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- EAGLE Company imports finished toy airplanes from its Norwegian Subsidiary. Per unit, each toy airplane costs the Norwegian subsidiary $10.00 to produce and $2.00 to ship to EAGLE CompanyEAGLE Company sells each toy airplane to U.S. toy stores for $30.00 per unit. For the 2019 Fiscal Year the Norwegian Subsidiary shipped 1,000,000 units to EAGLE Company . All the toy airplanes shipped were sold. Assuming that the following tax rates apply : Norwegian Income tax 40% U.S. Income tax 35% U.S. import duty 10 % on invoice price A. Determine the total amount of taxes and duties paid to the U.S and Norwegian government if each toy airplain is sold to EAGLE Company at price of $20 per unit. B. Determine the total amount of taxes and duties paid to the U.S and Norwegian government if each toy airplain is sold to EAGLE Company at price of $25 per unit.Assume the U.S. corporate income tax rate is 40 percentand the Mexican corporate income tax rate is 30 percent.Jacques International Apparel Company has subsidiaries inboth the U.S. and Mexico. Jacques is trying to decide whattransfer price to use for its famous French frock, whichis being transferred from the U.S. subsidiary to theMexican subsidiary. It could ship the frock at the marketprice of $75 or at cost plus 20 percent. The cost of the frockis $40. Which transfer price would minimize Jacques’s taxburden?a. $75.b. $48.c. $90.d. $75 $40 $35.Everybody in south Africa pays tax in the form of VAT. This is a system where 14% tax is added to theprice of goods and services rendered.Price are either VAT exclusive or VAT inclusive.• Prices that exclude VAT mean that 14% VAT must still be added.• Prices that include VAT mean that 14% VAT has already been added. 1. An I-pod shuttle costs R820,99. Calculate how much VAT you are paying on this item.2. Determine the VAT inclusive price if a builder quotes R12 700 excluding VAT to build a boundarywall.3. Calculate the VAT exclusive price on a plasma TV that costs R9899 VAT inclusive.
- Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation?* a. P 158,400 b. P 145,200 c. P 129,600 d. P 0Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation if the importation is made by an agricultural cooperative?* a. P 158,400 b. P 144,000 c. P 129,600 d. P 0A company produces jackets for €20 each in Portugal, which has a corporate tax rate of 21%. It then transfers its products to its Irish subsidiary for resale to the Irish public at a sales price of €30 per jacket. The corporate tax rate in Ireland is 12.5%. Calculate the total after-tax profit in the two countries if the company uses a transfer price of €23 and it sells 10,000 jackets. ANSWERS: €84,950 €15,050 €66,500 €8,495 €8,750
- KS Inc. produces a product in the United Kingdom at a cost of £0.55 per unit which it then sells in France for €1.25 per unit. If in the currency markets, 1 U.S. dollar = £0.6373 and 1 U.S. dollar = €1.0279, how much profit is realized by KS Inc. on each unit of product sold? * $0.7857 $0.3531 $0.2571 $0.1095 When the supply for money increases and the demand for money reduces, there will be * A fall in the level of prices An increase in the rate of interest A fall in the level of demand A decrease in the rate of interestLefty Inc. sells its products to customers residing in Country X and Country Y. Both foreign jurisdictions have a 20 percent corporate income tax. This year, Lefty made more than $30 million of sales in both Country X and Country Y. However, it paid income tax only to Country X. What factors could account for this result?Assuming that a Nissan Car Manufacturing Company sold 100 cars to the wholesale trader for OMR 7,500 each plus VAT. The wholesale trader sold all the 100 cars to the retailer showroom for OMR 8,000 each plus VAT. The retailer showroom realized OMR 850,000 after selling all the 100 cars to the local customers plus VAT. Assume the rate of Value Added Tax (VAT) throughout in Oman is 5%. There Input tax credit available in Nissan Car Manufacturing Company account was OMR 42,500. ANSWER QUESTION NO 15 TO 18 Question 15 What will be the total tax burden by the consumers? a. OMR 85,000 b. OMR 42,500 c. OMR 40,000 d. OMR 47,500 Question 16 Which of the following statement will be correct for Nissan Car Manufacturer? a. Tax to be refunded from Government is OMR 5000 b. Tax to be payable to Government is OMR 37,500 c. Tax to be refunded from Government is OMR 42,500 d. Tax to be payable to Government is OMR 5000 Question 17 What will be the…
- Tio, Inc. a U.S. parent owns two subsidiaries, Ecuador Inc. and Taiwan Inc. The corporate tax rate is 20% in Ecuador and 40% in Taiwan. It costs Ecuador Inc. $25 to assemble each widget. Ecuador Inc. sells all 1,000 widgets of its production to Taiwan Inc. at a negotiated price of $65 per unit. Taiwan Inc. sold all 1,000 widgets to independent customers for $90 per unit. What will the overall tax rate be if Tio instructed Ecuador to increase the price it charged Taiwan for each widget to $80 per unit? a. 25% b. 28% c. 21% d. 23.08%Grammens Company, a domestic company, manufactures tools and machinery at its plants in Texas and Ohio. Its income from U.S. sales in 2019 was $16,000,000 and it earned income of $5,000,000 on its sales to Mexican and Canadian customers. Those goods were sold for use outside the U.S. Grammens U.S. tax rate is 21%. The adjusted tax basis of it manufacturing assets is $10,000,000. What is Grammens 2019 U.S. tax liability? Grammens paid no foreign taxes.USCo purchases doodads in the United States and sells them abroad with title on resale passing in the foreign country whose operations sold the doodad. In addition to earning $100,000 of taxable income from U.S. sales, USCo earns $100,000 of taxable income from Canadian sales by its Canadian branch that is subject to tax in Canada at a 25% rate. USCo also has a Hong Kong branch that earns $100,000 of taxable income from sales that is subject to Hong Kong tax at a 15% rate. What is the foreign tax credit limitation?