...Chapter 3 Comparative International Accounting Systems and Practices * United States and United Kingdom as major countries in the context of the Anglo-Saxon culture area; * The Netherlands and Sweden as representatives of the Nordic countries; * Germany and Switzerland as representatives of the Germanic countries; * France and Italy as representatives of the developed Latin countries and; * Japan as a representative of the developed Asian countries. | ANGLO-SAXON ACCOUNTING * There is no doubt that Anglo-Saxon accounting can be distinguished from accounting in continental Europe. Asia. Latin America, and many other parts of the world. UNITED STATES * Influences on Accounting Development:In many ways, accounting in the United States and United Kingdom is very similar as might be expected given the importance of the historical and investment connections between the two countries. Just as the language and legal system were exported from the United Kingdom to the United States. | Cont.The securities markets are the dominant influence on accounting regulation in the United States. Dealings in securities and investor protection are regulated and enforced at the federal government level under the Securities Act of 1933 and the Securities Exchange Act of 1934, which were passed in response to the stock market crash of 1929 and subsequent financial crises. The Securities and Exchange Commission (SEC) was established with the legal authority to enforce the securities...
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... When we talking about the residency company, we focus on tax purpose but not immigration. Government interest on Tax, you earn your profit, no matter which corner you are working in the world, you have to pay tax. That is not only your personal liability to the country who grant you a resident or citizenship, and also the country allow you to acquire profit to rich your pocket.The definition of resident for company is in ITAA36 s6(1) state that:A company which is incorporated in Australia, or which, not being incorporated in Australia carried on business in Australia, and has either its central management and control in Australia, or its voting power controlled by the shareholder who are resident of Australia. Page 77 understanding taxation law 2010 Frank GildersBut the current definition of Australia of residency company do perform a highly compulate system and the double tax with a higher tax rate, which is discourage the over-sea investor and bring trouble to Australian itself. – the decrease the competitive ability in the international trading and business market. Analysis :There are many different kind of business cooperation in which investors can do business in Australia, including corporations, branch offices, subsidiaries, trusts, joint ventures and partnerships. For the international investors, the most common way are usually form a Australian subsidiary companies or Australian branch offices. Owing to...
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...Forum on Tax Reform Fundamental Tax Reform: An International Perspective Abstract - This paper examines trends in tax reforms. The analysis is limited to the experience of 30 OECD countries, and focuses particularly on changes since the year 2000. The paper analyses the general trend of reductions in both tax revenues and rates and the diversity in tax policies across OECD countries, reflecting the diversity in both economic circumstances and policy objectives. Developments in tax administration are also briefly dealt with. Some of the challenges for tax policymakers and administrators that are likely to arise over the next few years are identified, and possible alternative approaches to solving them are put forward. INTRODUCTION ax reform is an ongoing process, with tax policymakers and tax administrators continually adapting their tax systems to reflect changing economic, social and political circumstances. Over the last two decades, almost all Organisation for Economic Cooperation and Development (OECD) countries have undertaken structural changes to their tax system that have significantly altered the way these systems function and their economic and social impacts.1 In some countries (for example, many of the Eastern European economies in transition), the reforms have been profound and implemented over a very short period of time. In others (most of the European countries), the reforms have been a gradual process of adaptation, but over time they have substantially redesigned...
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...DEFINITION A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, and you should check with your state if you are interested in starting a Limited Liability Company. Owners of an LLC are called members. Most states do not restrict ownership, and so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner. A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs. A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs. Classifications Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. And an LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes...
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...Forms of Business Ownership There are basically four ways to organize a business. • Sole Proprietorship • Partnership • Corporation 1.Sole Proprietorship A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The sole proprietor form of business ownership is the most common form in the United States and also the simplest. In this form of business ownership, an individual proprietor owns the business, manages the business, and is responsible for all of the business' transactions and financial liabilities. This means that any debts incurred must be paid by the owner. Advantages of Sole Proprietorship Quicker Tax Preparation: As a sole proprietor, filing your taxes is generally easier than a corporation. Simply file an individual income tax return (IRS Form 1040), including your business losses and profits. Your individual and business income are considered the same and self-employed tax implications will apply. Lower Start-up Costs: Limited capital is a reality for many start-ups and small businesses. The costs of setting up and operating a corporation involves higher set-up fees and special forms. It's also not uncommon for a lawyer to be involved in forming a corporation. Ease of Money Handling: Handling money for the business is easier than other legal business structures. No payroll set-up is required...
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...elimination is available. If so, the DTA must be respected. This is clearly provided in the ITA, namely S 132(1) which states that if the Minister by statutory order declares that arrangements set out in such order been made by the with the government of any territory outside Malaysia in order to give to the relief of double taxation in relation to tax beneath this Act and any other foreign tax territory and it was is expedient that those arrangements should have effect (Choong, 2013). Next, as long as the order remains in force, those arrangements shall be effective in relation to tax beneath this Act notwithstanding anything in any written law. Whilst the above law is quite clear, there have been litigations on this aspect. And, as expected, it has been established that due respect should always be given to the DTAs that the Malaysian Government has entered into (Choong, 2013). 2.0 Scope of DTAs Double Taxation Agreement (DTA) is a deal between two nations who want to avoid double taxation by determining the taxing rights of each nation taking into consideration cross-border flows of revenues and provide tax credits or exemptions to eliminating double taxation (Yong, 2012). The objective of the DTA Malaysia to establish favorable climate for both inbound and outbound investments and also to make Malaysia typical tax incentives for the taxpayer entirely effective exporting nations capital, to get assistance more effective than double the tax relief obtained beneath unilateral...
