Discuss whether the following supply of goods andservices are taxable events in GST: 1. A companyhaving warehouse in Mumbai shifted some rawmaterial to its factory in Baroda 2. An Indian companyimported machinery from its parent company inGermany 3. The sale of factory premises and plant andmachinery installed in the factory

The objective of the question is to determine whether the given scenarios are taxable events under…

Answered: Discuss whether the following supply of…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter15: Exempt Entities

Section: Chapter Questions

Problem 37P

See similar textbooks

Similar questions

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. Oranges
If a company in the United States sells a product to another country it is considered a/an If a company from the United States buys a product from another country it is considered a/an O Import, Export O Export, Import O Embargo, Export O Tariff, Import Quota
MC: 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 above
One of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant & equipment subsequent to initial recognition. Read IAS 16 and answer the following questions. Provide a list of the references you have used to search this topic. What additional disclosures should be made if property, plant & equipment are stated at revalued amounts? Explain the effect on the company’s financial statements if a company switches from the historical cost principle to the revaluation model? How should this change be accounted for in the financial statements?
Which 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
Which of the following items would not be depreciable in computing income taxes? a. A company’s corporate headquarter building b. Land on which a company’s factory sits c. A machine tool used for production d. A company’s office furniture.
What happens when a qualified exempt importer subsequently sells what was imported to a taxable person? The sale is still exempt The taxable person shall pay for the VAT to the Bureau of Internal Revenue The taxable person shall pay for the VAT to the Bureau of Customs The importer should pay for the VAT
Provide an example of how a US taxpayer that manufactures the property which that taxpayer sells could increase its net foreign source income. Next, assume instead the US taxpayer doesn’t manufacture but rather is a reseller of a finished good. Provide an example of how a reseller could increase its net foreign source income. Lastly, why is it generally better for a US taxpayer to increase its net foreign source income if it is subject to US tax on a worldwide basis?
The following expenditures shall be expensed when incurred, except O Payment in advance of delivery of goods or the rendering of services. O Start up costs O Advertising and promotion costs O Business relocation or reorganization costs Which of the following items would qualify as an intangible asset? * College tuition fees paid to employees who decide to enroll in an executive MBA program while working with the company. O Legal costs paid to intellectual property lawyers to register a patent. O Advertising and promotion on the launch of a huge product. Operating losses during the initial stages of the project. Which is not considered a research and development activity? O Design, construction and operation of a pilot plant. O Laboratory research aimed at discovery of new knowledge. O Conceptual formulation and design of possible product or process. O Routine on-going effort to refine, enrich or improve quality of existing product. Which statement is correct concerning the amortization…
MC: Topic: Income Taxation Which of the following income is subject to capital gains taxation? * Income from sale of personal jewelry Income from sale of domestic stocks by a dealer Income from sale of domestic stocks sold directly to buyer by a non-dealer Income from sale of land located in the Philippines and considered as inventory
Which of the following expenses would be denied as a deduction as per provisions of the Canadian Income Tax Act? a. Maintenance fees on a yacht at Yellow Yacht Leasing Inc. b. Legal and accounting fees incurred during the construction of a building c. Advertising costs in a non-Canadian newspaper directed at an American market d. Workspace in a home used as a taxpayer's principal place of business

Recommended textbooks for you

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

International Financial Management

Finance

ISBN:

9780357130698

Author:

Madura

Publisher:

Cengage

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS