Sohar Suppliers Limited, a SAOC firm founded in Sohar in 2015, primarily supplies imported products to hotels and leisure industries across the Sultanate of Oman. You are tasked with assisting the accountant of Sohar Suppliers Limited company, in determining the taxable profit and the tax liability for the year 2022. The accountant is unfamiliar with the rules under the Law of Income Tax on Omani Companies, so a detailed and accurate analysis is required. The income statement for the company is provided below: (Statement of Profit or loss) Income Statement for the period 2022 Revenue Less: Cost of Sales Opening inventory RO' 000 RO' 000 65,000 Add: Purchases Less: Closing inventory 3,000 55,000 (18,000) (40,000) Gross Profit 15,000 Less: Indirect Expenses Patent purchased 2,000 Prefabricated Building 500 Salary 1,700 Advertisement expenses 500 Bad debts 700 Travelling expenses 300 Insurance 400 Donation 800 Office expenses 100 (7,000) Net Profit 8,000 Additional Information: 1) Travelling expenses include RO 50,000 for personal travelling. 2) The accountant Overvalued opening inventories and undervalued closing inventories by RO 125,000 and RO 175,000 respectively. 3) The company has a permanent building which cost RO 2 million and an equipment cost RO 500,000. The depreciation on such assets is not charged in income statement. 4) Bad debts of previous years RO 150,000 recovered in this year which was earlier allowed as deductible expenses and not included in net profit of 2022 as can be seen in above income statement. 5) Donation of RO 800,000 made to approved charitable project and charged from the gross profit. 6) The Company purchased a patent worth RO 2 million in the year 2022. The life of the Patent is 10 years. The accountant expensed the cost of patent. 7) The company incurred an amount of RO 500,000 total advertising expenses on inaugurating their five new retail business outlets this year. This amount is deducted in calculating the profit. However, the Secretariat General of the income tax department declared RO 50,000 inappropriate because of non- availability of documentary evidence. 8) The company earned capital gain of RO 75,000 on disposal of securities listed in MSM. Such a gain is not included in the profit. 9) The company reported a loss of RO 150,000 in 2015, the year it commenced operations. After that it experienced significant losses of RO 1 million in 2020 and RO 1.5 million in 2021 due to the COVID-19 pandemic. Required: 1. Calculate the Taxable Profit for the year 2022 a) Adjust the net profit provided in the income statement to account for allowable and disallowable expenses as per the Tax Law of Oman. b) Clearly show all adjustments with explanations for inclusion or exclusion. 2. Determine the Tax Liability for the year 2022 a) Apply the appropriate corporate income tax rate for Omani companies.

Which of the following statements concerning income taxes in Canada is not true? a) Income taxes must often be estimated based on prior years tax returns. b) Income taxes are usually paid through instalment payments throughout the year. c) The deadline for filing a corporate tax return and payment of any outstanding. Taxes is 6 months after the company’s year-end. d) Multinational companies located in Canada may be required to pay tax in Canada.

Vishal

Please solve all the questions 1. Discuss the withholding tax treatment on the RM350 million payment received by Turus Ltd from Fast Flow Sdn Bhd. 2 .Determine the withholding tax amount and due date for payment of withholding tax to the Inland Revenue Board in respect of the payment made to Tiwanis Ltd

Martinez Ltd. made four quarterly payments of $4,000 each to the Receiver General for Canada during 2023 as instalment payments on its estimated 2023 corporate tax liability. At year end, Martinez's controller completed the company's 2023 tax return, which showed income tax owing of $10,300 on its 2023 income. (a) Your answer is incorrect. Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Income Tax Receivable Income Tax Payable Debit 4000 Credit Anna

 Walter Wentworth Walter Wentworth lives in South Africa. He was on holiday in Australia for the last 92 days of the 2021year of assessment.  Venicia Ltd Venicia Ltd is incorporated in South Africa. It carries on business in Europe. Its place of effectivemanagement is in Lucerne, Switzerland. Its year of assessment ends on the last day of February.REQUIRED: Indicate if the above persons will be subject to normal tax in South Africa for the 2021year of assessment. (Ignore the provisions of a double tax agreement that may be applicable.)

What kind of constraints would arise in an accounting firm during personal income tax seasion when all the income tax returns have to be prepared and filed with Canada Revenue Agency by the April 30 deadline? How could any constraints be relaxed?

A company wishes to conduct business in a foreign country that attracts businesses by granting “holidays” from income taxes for a certain period of time. Would the company have to disclose this “holiday” to the SEC? If so, what information must be disclosed?

As of December 31, 2024, Duffy Company believed it was probable that an unfavorable outcome would result from a dispute with the Massachusetts State tax authorities. In-house tax experts estimated that Duffy would owe between $2113 - $4362 of additional taxes, with $3369 being the most likely amount.   What is the journal entry, if any, that Duffy should record to reflect this in the 2024 financial statements?   a.   A journal entry is not booked since this is a gain contingency.   b.   Debit to Contingent Loss for $3369; Credit to Contingent Liability for $3369   c.   Debit to Contingent Loss for $2113; Credit to Contingent Liability for $2113   d.   Debit to Contingent Liability for $4362; Credit to Contingent Loss for $4362

Exchange Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such swaps, knownas 1031 exchanges, permit participants to avoid some or all of the capital gains taxes that would otherwisebe due. The bookkeeper for the company has been asked to prepare a report for the company to help itsowner/manager analyze performance. The first such report appears below:Exchange Corp.Analysis of Revenues and CostsFor the Month Ended May 31Planning Budget ActualUnit Revenues Unit Revenuesand Costs and Costs VariancesExchanges completed ............ 40 50Revenue .................................. $395 $385 $10 UExpenses:Legal and search fees .......... 165 184 19 UOffice expenses ................... 135 112 23 FEquipment depreciation ....... 10 8 2 FRent ..................................... 45 36 9 FInsurance ............................. 5 4 1 FTotal expense .......................... 360 344 16 FNet operating income .............. $ 35 $ 41 $ 6 FNote that the revenues and…