Discuss whether the following supply of goods and services are taxable events in GST: 1. A company having warehouse in Mumbai shifted some raw material to its factory in Baroda 2. An Indian company imported machinery from its parent company in Germany 3. The sale of factory premises and plant and machinery installed in the factory
Q: What role does the Cost Accounting Standards Board play when companies contract with the U.S.…
A: Cost Accounting Standards: The cost accounting standards are the standards set by a board which is…
Q: xplain the rules governing the deductibility of expenses for employees in Mauritius.
A: Employees are getting various emoluments from employer in which certain deduction are given in…
Q: Who is the person statutorily liable to pay the consumption tax on importation of goods? * Seller…
A: In case of importation, the person who imports goods shall be liable to pay the consumption tax. In…
Q: Which of the following income derived from within the Philippines by a resident individual is not…
A: Section 24(A) of NIRC includes the Rates of Income Tax on Individual Citizen and Individual Resident…
Q: An Indian corporation (IndiCo) is wholly owned by a US corporation (USCo).  IndiCo purchases…
A: 1. a. It will be almost a transaction between the parent company and the subsidiary and the sale…
Q: What happens when a qualified exempt importer subsequently sells what was imported to a taxable…
A: when a qualified exempt importer subsequently sells to non exempt person, the purchaser shall be…
Q: Which of the following items would not be depreciable in computing income taxes? a. A company’s…
A: Any fixed asset purchased has a fixed life throughout which it has to be used. Over the course of…
Q: Which cost incurred on equipment does not belong to the group? Freight on acquisition of…
A: The total cost of acquisition of non cash assets include the acquisition price, freight charges,…
Q: Which of the following are the objectives of the taxation in Oman? (1) To provide employment benefit…
A: Tax:- Taxes are considered as the involuntary payment that is levied by the government on…
Q: 1. Which is subject to value added tax? c. Cut sheep meat d. All of these a. Sheep b. Sheep wool 2.…
A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…
Q: The amount that a willing buyer will pay to a willing seller for a property where each has equal…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Under U.S. GAAP, what alternatives do companies have to value their property, plant,and equipment?
A: According to US GAAP, the Property,plant & equipment are to be recognized and measured only…
Q: Taxes on Professions, Trades and Employment in India and example of it
A: Professional tax is the tax charged on all kinds of profession, trade and employment.
Q: Which of the following statements in relation to GST are correct? a. Imports do not attract GST…
A: Goods and services tax is the tax on the commodities and services to be given to the consumers. It…
Q: Explain the Value Added Tax (VAT) rate structure in Oman and what the types of business should…
A: Value Added Taxes (VAT) Recently Oman implemented Value added Tax (VAT) system into the country to…
Q: 1. Which of the following is not deductible from gross income? a. Transportation expense from the…
A: Honor Code: Since you have asked multiple questions, we will solve the first question for you. If…
Q: Which of the following is a condition precedent in an agreement of purchase and sale? The condition…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: g is entitled to claim NOLCO? An employee with respect to his compensation income. Foreign…
A: NOLCO is an acronym for Net Operating Loss Carry Over. It is the excess of tax deductions allowed to…
Q: Taxes on Land and Buildings in India and example of it
A: The tax that is being charged on the land and building in the provision on Indian constituent is…
Q: Passive income is income that requires minimal labor to earn and maintain. In the Philippines,…
A: Passive income - These are those income where the tax payer has not actively participated in the…
Q: 1. Who is required to file a federal return in Puerto Rico (US Territories) and the United States?…
A: Comment; We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Which of the following expenses would be denied as a deduction as per provisions of the Canadian…
A: a. Maintenance fees on a yacht at Yellow Yacht Leasing Inc. would likely be denied as a deduction as…
Q: Explain the
A: The standard rate of VAT in Oman is 5% and businesses exempt will have 0 % VAT rate. Type of…
Q: Topic: Income Taxation Which of the following income is subject to capital gains taxation? *…
A: Capital gains are a financial concept used in tax analysis which is defined as the profit or gain…
Q: The unit of measure concept (which one is correct) A. is not important when applying the cost…
A: The unit of measure concept specifies all the transactions to be recorded in a consistent currency.…
Q: Which of the following income is subject to capital gains taxation? *
A: Answer: Capital gain tax is applicable for capital asset. Capital asset are those assets which are…
Q: Which of the following taxes is allowed to be deducted from gross income derived from the exercise…
A: Income is earned through different sources all over the world. There are general areas that generate…
Q: What is a “greenfield” investment? Choose the correct. A)Farm land held for speculation. B)Foreign…
A: Answer: Option B
Q: If a company in the United States sells a product to another country it is considered a/an If a…
A: International Business Transaction - The intricate processes involved in conducting business…
Q: taxes commonly used by many countries includes: - import duty payable on specific types of imprted…
A: Direct tax refers to tax payment made by a individual or any other legal entity such as firm,…
Q: Provide an example of how a US taxpayer that manufactures the property which that taxpayer sells…
A: In the present case we will understand various methods in which a US person can increase his foreign…
