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- 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.
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- ______________Tax is the most progressive tax structure in Canada Value added. Sales 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. With respect to provincial income taxes, other than those assessed in Quebec, which of the following statements is not correct? a) Each province can apply different rates to add many brackets for individuals as it wishes. b) the federal government collects the provincial income tax for individuals for every province except Quebec. c) Each province can establish its own tax credits to apply against tax payable for individuals. d) Each province can…Which of the following statements concerning the tax treatment of interest income is true? a. Individuals must accrue interest on a daily basis. b. The anniversary day accrual method of recognizing interest income requires that interest income received by a corporation be recognized for tax purposes for every twelve-month period from the date the investment is made. c. Foreign interest income is exempt from taxes in Canada. d. The anniversary day accrual method of recognizing interest income requires that interest income received by an individual be recognized for tax purposes for every twelve-month period from the date the investments is made.Which of the following statements is incorrect? Some corporations can use the cash-basis of accounting. Corporations that own foreign subsidiaries cannot file a Form 1120. A corporation can choose a fiscal year-end of its choice when filing its first tax return. A calendar year corporate tax return is due 3½ months after the end of the fiscal year
- Which of the following is true regarding filing requirements? a.For all tax year-ends, the due date for filing a corporate tax return is the fifteenth day of the third month after year-end. b.Filing an extension for a corporate tax return also provides an extension for paying the corporation's tax due. c.A corporation with a tax year ending on June 30 can get a 7-month extension instead of the usual 6 months. d.A corporation can wait to pay its tax liabilityWith regards to the taxation year, which of the following situations is correct? a An individual taxpayer's taxation year ends on April 30th. b. A corporation's taxation is its fiscal period not exceeding 52 weeks. c. Corporations must use December 31st as the taxation year end. d. Taxation year ends must be considered for tax planning within business structures.A company prepares its accounts for the year ended 31 March each year and is a ‘large’ company for corporation tax instalments purposes. During the year ended 31 March 2020 it paid tax of £5,600,000. It bases the year ended 31 March 2021 instalment payments on this amount and pays the instalments due on time. In early August 2021 it finalised its corporation tax calculation for the year ended 31 March 2021 at £6,400,000 and settled any remaining corporation tax liability on 14 August 2021. Required – Part C Calculate the following: The instalments originally calculated as due for the year ended 31 March 2021 and the due dates for payment. The revised instalments for the year following August 2021 finalisation. The position with interest payments and the amount due (assume an interest on overdue tax rate on underpaid instalments of 1.1% - calculate on a monthly basis). The instalments that the company will initially pay for the year ended 31 March 2022 and the due dates for payment.
- Malaysia personal income tax The income of any person, including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax or in other words all individuals are liable to tax on income accrued in, derived from or remitted to Malaysia. April 30th is the deadline for the submission of income tax returns for the individual taxpayer without a business income in Malaysia, while June 30th is for those with business income in Malaysia. While reading the newspaper on tax issue reminded abu that he has not filled in his income tax form as yet. Tax computation has been a burden on abu’s shoulder and fatima has been talking and reminding abu to fill in his BE form before the deadline expires at the end of April.Abu is currently pursuing his study on a Master Degree on a part-time basis at the local university. Being a part-time student requires him to juggle between work and assignment at the same time. Due to time and work…Which of the following is true? a. Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register as VAT taxpayers cannot register back as non-VAT because of the three-year lock-in period. b. A VAT taxpayer may also be subject to other percentage taxes and excise taxes provided a range of goods and services offered. c. The basis on imposing a consumption tax on the sale of services is the quarterly sales. d. Exportation made by business taxpayers normally subject to the general percentage tax is taxable for consumption taxes. e. All of the other choices is incorrect.Enders, Inc., a domestic corporation that invests in foreign securities, reports total taxable income for the tax year of $290,000, consisting of $208,800 in U.S.-source business profits and $81,200 of Subpart F income from foreign sources. