ompany resident in Jamaica purchased the following assets in 2021: Asset Cost $ Honda Motor car purchased in March 2020 38,000 Heavy Equipment 50,000 Computer (CPU) 4,000 Factory Buildings 72,000 (a) What would be the difference in capital allowances for 2022 if this company were resident in Trinidad and Tobago instead of Jamaica for tax purposes. (b) List two circumstances in which obtaining capital allowances on the reducing balance basis is more beneficial than on the straight-line b

ompany resident in Jamaica purchased the following assets in 2021: Asset Cost $ Honda Motor car purchased in March 2020 38,000 Heavy Equipment 50,000 Computer (CPU) 4,000 Factory Buildings 72,000 (a) What would be the difference in capital allowances for 2022 if this company were resident in Trinidad and Tobago instead of Jamaica for tax purposes. (b) List two circumstances in which obtaining capital allowances on the reducing balance basis is more beneficial than on the straight-line b

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transactions

Section: Chapter Questions

Problem 3DQ

See similar textbooks

Similar questions

A company resident in Jamaica purchased the following assets in 2021: Asset Cost $ Honda Motor car purchased in March 2020 38,000 Heavy Equipment 50,000 Computer (CPU) 4,000 Factory Buildings 72,000 (a) What would be the difference in capital allowances for 2022 if this company were resident in Trinidad and Tobago instead of Jamaica for tax purposes.
A company resident in Trinidad and Tobago purchased the following assets in 2022:Asset Cost $ USDHonda Motor car purchased in May 2022 38,000Heavy Equipment 50,000Computer (CPU) 4,000Factory Buildings 72,000i. What would be the difference in capital allowances for 2023 if this company wasresident in Jamaica instead of Trinidad and Tobago.ii. State two reasons for the difference. iii. Explain two circumstances in which obtaining capital allowances on the reducing balancebasis may be more beneficial than on the straight-line basis.
A company resident in Trinidad and Tobago purchased the following assets in 2022: Asset Cost $ USDHonda Motor car purchased in May 2022 38,000Heavy Equipment 50,000Computer (CPU) 4,000Factory Buildings 72,000 i. What would be the difference in capital allowances for 2023 if this company was resident in Jamaica instead of Trinidad and Tobago. ii. State two reasons for the difference. iii. Explain two circumstances in which obtaining capital allowances on the reducing balance basis may be more beneficial than on the straight-line basis.
A corporation sold a parcel of land used in its operation abroad. The selling price is P3,000,000. The property was acquired five years ago at P1,500,000. What is the amount of final income tax on the above transactions? Select the correct response: 180,000 90,000 3,000,000 Zero
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
A resident citizen taxpayer sold a vacant lot (held as investment) in the Philippines. Other data regarding the sale are as follows: Gain on sale - P500,000 Zonal value - 2,200,000 Cost - 2,000,000 Expenses on sale - 150,000 Compute the capital gains tax.
Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an non-resident owner or lessor of vessels Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a resident foreign corporation
UNILEVER CARIBBEAN LIMITED Statement of Financial Position December 31, 2022 (Expressed in Trinidad and Tobago Dollars) Notes 2022 2021 $'000 $'000 ASSETS Non-current assets Property, plant and equipment 8 4,285 8,943 Retirement benefit asset 9(i) 99,142 137,039 Deferred tax asset 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable…
UNILEVER CARIBBEAN LIMITED Statement of Financial Position December 31, 2022 (Expressed in Trinidad and Tobago Dollars) Notes 2022 2021 $'000 $'000 ASSETS Non-current assets Property, plant and equipment 8 4,285 8,943 Retirement benefit asset 9(i) 99,142 137,039 Deferred tax asset 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable…
Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax of Dakota assuming she opted to be taxed at 8%? P321,500 P342,500 P351,500 P358,000
Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000 and appraisal value of P1,800,000. The capital gains tax on the sale of the lot is a.P0 b.P120,000 c.P150,000 d.P108,000