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Which of the following environmental factors can affect thecost of doing business in a foreign country? (Identify allcorrect answers.)a. The educational level of the workforce.b. Laws regulating the transfer of profits out of a country.c. Tax and tariff regulations.d. Restricted access to communication and transportationnetworks.1. Which is subject to value added tax? a. Sheep c. Cut sheep meat b. Sheep wool d. All of these 2. Which agricultural a. Charcoal b. Wood product is VAT-exempt on importation c. Lumber d. Corn 3. Which importation is subject to VAT? a. Importation from abroad b. Purchase of goods from economic zones in the Philippines c. Both A and B d. Neither A nor B 4. Which is not subject to VAT on importation? a. Importation of goods for personal use b. Importation of goods for business use c. Purchase of goods from Ecozone entities d. Purchase of goods from other domestic sellers. 5. Which of the following is subject to the VAT on importation when imported? c. Mushroom a. Books b. Table sugar d. ordinary salt 6. Which non-food agricultural products is exempt from VAT on importation? a. Chicken manure c. Live hogs d. Cattle b. Eggs. 7. Which of the following is not exempt from VAT? c. Orchids d. Kiwi fruits a. Grapes b. OrangesWhich of the following should be capitalized when a pieceof production equipment is acquired for a factory?a. Sales tax c. Installation costsb. Transportation costs d. All of the above
- Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? *SellerBuyerBoth Seller and BuyerAnswer not given Which is wrong? * International carriers doing business in the Philippines shall pay a tax equivalent to 3% of their quarterly gross receipts derived from the transport of cargoes, baggage, or mails from the Philippines to another country. International carrier's transport of passenger is exempt from tax. Keepers of garage are subject to 3% common carrier’s tax regardless of the amount of their gross receipts. All common carriers are subject to VAT on their transport of passengers or cargoes by water or by air Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? * SellerBuyerBoth Seller and BuyerAnswer not givenMC: Topic: Income Taxation Passive income is income that requires minimal labor to earn and maintain. In the Philippines, certain items of passive are subject to final tax. Which of the following are passive income subject to final tax? * Rental income on real property located in the Philippines Rental income on personal property located in the Philippines Interest income on savings deposit with a local bank All of the aboveThe term "sale or exchange of services" means the performance of all kinds of services in the Philippines for others for a fee, remuneration or consideration, whether in kind or in cash, including those performed or rendered by the following, except Construction and service contractors Lessors of property, whether personal or real The right or the privilege to use motion picture films, films, tapes and discs Transportation contractors on their transport of goods or cargoes, including persons who transport goods or cargoes for hire and other domestic common carriers by land relative to their transport of goods or cargoes
- Determine whether the sourcing of income for the following transactions is U.S. or foreign. a. Suarez, an NRA, sells stock in Home Depot, a U.S. corporation, through a broker in San Antonio. b. Chris sells stock in IBM, a U.S. corporation, to her brother, Rich. Both Chris and Rich are NRAs, and the sale takes place outside the United States. c. Crows, Inc., sells inventory produced in the United States to customers in Europe. Title passes in the international waters of the Atlantic Ocean. d. Doubles, Inc., a U.S. corporation, manufactures equipment in Malaysia and sells the equipment to customers in the United States.Question What does International transfer pricing generally entail ? Select an answer: ( A ) the premium (ar tax) charged when products are moved across international borders ( B ) factoring in the various tax rates of the jurisdictions from where a product is coming from and where it is going to ( C ) a corporation selling products a different prices in different countries ( D ) a corporation selling products from one division of the corporation to another division of the corporation located in a different countryWhich cost incurred on equipment does not belong to the group? Freight on acquisition of equipment Non refundable tax paid on equipment upon purchase Testing and installation costs of equipment Training of personnel who will operate the equipment
- Kashi Corporation is the U.S. distributor of fencing (sword fighting) equipment imported from Europe. It is incorporated in Virginia and headquartered in Arlington, Virginia; it ships goods to all 50 states. Kashi's employees attend regional and national fencing competitions, where they maintain temporary booths to market their goods. Determine whether Kashi has income tax nexus and a filing requirement in the following situations: Required: Kashi is incorporated and headquartered in Virginia. It also has property, employees, salespeople, and intangibles in Virginia. Determine whether Kashi has income tax nexus in Virginia. Kashi has employees who live in Washington, D.C., and Maryland, but they perform all their employment-related activities in Virginia. Does Kashi have income tax nexus in Washington, D.C., and Maryland? Kashi has two customers in North Dakota. It receives their orders over the phone and ships goods to them using FedEx. Determine whether Kashi has income tax nexus…The cost of an item of property, plant and equipment includes all of the following, except Purchase price Directly attributable costs of bringing the asset to working condition for its intended use Trade discount and rebates Import duties and nonrefundable purchase taxesAccording to International Financial Reporting Standards (IFRS), which of the following is a key criterion for recognizing revenue from the sale of goods? A) Transfer of legal ownership B) Physical delivery of goods C) Customer payment received D) Completion of production E) Initiation of manufacturing process