pls answer it all in details ASAP 1. Discuss THREE advantages and THREE disadvantages of the following tax system: a. Official Assessment system b. Self-Assessment System Sales tax Services tax C. d. e. Good and services tax
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- Topic: Accounting for Income TaxCan you please help explain tax bases for assets and liabilities under temporary difference (between accounting income and taxation income)? Would be so helpful if you could simplify what tax bases mean. I'm confused why, in the second page, the tax bases are considered 0 and I'm not sure what that means. Thanks!Which option is the correct definition of tax base? Select one: a. Tax base is the amount the asset or liability is recorded at in the accounting records. b. Tax base is a comparing the balance sheet derived using accounting rules with balance sheet that would be derived from taxation rules c. Tax base is the recognition of assets and liabilities in the balance sheet based on the differences between accounting and tax values of assets and liabilities. d. Tax base is defined as the amount that is attributed to an asset or liability for tax purposes.Course: AccountingWithin financial statements under IFRS standards, there is obviously not typical tax balance sheet (8 columns).a) Why is it still being prepared?b) Is it possible to transfer this tax balance sheet to other financial statements under IFRS? From another point of view, is it easy to prepare income tax statement ONLY with financial statements under international standards (IFRS)?
- Which cost flow assumption must be used for financial reporting if it is also used for tax reporting? Multiple Choice LIFO. FIFO. Weighted-average. Any assumption can be used regardless of the tax reporting.Which is NOT a proper exercise of administrative feasibility?a. Electronic Tax Payment System (eTPS)/Land Bank Remittance System (LBRS)b. Payment of tax thru credit/debit/prepaid cards/G-Cashc. Requirement to all taxpayers to file tax returnsd. Substituted Filing of Qualified Compensation Income EarnersMultiple Choice Qsn .You have to choose one answer. 1.Which of the following statements is correct? a. Gains that are ordinary income will be assessable income under s .6-5 of ITAA 1997. b. Gains will be ordinary income if they are the type of gains that courts of law consider to be of an income character. c. A gain that comes in regularly/periodically is more likely to be ordinary income than a lump-sum gain. d. Whether or not a gain arises from an illegal activity does not affect whether it is ordinary income. e. All of the above. (2) Which of the following statements is correct? a. Capital gains and capital losses arising from a CGT event are always assessed to the individual partners of a partnership according to their interest. b. partner can have more than one interest in a partnership asset. c .There is a disposal of part of an interest in a partnership asset whenever a new partner is admitted to a partnership. d.All of the above
- tax question. 1 and 2 are connected, thank you! Please Do not Give Image formatTh e following information pertains to Entiguan Sports, a hypothetical developer ofproducts used to treat sports-related injuries. (Th e treatment of items for accountingand tax purposes is based on fi ctitious accounting and tax standards and is not specifi cto a particular jurisdiction.) Calculate the tax base and carrying amount for each item.1 . Dividends receivable : On its balance sheet, Entiguan Sports reports dividends of €1million receivable from a subsidiary. Assume that dividends are not taxable.2 . Development costs : Entiguan Sports capitalized development costs of €3 millionduring the year. Entiguan amortized €500,000 of this amount during the year. Fortax purposes amortization of 25 percent per year is allowed.3 . Research costs : Entiguan incurred €500,000 in research costs, which were all expensedin the current fi scal year for fi nancial reporting purposes. Assume that applicable taxlegislation requires research costs to be expensed over a four-year period rather…Which of the following methods is not allowed for tax purposes if FIFO (first in first out) is used for financial reporting? LIFO (last in first out) FIFO Weighted average Specific identification Lower of cost or market
- A reduction in the statutory tax rate would most likely benefi t the company’s:A . income statement and balance sheet.B . income statement but not the balance sheet.C . balance sheet but not the income statement.Objective Question: What is a crucial step in the tax return process for businesses that involves identifying eligible expenses and activities to optimize their tax liability? Data collection and organization Compliance with tax laws Depreciation and amortization Strategic tax planningName some reasons why the taxable income of a corporation is likely not to be the same as its financial statement net income. a Depreciation expense on the tax return is typically greater than depreciation expense for financial statements. b Accounts payable are usually different. c Net assets are usually larger on the tax return. d ales amounts differ because of Internet sales.