...1)Profit seeking motive: An investment made at inception period with view to dispose off for a profit at subsequent stage cannot itself be regarded as business in nature. Other relevant factors will also contribute hand in hand together, in determining the badges of trade. This includes circumstances responsible for realisation, period of ownership and etc. 2)Acquisition method Inheritance Vs Acquisition. Acquisition with Goodwill Vs Acquisition with Negative Goodwill. 3)Income earning asset Vs income earning process Disposal of capital item can be viewed more towards capital in nature, whereas earning derived from the process of business (i.e.: rental income earned from leasing office tower) can be regarded more buy antibiotics online as business in nature. 4)Subject of the realisation Whether the item acquired or disposed off is more of personal consumption, or public commercial consumption and disposal. If the items are to be bought and sold in large quantity with commercial substance, in view of obtaining economic benefit from the realisation of item sold. Then, trade in nature is more relevant. 5)Length of ownership 6)The way in which cialis sale online the sales are concluded 7)Frequency of occurrence of similar transactions Vs One-off 8)Accounting treatment 9)Magnitude of receipt 10)Modification of the assets/additional work-in-progress attached to the products 11)Circumstances responsible for realisation 12)Method of financing 13)Compensation for breach...
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...GUIDANCE ON REVENUE OPINIONS ON CLASSIFICATION OF ACTIVITIES AS TRADING. INTRODUCTION The introduction of the general 12½% corporation tax regime for profits from trading activities of companies is focusing attention on what activities can be classified as giving rise to trading income. Revenue is increasingly being asked to give opinions as to the appropriate classification for tax purposes. The purpose of this note is to give general guidance as to how Revenue approaches the subject and to outline the type of information that should accompany a request for an opinion. Revenue Opinions Under the self-assessment system the question of whether a company is, or would be, trading is decided initially by the company itself. For most companies it would be obvious whether or not they are trading. Where a taxpayer has a doubt about the tax treatment, he or she may take a view on the issue and express doubt under Section 955 of the Taxes Consolidation Act, 1997. A formal expression of doubt protects the taxpayer from interest and penalties in the event that Revenue, for example, in the context of an audit, take a different view of the tax treatment at a later date. In addition, the Revenue Commissioners are prepared to give an opinion on the classification of income as trading in accordance with the guidelines issued in Tax Briefing issue 48 – June 2002 on Seeking Revenue Opinions on Tax Consequences of Certain Complex or Unusual Transactions...
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...BADGES OF TRADE Profit seeking motive When a person enters into a transaction, we need to identify whether there is a profit seeking motive. It is not the existence of a profit that is important, it is the motive to earn one. However, the ZRA will really be interested in this issue if a profit has actually been earned, because then they have something to tax. A Taxpayer may argue that they are trading in order to utilize a loss to reduce their Tax bill. The taxpayer must however, demonstrate the motive rather than the existence of profit to establish that a trade is being carried on. Note: Intention to trade clearly constitutes trading. Intention to make a profit may not necessarily be so. In IRC Vs Reinhold (1953) the Tax- payer bought four houses admittedly for resale. He was held not to be trading. Conversely, the intention not to make a profit will not necessarily mean that a trade is not being carried on. The subject matter of realization If the assets are normally held as trading stock, the presumption that the trade is taking place is higher. If the assets that have been sold are normally not held as trading stock it is unlikely that the transaction may be interpreted as trading. In Rutledge Vs IRC (1929) the Tax- payer, whilst in Germany on business, purchased one and a quarter million toilet rolls. Shortly after his return to England he sold them making a profit of sterling Pounds Ten thousand. He was held to be trading. In Martin Vs Lowry (1927) an Agricultural machinery...
