Advise Mr. Chan.
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Mr. Chan set up a company called Good Home Limited. The company holds several properties in Hong Kong and lease out to earn rental income. Mr. Chan wonders whether the company should pay property tax or profits tax. He also concerns if double
Home Limited and how it can avoid this if so.
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Advise Mr. Chan.
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- Mr. Chuang set up a company called Good Home Limited. The company holds several properties in Hong Kong and lease out to earn rental income. Mr. Chuang wonders whether the company should pay property tax or profits tax. He also concerns if double taxation of the same income derived from a property under property tax and profits tax will charge to Good Home Limited and how it can avoid this if so. Advise Mr. ChuangJuan is the owner of a "kalesa". He charges fees to customers who would want to ride on his "kalesa" and take a tour around the area. What is the tax implication of this to Juan? A. Operating the "kalesa" is subject to percentage tax on business. B. Operating the "Kalesa" is subject to VAT if the gross annual receipts exceed P3M. C. The transaction is exempt from business tax.Joe Doe just started a business. He wants the business income to flowdirectly to his own personal tax return, but he wants to make sure that hehas limited liability. What form(s) of business ownership would you recommendfor Joe?
- Your group has formed an Accounting Practice business partnership. Your area of expertise is in Income Tax matters in Australia. Jonathan is one of your clients and he has come to see you seeking advice on how to minimize his tax. You explain to Jonathan of the many ways in which to reduce his tax liability. Jonathan is most impressed by what you have told him and he pays a fee for your professional advice and then carries out your suggestions on tax minimisation. Unfortunately, you have misread the tax legislation and as a result Jonathan is audited by the Australian Taxation Office who then issues him with a tax liability of $600,000.00 plus interest. Discuss what the consequences are to your group for giving Jonathan bad advice.Mr A has formed an Accounting Practice business partnership. Your area of expertise is in Income Tax matters in Australia. Jonathan is one of your clients and he has come to see you seeking advice on how to minimize his tax. MR A explains to Jonathan of the many ways in which to reduce his tax liability. Jonathan is most impressed by what MR A has told him and he pays a fee for his professional advice and then carries out Mr A's suggestions on tax minimisation. Unfortunately, MR A has misread the tax legislation and as a result Jonathan is audited by the Australian Taxation Office who then issues him with a tax liability of $600,000.00 plus interest. Discuss what the consequences are to MR A for giving Jonathan bad advice.First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President for Finance which included a car plan worth P3,000,000 in its compensation The company purchased the vehicle and registered the same in favor of Francis. Assuming further that Francis is a non-resident alien not engaged in trade or business, how much is the fringe benefits tax?
- Isko owns a residential condominium unit in Manila Prime Towers Condominium (MPTC), which he later on sold to Bato. Apparently, Isko did not report such sale; did not pay the capital gains tax due; and did not declare the proceeds of sale as part of his income when he filed his tax returns. On a routine examination, the Bureau of Internal Revenue (BIR) happens to check on Isko’s tax returns. Knowing that Isko had a unit in MPTC, BIR asked management of information about it and its ownership status, which MPT complied. BIR learned that Isko did not register his sale of his unit and pay the taxes due, hence, he was assessed with deficiency taxes. Isko now questions the act of MPTC in providing his information and data to the BIR. He claims that he was not inform by the MPTC and did not authorize the giving of such information. He said that MTC violated his rights under the Data Privacy Act. Is Isko correct? Why or why not. Support your answer with the provision/s of the law.please just categorize which are tax object and which are not Prize we received after competing as the best employer in the financial industry Income from transferring some of our investment in shares to another Indonesian company Income from mutual fund Income from Unit Link insurance Payment from insurance company due to fire in our office in Semarang. Sale of one of our branch building Gain from foreign exchangeI Have This Question. I need an answer relevant to US Tax Code. 5). Leno Hardware is owned and operated as a sole proprietorship by Larry Leno. The location is excellent, and he is approached by a buyer, Hard Bargains Inc., a national chain of hardware stores. What are the tax consequences in the following situations? Larry sells the store for cash. Larry sells the store for marketable stock in Hard Bargains. Larry incorporates the store and exchanges the stock for shares in Hard Bargains. Same as (c), but Larry incorporated his hardware store two years earlier. check_circle Expert Answer thumb_up thumb_down INTRODUCTION When the situation arises to sell your business where the buyers are around the corner, the seller may meet a proper tax bill. Careful computations and transactions are needed while winding up and selling off the business with responsible tax abiding taxes. The seller will be taxed on the gain or profit he/she make from selling the business.…
- Which of the following is most likely not a trade transaction for income tax purposes? A. In August 2020, Jackie imported fine diamond jewelleries from South Africa which she placed it in her diamond boutique in London for resale on higher profits. B. Aziza imported a consignment of tourist gifts made of genuine leather from overseas. She subsequently sold all the gifts through a few tourist agents on commission. C. Alexander sold his inherited properties during the tax year 2020/21. The properties were inherited from his wealthy father. A property agent helped him in doing that by advertising the properties in a local magazine in search of good prices. D. Speculating the fluctuation in the price of gold, James bought a large quantity of gold on 1 July 2020 and successfully resold on 15 September 2020.John Peter is aware that there is no Capital Gains tax in Barbados. He decided to buy a large piece of land. The land was hilly, so he blasted it to make it flatter, installed a soakaway so the water does not settle on the land, and made several roadways for ease of access. After 6 months of purchasing the land, he subdivided the land and sold it to 30 separate persons making a large gain. Advise Mr. Peter whether the gains are taxable in Barbados and state the appropriate case laws.