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...Forms of Business When beginning a business venture, the first and most important decision made by the owner is to review the forms of business options and determine which one would be suitable for the organization of their company. There are seven forms of business that will be discussed and different scenarios that will be developed in which each of these forms of business would be the preferred form. The seven forms of business are sole proprietorship, partnership, limited liability partnership, Limited Liability Company, S corporation, franchise, and corporate form. The selection depends on many factors – Each of these forms of business has advantages and disadvantages for the entrepreneurs (Cheeseman, 34). Each scenario will also include why the corresponding business form is most preferred. Sole proprietorship Sole proprietorship is the simplest and most common form of business (Cheeseman, 530). This form of business would be appropriate for a single business owner. The business owner would be the sole proprietor in this situation. The sole proprietor would be the only decision maker on how to conduct their business, as well as would be held liable for all activities within their business and cold be at a loss for all assets if the business is not successful. For example, Kelly opens a hair store as the sole proprietor of the business. She handles all contracts made for her and to any employees that she may hire and receives all profits made from the business. Should...
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... Task 1, 1.1 Descibe the UK tax environment. 3 Task 2, 1.2 Analyse the role and responsibilities of the tax practioner. 7 Task 3, 1.3 Explain the tax obligations of tax prayers or their agents and the 8 BIBLIOGRAPHY. 10 Task 1, 1.1 Descibe the UK tax environment. Taxation means by which governments finance their expenditure by imposing charges on citizens and corporate entities. Governments use taxation to encourage or discourage certain economic decision. Taxation in the United Kingdom may involve payments to a minimum of two different levels of government, Her Majesty’s Revenue and Customs and local government. The purpose of taxation is to allow the UK government to be able to raise funds to pay for the running of the country that includes education, roads, health services and others more. The taxation in the UK largely administered by Her Majesty’s Revenue and Customs and established in 2005 by the Act of Parliament. The revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Follow by the government departments responsible for the administration of all aspects of the UK tax system for business and individuals, which its revenues come primarily from grants from central government funds, business rates, Council Tax and increasingly from fees and charges such as those from on-street parking. The UK monetary year runs from 6th April to 5th April the next year. It will passed each year and...
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...DEMOGRAPHICS 3 1.3 INTERNATIONAL TIME 4 1.4 CLIMATE 4 1.5 LANGUAGE 4 1.6 CURRENCY 4 1.7 THE CONSTITUTION AND LEGAL SYSTEM 5 1.8 HIGHLIGHTS OF THE ECONOMY 5 1.9 ECONOMIC ARRANGEMNETS 7 1.9.1 List of Countries/Organizations with which Pakistan has Bilateral Investment Agreements 7 1.9.2 Pakistan and the Non-Aligned Movement (N.A.M.) 8 1.9.3 Pakistan and the Economic Co-operation Organization (ECO) 8 1.9.4 Pakistan and the D-8 9 1.9.5 Pakistan and the South Asian Association for Regional Cooperation (SAARC) 9 2. INVESTMENT FACTORS 10 2.1 FIVE REASONS TO INVEST IN PAKISTAN (AMONG MANY OTHERS!!) 10 2.2 INVESTMENT OPPORTUNIITEIS 11 2.3 TAX BENEFITS 12 2.4 SOURCES OF FINANCE 13 2.4.1 Banks 13 2.4.2 Non Banking Finance Companies (NBFCs) 13 2.4.3 Public offers through stock exchanges 14 2.5...
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...1) Product: Shoes The raw material is plastic, then transformed into stylish shoes and sandals, that can be used day or night, for work or party time, each shoe has its own style and message to pass on. 2) Target Market: Age: 15 – 35 Gender: Female Income: 20.000 per year and above Marital Status: Any Sexual Orientation: Any Occupation: Student, worker, stay at home mum Social Activities: Shopping, hang out with friends, drinking, dinning out, internet, movies and partying. 3) Benefits: • All shoes and sandals are made of plastic, therefore they are easy to be cleaned, and can be used in any weather. • With different styles, you can have one for each occasion, or you can use the same one to work and party, depending on your own style. 4) Brand Name: Melissa Logo: [pic] Slogan: Style at your feet Image: Fashionable Women [pic] 5) Packaging A carton box that will come in different colours and designs that can be used for storage, each shoe will come in a stylish plastic bag inside the box. [pic] 6) Promotional Deals: ...