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...CHAPTER 6: NON-BUSINESS SOURCE INCOME Introduction Section 4 of the Income Tax Act, 1967 set out the main classes of income on which tax is chargeable. Section 4(a) and Section 4(b) is discussed under Business Income and Employment Income respectively. Section 4 (c), Section 4(d), Section 4(e) and Section 4(f) is covered under this chapter as other sources of income. Section 4(c) Dividend Income Dividend is a distribution of company’s profit to its shareholders by way of cash or non-cash for example distribution of company’s assets or investment shares. The amount distributed to the shareholders will be in proportion to their existing holding. Dividend received by shareholders is a taxable income by virtue of Section 4(c) Income Tax Act, 1967. Dividend distributed, paid or credited by a company that was a Malaysian tax resident at the time the dividend distributed, paid or credited is deemed to be derived from Malaysia. [Section 14 Income Tax Act, 1967] Example 1 Infinity International Sdn Bhd was tax resident in Malaysia since 25.10.2002 as the management and control was in Malaysia. On 31.12.2010, the management and control was started to be exercised in Hong Kong. Is the income a Malaysian source? Tax Imputation System (Section 108) – old system All dividend (except for tax exempt dividend) distributed, paid or credited by a company resident in Malaysia are subjected to a deduction of tax at source at the company’s tax rate (25% as per year of assessment...
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...Taxation and Estate Planning Individual Assignment Question 1: (a) Mr. Ngan Salaries Tax Computation Year of Assessment 2012/13 $ Salary 1400000 Special bonus 380000 Travelling allowance 55000 1835000 Less: Subscription for professional body (1800) 1833200 Add: Rental Value (1833200*10%) 183320 less: rent suffered (1400000*8%) (112000) 71320 1904520 Less: Self-education (max) (60000) Net assessable income 1844520 (b) Mrs. Ngan Property Tax Computation Year of Assessment 2012/13 $ Rental Income (18000*9) 162000 Less: rates paid (2200*2*9/12) (6600) 155400 Less: Statutory deduction (155400*20%) (31080) 124320 Property tax payable @ 15% (124320*15%) 18648 ...
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...Evaluation of Security Programs SECURITY SITE SURVEY REPORT THE DEVRY CENTER 9210 HIGHER EDUCATION DRIVE NEW YORK, NY 11747 OVERVIEW A security survey is the official procedure utilized to review specific applications, areas, or Processes of residence or a business to document security, risk vulnerabilities, and authenticate the program in place (Broder & Tucker, 2011). One could perform a survey from all the risk perspectives such as facility security, physical security, or life safety. An expert conducts a involving a pre-determined constraint of checklist as well as an official reporting system. A security survey is a significant element of the general risk and security program (Craighead, 2009). When carrying out a security survey one must set clear goals. The goals would also be extensive from reviewing the fitness of the whole security program to more summarizing goals, such as the value and effectiveness of the physical security of the programs (Luis, 1994). SITE DESCRIPTION The Devry center building is located in downtown New York City on a four-acre piece of land. The building is a thirty story high containing 1,250 underground garage parking spaces and a rooftop garden. The building has a maximum capacity of 2000 tenants, and the tenants occupy the 27th and 30th floor of the building. SCOPE I conducted the security survey at Devry Center on December 1, 2013 to December 5, 2013. This report...
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...that runs conferences, trade shows, festivals, and other large events. According to its website, its namesake event, SXSW, is an "annual set of film, interactive media, and music festivals. Over the last 30 years, the event has been held in March in Austin, Texas. SXSW is not your run of the mill event, however, it features such big names as the President of the United States. That's right, this year Barack Obama is the keynote. With all of the positive vibe surrounding the nine-day event, they did not need to have negative publicity. Yet, with an event of this magnitude, something was bound to go wrong eventually. This time, it was an incident that made the national and international news....
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...Explain and illustrate the badges of trade. The factors to be taken into account in deciding whether an activity or a transaction has been carried out in such manner as amounting to the carrying on of a trade or adventure or concern in the nature of trade are referred to as the “badges of trade”. Profit making motive A good test to determine the subject matter held is investment or stock in trade is to establish the intention of the company at the time of acquisition of such subject matter. Where an asset purchased for investment was subsequently sold, the gain derived is not taxable. If there are facts to show that there has been a change of intention, the gain derived would be taxable as the investor has changed his intention to be a trader. Repetition/ Frequency of transactions Where the same type of object or article is repeatedly bought and sold, it would generally lead to the inference that there is trading in that article. In Pickford v Quirke TC 251, the Court held that although the transactions, considered separately, were capital, they together, constitution the carrying on a trade. In DGIR v LCW, the gain derived from 1 purchase and several sales were considered to be a trading receipt. Where transactions are found to be one of a series, that is repeated or similar arising from a pattern of activity there can be a strong presumption of trading. In Page v Pagson the court held that the profit of the second bungalow to be taxable but not...
