1. Jack Fields opened his place of business in Jamaica at 8:00 am. Within fifteen minutes of opening, the tax authorities appeared with a search warrant to enter and search the premises and to detain and remove business documents. On what ground could Jack deny the tax authorities entry to his premises? A.The search took place within one month from the date the search warrant was issued. B.The warrant was signed by a judge and should have been signed by the commissioner. C.The tax authorities can only enter the premises between nine in the morning and nine at night to conduct a search. D.Tax authorities do not have the power to enter, search and remove his business documents. 2. All of the following are generally non-deductible expenses except: A.Expenses in connection with the acquisition or disposal of a capital asset B.Principal portion of finance lease C.Interest paid or credited to a partners’ capital account D.Expenditure incurred on behalf of connected persons where there is no-reimbursement 3. Hill Ltd. has an approved ESOP plan. The employees agreed to purchase 4% of the share capital of 8,000,000 shares for $2 each. If there are 80 employees in the plan, what would be the monthly deduction for each employee? A.$8000 B.$4000 C.$666.67 D.$333.33 4. All of the following sources are exempted from income tax according to the Jamaica Income Tax Act except: A.Emoluments paid to the Governor- General and an Acting Governor-General under any provisions of The Governor-General. B.The income derived from sources inside of the Island of any person arriving in the Island for the purpose of rendering technical assistance, where agreement is made with the Government concerned. C.The official salaries and emoluments of Consuls, Vice-Consuls and members of the permanent Consular Services of foreign countries who are citizens of the countries they represent. D.Income derived from such wounds and disability pensions and war gratuities as the Minister declare. 5. Which of these statements about VAT is not true? A.VAT is paid to the revenue authorities by the seller of the goods, who is the 'taxable person'. B.VAT is a direct tax that is borne by the consumer C.VAT is charged as a percentage of prices, and as such is visible at each stage in the production and distribution chain. D.VAT is a general tax that applies, in principle, to all commercial activities involving the production and distribution of goods and the provision of services.
1. Jack Fields opened his place of business in Jamaica at 8:00 am. Within fifteen minutes of opening, the tax authorities appeared with a search warrant to enter and search the premises and to detain and remove business documents. On what ground could Jack deny the tax authorities entry to his premises?
A.The search took place within one month from the date the search warrant was issued.
B.The warrant was signed by a judge and should have been signed by the commissioner.
C.The tax authorities can only enter the premises between nine in the morning and nine at night to conduct a search.
D.Tax authorities do not have the power to enter, search and remove his business documents.
2. All of the following are generally non-deductible expenses except:
A.Expenses in connection with the acquisition or disposal of a capital asset
B.Principal portion of finance lease
C.Interest paid or credited to a partners’ capital account
D.Expenditure incurred on behalf of connected persons where there is no-reimbursement
3. Hill Ltd. has an approved ESOP plan. The employees agreed to purchase 4% of the share capital of 8,000,000 shares for $2 each. If there are 80 employees in the plan, what would be the monthly deduction for each employee?
A.$8000
B.$4000
C.$666.67
D.$333.33
4. All of the following sources are exempted from income tax according to the Jamaica Income Tax Act except:
A.Emoluments paid to the Governor- General and an Acting Governor-General under any provisions of The Governor-General.
B.The income derived from sources inside of the Island of any person arriving in the Island for the purpose of rendering technical assistance, where agreement is made with the Government concerned.
C.The official salaries and emoluments of Consuls, Vice-Consuls and members of the permanent Consular Services of foreign countries who are citizens of the countries they represent.
D.Income derived from such wounds and disability pensions and war gratuities as the Minister declare.
5. Which of these statements about VAT is not true?
A.VAT is paid to the revenue authorities by the seller of the goods, who is the 'taxable person'.
B.VAT is a direct tax that is borne by the consumer
C.VAT is charged as a percentage of prices, and as such is visible at each stage in the production and distribution chain.
D.VAT is a general tax that applies, in principle, to all commercial activities involving the production and distribution of goods and the provision of services.
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