replicate what should be demonstrated within the examination. up to date to include legislative and syllabus alterations, the 2007 studying structures offer whole research fabric for the may possibly and November 2007 assessments. the hot variation keeps the preferred loose-leaf structure and comprises: * perform questions all through * entire revision part * subject summaries * steered analyzing articles from various journals * might 2006 Q & A's CIMA legitimate studying structures are the single fabrics written and counseled by means of the CIMA college * The legitimate studying platforms are the single research fabrics counseled via CIMA * totally revised and up-to-date with new readngs and labored examples * Written through the Examiner and CIMA college * whole built-in package deal incorporating syllabus counsel, complete textual content, urged articles, revision publications and huge query perform
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Extra info for CIMA Learning System 2007 Financial Accounting and Tax Principles
Is it a part of the profits of the year under review or of some other year? Is it taxable under any other category? For example, rents. ● Non-trading receipts are usually treated separately for tax purposes. ● Capital receipts will be dealt with under capital gains tax rules. ● If the receipt relates to other years it will probably be taxed in that year. ● Receipts taxable under other categories are deducted from income and dealt with under the rules relating to the other categories. 3 Expenditure The starting point for determining the profits or gains of a trade is the profit per the financial statements.
1 DIRECT TAXES ON AN ENTITY’S PROFITS AND GAINS profits/losses within the country. The requirements that need to be met for a tax group to be recognised will be set out in the tax legislation and will usually be different from that required to recognise a group for accounting purposes. For example, the UK requirement for a tax group is that there must be a direct or indirect holding of at least 75 per cent whereas for accounting purposes this will usually be 50 per cent. Most countries have restrictions on the transfer, or surrender of losses between members of the group, which will limit the time or amount that can be surrendered.
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.