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...human capital. It’s alarming.’’ Employee recognition programs, which became more popular as the U.S. economy shifted from industrial to knowledge-based, can be an effective way to motivate employees and make them feel valued. In many cases, however, recognition programs are doing ``more harm than good’’ according to Coffman. Take Ko, a 50-year-old former employee of a dot-com in California. Her company proudly instituted a rewards program designed to motivate employees. What were the rewards for a job well-done? Employees would receive a badge which read ``U Done Good’’ and, each year, would receive a T-shirt as a means of annual recognition. Once an employee received 10 ``U Done Good’’ badges, he or she could trade them in for something bigger and better—a paperweight. Ko states that she would have preferred a raise. ``It was patronizing. There wasn’t any deep thought involved in any of this.’’ To make matters worse, she says the badges were handed out arbitrarily and were not tied to performance. And what about those T-shirts? Ko states that the company instilled a strict dress code, so employees couldn’t even wear the shirts if they wanted to. Needless to say, the employee recognition program seemed like an empty gesture rather than a motivation. Even programs that provide employees with more expensive rewards can backfire, especially if the rewards are given...
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...Compare and Contrast Essay The contrasts among Red Badge of Courage and Soldier’s Heart are noticeable, however the comparisons concerning the two cannot be missed. There are a number of differences between the two, but a few stood out beyond than others. The similarities between the novellas are apparent and effortlessly recognizable. There are various comparisons and contractions that can be made between these two novellas, but overall there are more comparisons that can be drawn from the two stories. There are quite a few similarities between these stories, both told from different points of view, but a few were more noticeable than others. Unlike Charlie, Henry is of age to join the military, while Charlie on the other hand is only fifteen years of age. Henry was fighting with others from Ohio, which is where he is from, while Charlie is fighting with others from Minnesota since that is where he is...
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...SUBJECT: Business Tax, Outcome 1, Ali Case study. Income Tax Legislation. Income tax legislation can be found in the Income Tax (Earnings and Pensions) Act 2003, the Income Tax (Trading and Other Income) Act 2005 and the Income Tax Act 2007. Taxable supplies. A good understanding of the principles of VAT is very important in advising business. The third largest source of government revenues is value added tax (VAT), charged at 20% on supplies of goods and services. It is therefore a tax on consumer expenditure. Certain goods and services are exempt from VAT, and others are subject to VAT at a lower rate of 5% (the reduced rate, such as domestic gas supplies) or 0% ("zero-rated", such as most food and children's clothing). Exemptions are intended to relieve the tax burden on essentials while placing the full tax on luxuries, but disputes based on fine distinctions arise, such as the notorious "Jaffa Cake Case" which hinged on whether Jaffa Cakes were classed as (zero-rated) cakes—as was eventually decided—or (fully taxed) chocolate-covered biscuits. Five things to remember about exempt supplies: • You don’t include VAT in the price of exempt goods or services; • You are not eligible to claim input tax credits in acquiring exempt supplies; • You don’t include the value of the exempt supplies in your taxable turnover when establishing your VAT registration threshold; • If you only supply exempt goods or services, you cannot register for VAT purposes; • You...
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...TORONTO MAPLE LEAFS Prepared for: Mrs. Johnena Quirke Communications Instructor Prepared by: Michael Kenny BM/HRM 106A October 13, 2014 24 Heatherton Place St. John’s, NL A1E 4P5 October 6, 2015 Mrs. Johnena Quirke Communications Instructor Keyin College 44 Austin Street P.O. Box 13609, Stn. A St. John’s, NL A1B 4G1 Dear Mrs. Quirke: Enclosed is my term paper, which was a requirement for my Communications-English 1 course. I chose the topic Toronto Maple Leafs because I have been a fan of the Toronto Maple Leafs since I was a very young boy and wanted to share information with my classmates because they have such a great history. In researching my paper, I was able to find great amount of information from the internet. I had no restrictions in the gathering of information, which was updated information, on this specific hockey team. A major section of this report that may interest you is about a former player, Doug Gilmore, who was captain of the Toronto Maple Leafs; and my favorite player to ever lace up the skates. I certainly hope you enjoy reading this paper as I thoroughly enjoyed researching the information found in the contents of the report. If you have any questions or concerns, I may be contacted and day at 764-7560 or by email (mike1_kenny@outlook.com). Sincerely, MICHAEL KENNY BM/HRM 106A Encl. TABLE OF CONTENTS Letter of Transmittal iii Executive Summary v Introduction 1 History of the Toronto Maple...
