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

By Tom Rolfe

The 2006 version of CIMA's reputable examine structures were totally up to date to mirror alterations within the syllabus. monetary Accounting and Tax rules has been written by way of the examiners to completely replicate what should be validated within the examination. up-to-date to include legislative and syllabus adjustments, the 2006 research platforms supply entire research fabric for the may perhaps and November 2006 tests. the hot version keeps the preferred loose-leaf structure and includes: * perform questions all through * whole revision part * subject summaries * instructed examining articles from a variety of journals * may perhaps 2005 Q & A's * The authentic learn structures are the single examine fabrics counseled via CIMA * up to date to mirror adjustments within the syllabus with key sections written via examiners * whole built-in package deal incorporating syllabus tips, complete textual content, instructed articles, revision publications and huge query perform

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6 Sources of tax rules The nature of tax rules vary considerably from one country to another, however it is possible to categorise the sources and influences on those rules. 1 FINANCIAL ACCOUNTING AND TAX PRINCIPLES The OECD Classification of taxes 1000 Taxes on goods and services 1100 Taxes on the production, sale, transfer, leasing and delivery of goods and rendering of services 1110 General taxes 1120 Taxes on specific goods and services 1121 Excises 1122 Fiscal monopolies 1123 Customs and import duties 1124 Taxes on exports 1125 Taxes on specific services 1126 Other taxes 1200 Taxes in respect of ownership and use of, or permission to use, goods or to perform activities 1210 Recurrent taxes 1211 Paid by households in respect of motor vehicles 1212 Paid by others in respect of motor vehicles 1213 Paid in respect of other goods 1220 Other taxes 2000 Taxes on income, profits and capital gains 2100 Paid by households and institutions 2110 On income and profits 2120 On capital gains 2200 Paid by corporate enterprises 2210 On income and profits 2220 On capital gains 3000 Social security contributions 3100 Paid by employees 3200 Paid by employers 3300 Paid by self-employed or non-employed persons 4000 Taxes on employers based on payroll or manpower 5000 Taxes on net wealth and immovable property 5100 Recurrent taxes on net wealth 5110 Paid by households 5120 Paid by corporate enterprises 5200 Recurrent taxes on immovable property 5210 Paid by households 5220 Paid by enterprises 5230 Paid by institutions, etc.

2 Imputation system Under imputation systems of corporate income tax all or part of the underlying corporate income tax on distributions is imputed to the shareholders as a tax credit, therefore avoiding the problem of double taxation of dividends. With systems using the full imputation system all of the underlying corporate income tax is passed to the shareholder as a tax credit. A full imputation system is economically neutral between debt and equity finance. 3 Partial imputation system With systems using the partial imputation system only part of the underlying corporate income tax is passed to the shareholder as a tax credit.

We also considered the distinction between accounting and taxable profits; the treatment of losses and the concept of tax consolidation. 1 DIRECT TAXES ON AN ENTERPRISE’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% whereas for accounting purposes this will usually be 50%.

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