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...IBUS 750-Exploring Global Business May 31, 2014 Economic and Social Challenges in the United Kingdom and Their Impact on Business. The Great Recession was a crisis that affected economies worldwide. During this time, some countries only experienced small declines in Gross Domestic Product (GDP) and declines in international trade while others experienced more severe repercussions such as increased unemployment rates, economic decline, increased poverty populations, higher crime rates, and other calamities. These challenges have caused the demise of businesses, mass employment layoffs, and a decreased ability to take financial risks across the world. Many countries and businesses are continuously struggling to rebuild their wealth and prevent major financial losses from occurring in the future. As a result of this crisis, the United Kingdom faced economic disparities due to a persistently high unemployment rate, stagnant economic growth, and excessive government borrowing. These factors have resulted in social and economic challenges that affect various businesses attributes including reduction in wages, availability of mortgages, talent constraints, global talent acquisition efforts, the need for innovation, global expansion, and an increase in self-employed individuals. The Great Recession had a major impact on the United Kingdom. One of the most detrimental affects of this crisis was the rise in unemployed citizens across the nation. Due to...
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...information the Unilever Annual Report & Accounts and Form 20-F 2003 should be consulted. Certain sections of the Unilever Annual Report & Accounts and Form 20-F 2003 have been audited. Sections that have been audited are set out on pages 73 to 125, 131 to 147 and 149 to 150. The auditable part of the Directors' Remuneration report as set out on page 68 has also been audited. The maintenance and integrity of the Unilever website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters. Accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially placed on the website. Legislation in the United Kingdom and the Netherlands governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclaimer Except where you are a shareholder, this material is provided for information purposes only and is not, in particular, intended to confer any legal rights on you. The Annual Report & Accounts and Form 20-F does not constitute an invitation to invest in Unilever shares. Any decisions you make in reliance on this information are solely your responsibility. The information is given as of the dates specified, is not updated, and any forward-looking statements are made subject to the reservations specified on page 3 of the Report. Unilever accepts no responsibility for any information on other...
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...usually when the government required more funds. Little if any planned or integrated thinking seems to have taken place. According to the Adam Smith Institute, Great Britain has the most complex tax system in the world, which is largely believed that is roughly five times as long as the German tax code (Geraint Jones, 2011) Currently, governments request to use taxation in some situations for purposes which is different than raising funds to cover up its expenditure. To begin with, the economic resources, which are accessible for the nation are limited, thus a raise in government spending usually leads to a decrease in private expenditure. In addition to this, one technique of transferring recourses from the private to the public sector is the use of taxation, but there are also further methods. One of these alternative methods is the degradation of the currency through the creation of additional money, but the main problem of this method is that it leads to inflation. Moreover, an additional alternative option is for the government to charge the goods and services it offers. However, it is not possible to charge individuals directly on the basis of their utilization of many government services (James and Nobes, 2011). According to Musgrave (1959), the economic function of government may be separated into three major categories. First, is to overcome...
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...understand more about audit and by participation in this program, students are able to put into practice about their understanding during the past six semesters’s learning and implement it into the real working life. For my practical training, I have chooses Skrastin Lim as a place to gain knowledge as much as I can. This company is a private limited by shares under the Companies Act, 1965 in Malaysia. This firm situated at No. 10-2 Jalan BK5A/3B, Bandar Kinrara 47100 Puchong, Selangor Darul Ehsan. The company is domicile in Malaysia. The principal activities of this company are all kinds of management and consultancy services, including auditing, taxation, accounting and company secretarial. Skrastin Lim was established by Mr. Lim Jit Swee and Ms. Leong Yee Him. Both of them are Chartered Accountants from United Kingdom, London. Mr. Lim Jit Swee is one of the members of Malaysia Institute of Accountants (MIA). His experienced in audit, management and taxation is more than 20 years. Although this company only have 10 staff including 3 trainees, they still got confidence in clients’ eye to carry on their audit, tax as well the company secretary. As for now, this company managed to have hundred of customers dealing with them that come with different business background because of the best services are given. ORGANISATION CHART Cheng Sheh Wah Audit Executive Noratifah Bt Mohd Rusdan Audit Executive Cheng Sheh Yeh Audit Executive 2.0 JOB...
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...MANAGEMENT British Tax System Duties and responsibilities of the tax practitioners in the UK tax environment Introduction The British government requires that its entire citizen pay taxes as stated by law. Taxes account for much of Government revenues. The payments of taxes involve or may involve two levels of government, the local and the central government. The central government revenues (Her Majesty’s Royal Revenue and Customs), comes primarily from income tax, National Insurance contributions, Value added tax, corporation tax and fuel duty. On the other hand, local governments get their revenues through grants from central government, business rates in England, Wales, Scotland and Northern Ireland, Council Tax, fees and charges from parking. It is worth to note that taxes contribute to about 40% of the GDP and such the government has made it very clear that taxes have to be paid so as to enable it have requisite resources to fund her operations (HMRC, 2014). Economic analysts and critics say that the UK tax environment is one of the world’s most unfriendly to the citizenry. It is imperative to note that as much as there are tax exemptions in the UK; citizens still have to pay taxes virtually in all areas. But what are some of the main taxes that define the tax environment in UK (Michaely et.al, 2012). This paper takes a look at the tax that are paid and who is supposed to pay what and at what rate. In the fiscal year, 2014-2015, the UK government projects to raise...
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