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...COM656 Group Project Security Plan Chunlin Yang Yunzhen Li Peng Yu Yun-Chen Tsao Coleman University COM656 Group Project Security Plan A brief description of the company Company size, employees numbers, Customers Canon Inc is a multinational corporation specialized in the manufacture of imaging and optical products, including cameras, camcorders, photocopiers, computer printers and medical equipment. It has about 190,000 employees worldwide by end of 2015. Canon has Personal, Office, Professional, Industry business sectors, provide products and services to many millions of customers in each sector globally. History Summary From its humble beginnings in a 1933 Tokyo apartment, Canon has grown to become a monolith in the field of imaging. Once only a maker of high-quality cameras, Canon now produces personal as well as multifunction copy machines, laser and inkjet printers, toner and canon ink cartridges, and calculators— all in addition to their high-quality cameras. Canon began under the name Precision Optical Instruments Laboratory with the goal of developing a high-end Japanese camera to compete with the European brands flooding the market. That first camera was named Kwanon after the Buddhist Goddess of mercy. Just a short time later, Precision Optical Instruments Laboratory created the first-ever 35mm focal-plane shutter camera called the Hansa Canon—and thus the Canon brand was born. But it wasn't until 1947 that the company officially changed its...
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...Employee is a person who works under a contract of service whereas self-employed is a person who works under a contract for services (Melville, A. 2011 p.84). As a self-employed person, they enjoy a wider range of tax benefits and deductible expenses when compared to employees. Self-employed are allowed to pay tax by installment and pay tax much later than employees, who normally pay income tax under PAYE system. The main criteria to distinguish two types of contracts of services or for services will be as follows: 1. Control. Self-employed people have control over their work than employee who is unable to choose whether or not to do certain work. 2. Remuneration and financial risk. The Employees will still continue to receive monthly salary or wages regardless if their employer is making profit or loss in the business, and the employees do not risk their own capital in the business. In contrast, self-employed people are being paid a separate fee for each of the jobs being carried out. They may make profit or loss or even lose their capital if they fail in their business. 3. Equipment. Self-employed do provide their own equipment but employees do not. 4. Work performance and correction. The client does not need to pay extra in order get the job satisfactory by self-employed. Whereas the employees get paid for the original work and the corrections towards the mistake done. 5. Holidays and sickness. Self-employed people do not get paid when on holiday or ill, they only get...
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...Submitted by: Awais Ali jan Roll# 11488 ================================================================= == Pakistani Exporters ------------------------------------------------- Agar Batti And Products Manufacturers Exporters In Pakistan , Pakistani Companies * ------------------------------------------------- Adnan EnterprisesA-27,Block-4,Gulshan-e-Iqbal,Karachi * ------------------------------------------------- International Fragrance Corp.Export Processing Zone,Landhi Industrial Area,Karachi * ------------------------------------------------- Karachi Perfumery HouseShah Alam Market,Papar Mandi,Bottle Bazar,Lahore * ------------------------------------------------- Karachi Perfumery HouseBottle Bazar,Off M.A.Jinnah Road,Karachi * ------------------------------------------------- Khawaja Agarbatti ProductsRoom-106,1st Floor,J.J.Centre,Daryalal Street,Jodia Bazar,Karachi * ------------------------------------------------- Metro Agarbatti Co.F-106,Hub River Road,S.I.T.E.,Karachi * ------------------------------------------------- Metro Agarbatti Co.F-106,Hub River Road,S.I.T.E.,Karachi * ------------------------------------------------- Muhammad Ismail Muhammad JamilNear Arambagh Police Station,Karachi * ------------------------------------------------- RajcoMarkwick Road,Near Civil Hospital,Karachi * ------------------------------------------------- Venus Agarbatti Co.Hassan Ali Effendi Road,P.O.Box No.8263,Karachi ...
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