Imports of $75,000 inclusive of Jmd$15,000 VAT
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ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad.
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- Imports of $75,000 inclusive of Jmd$15,000 VAT
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- DIY Sdn Bhd is a Malaysian tax resident company. DIY is involved in manufacturing bricks. DIY needs to know regarding sales tax implications in the manufacturing business. The company plans to import special high-grade stones and carry out a change in the nature and quality of the materials by glazing them before sale. DIY’s current sales is RM350,000 and is projected to be around RM400,000 for the next few years a(i) Explain whether DIY Sdn Bhd activities will fall within the scope of manufacturing activities for sales tax purposes. a(ii) Discuss on the sales tax registration requirement and advice whether DIY need to be registered.Westico Foods Limited (WFL) is a trading company that does brisktrading in the baking and delivery industry. WFL is located in abusy hub of Kingston, St. Andrew. Jamaica and has subsidiaries inCaribbean countries such as Trinidad and Tobago and Barbados. Thebusiness is VAT/GCT registered with Tax Administration Jamaica,and the subsidiaries also registered with the Tax Authorities in therespective countries. WFL has just come to the end of it sbi-monthlyVAT/GCT period. The company has recorded the following transactionsover the period:Sales -VAT/GCT inclusive J$130,000Sales - VAT/GCT exclusive J$120,000Purchases VAT inclusive J$75,000Purchases VAT inclusive J$50,000Imports of J$75,000 inclusive of J$15,000 VATThe VAT/GCT rate is 12.5% on Sales and on PurchasesRequirements:1. Show the summarized transactions as they would appear in thebooks of WFL.2. What are the VAT/GCT Payable / Refundable for the period?New Life is a multinational distribution company that started operating a Branch in Barbados on 1 January 2023. The company’s Head Office is in the Cayman Islands and is part of a group which earns more than USD 850 million for the year. It employed some of its staff from Barbados and imports good and services from the US, Cayman Islands, and other Caribbean countries. New Life repatriation policy is to transfer 50 % to 70% of its after-tax profits to the Cayman Islands. The company was of the view that for the first year of operation there was a window of no tax obligations. In December 2023, the company realized that their understanding was not correct and therefore engaged UWI Tax Consulting Services Limited to provide tax advisory and tax compliance services. Your Group was assigned this engagement. Required.Advice New Life of the tax matters that needs to be considered when operating in Barbadosincluding any tax benefits or incentives they may consider.
- A company produces jackets for €20 each in Portugal, which has a corporate tax rate of 21%. It then transfers its products to its Irish subsidiary for resale to the Irish public at a sales price of €30 per jacket. The corporate tax rate in Ireland is 12.5%. Calculate the total after-tax profit in the two countries if the company uses a transfer price of €23 and it sells 10,000 jackets. ANSWERS: €84,950 €15,050 €66,500 €8,495 €8,750) USCo purchases widgets in the United States and sells them abroad with title on resale passing in the foreign country whose operations sold the widget. In addition to earning $100,000 of taxable income from U.S. sales, USCo earns $100,000 of taxable income from Canadian sales by its Canadian branch that is subject to tax in Canada at a 25% rate. USCo also has a Hong Kong branch that earns $100,000 of taxable income that is subject to Hong Kong tax at a 15% rate. Any facts stated in an individual question relate solely to that question. Q. If the $100,000 of taxable income earned by the Hong Kong branch constitutes interest income from various Hong Kong banks on which the Hong Kong branch incurs withholding tax at a rate of 15%, what is USCo's foreign tax credit? (a) $0. (b) $40,000. (c) $36,000. (d) $42,000. (e) $15,000 in the branch limitation category and $21,000 in the passive limitation category.Q. If USCo manufactures the…Kashi Corporation is the U.S. distributor of fencing (sword fighting) equipment imported from Europe. It is incorporated in Virginia and headquartered in Arlington, Virginia; it ships goods to all 50 states. Kashi's employees attend regional and national fencing competitions, where they maintain temporary booths to market their goods. Determine whether Kashi has income tax nexus and a filing requirement in the following situations: Required: Kashi is incorporated and headquartered in Virginia. It also has property, employees, salespeople, and intangibles in Virginia. Determine whether Kashi has income tax nexus in Virginia. Kashi has employees who live in Washington, D.C., and Maryland, but they perform all their employment-related activities in Virginia. Does Kashi have income tax nexus in Washington, D.C., and Maryland? Kashi has two customers in North Dakota. It receives their orders over the phone and ships goods to them using FedEx. Determine whether Kashi has income tax nexus…
- Assuming that a Nissan Car Manufacturing Company sold 100 cars to the wholesale trader for OMR 7,500 each plus VAT. The wholesale trader sold all the 100 cars to the retailer showroom for OMR 8,000 each plus VAT. The retailer showroom realized OMR 850,000 after selling all the 100 cars to the local customers plus VAT. Assume the rate of Value Added Tax (VAT) throughout in Oman is 5%. There Input tax credit available in Nissan Car Manufacturing Company account was OMR 42,500. ANSWER QUESTION NO 15 TO 18 Question 15 What will be the total tax burden by the consumers? a. OMR 85,000 b. OMR 42,500 c. OMR 40,000 d. OMR 47,500 Question 16 Which of the following statement will be correct for Nissan Car Manufacturer? a. Tax to be refunded from Government is OMR 5000 b. Tax to be payable to Government is OMR 37,500 c. Tax to be refunded from Government is OMR 42,500 d. Tax to be payable to Government is OMR 5000 Question 17 What will be the…Jitrah Sdn Bhd is a Malaysia tax resident company. Jitrah is registered under sales tax. Jitrah import taxable goods for RM450,000 from Brunei to use in its business on 5.04.2020. The import duty is 10% and sales tax is 10%. Jitrah issued an invoice for RM250,000 for the supply of healthy food (manufactured goods) to Big Sdn Bhd on 11.06.2020. Jitrah receive the full payment on 1.5.2020. The sales tax rate on healthy food is 5%. a. Calculate the sales tax payable by Jitrah Sdn Bhd for goods imported from Brunei. b. If Jitrah Sdn Bhd was not registered for sales tax purposes, discuss whether your answer to requirement (b)(i) would differ c. Calculate the - sales tax payable and - total invoice amount on the goods sold by Jitrah Sdn Bhd d.State the taxable period the sale by Jitrah Sdn Bhd should be accounted for, state the due date to remit the sales tax to RMCD.a) Explain, in three sentences or less, ‘cross-credit’ in relation to the foreign tax credit. Make sure to identify the problem, and how cross-crediting solves the problem. b) Treadwell, Inc. had $2,500,000 taxable income, $250,000 of which was generated by business activities in foreign jurisdictions. If Treadwell paid $55,500 foreign tax to Utopia. Compute the following: US tax paid______________________ Worldwide tax paid_______________