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The following information has been taken from a taxable entity in Oman for the tax year 2019-2020 1.      ABC Company had a plan to sell their Land on 1st December 2019.  But the company postponed their sale plan to 1st December 2021. 2.      A taxable entity in Oman purchase heavy equipment was OMR120,000 on 10th November 2019.  It was investigated by the external auditor on 31st December 2019 that the business showed their invoice amount purposefully on profit and loss account was OMR210,000. 3.      Moving funds into mutual funds equity on 1st March 2019, so that dividend can be earned tax free for the tax year 2019. 4.      Altering a General expense bill of OMR700 to read OMR7000 on 10th April 2020 so that a larger tax deduction is claimed on tax return for the tax year 2020. 5.      The company had a plan to sell the securities which are listed in MSM on 12th October 2020.  But due to loss predicted on sale of securities for the tax year 2020,  the company had postponed their plan to April 2021. ANSWER QUESTION NO. 13 AND 14     Question 13 Which of the following is an example of Tax avoidance for the tax year 2019? a. 1 and 3 b. 1 only c. 3 only d. 1, 3 and 5

The following information has been taken from a taxable entity in Oman for the tax year 2019-2020 1.      ABC Company had a plan to sell their Land on 1st December 2019.  But the company postponed their sale plan to 1st December 2021. 2.      A taxable entity in Oman purchase heavy equipment was OMR120,000 on 10th November 2019.  It was investigated by the external auditor on 31st December 2019 that the business showed their invoice amount purposefully on profit and loss account was OMR210,000. 3.      Moving funds into mutual funds equity on 1st March 2019, so that dividend can be earned tax free for the tax year 2019. 4.      Altering a General expense bill of OMR700 to read OMR7000 on 10th April 2020 so that a larger tax deduction is claimed on tax return for the tax year 2020. 5.      The company had a plan to sell the securities which are listed in MSM on 12th October 2020.  But due to loss predicted on sale of securities for the tax year 2020,  the company had postponed their plan to April 2021. ANSWER QUESTION NO. 13 AND 14     Question 13 Which of the following is an example of Tax avoidance for the tax year 2019? a. 1 and 3 b. 1 only c. 3 only d. 1, 3 and 5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following information has been taken from a taxable entity in Oman for the tax year 2019-2020

1.      ABC Company had a plan to sell their Land on 1st December 2019.  But the company postponed their sale plan to 1st December 2021.

2.      A taxable entity in Oman purchase heavy equipment was OMR120,000 on 10th November 2019.  It was investigated by the external auditor on 31st December 2019 that the business showed their invoice amount purposefully on profit and loss account was OMR210,000.

3.      Moving funds into mutual funds equity on 1st March 2019, so that dividend can be earned tax free for the tax year 2019.

4.      Altering a General expense bill of OMR700 to read OMR7000 on 10th April 2020 so that a larger tax deduction is claimed on tax return for the tax year 2020.

5.      The company had a plan to sell the securities which are listed in MSM on 12th October 2020.  But due to loss predicted on sale of securities for the tax year 2020,  the company had postponed their plan to April 2021.

ANSWER QUESTION NO. 13 AND 14


 

 
Question 13
Which of the following is an example of Tax avoidance for the tax year 2019?
a.
1 and 3
b.
1 only
c.
3 only
d.
1, 3 and 5
Clear my choice

Question 14

 

Which of the following is an example of Tax evasion for the tax year 2019?
a.
2, 4 and 5
b.
2 only
c.
2 and 4
d.
Cannot be determined
 

 

 
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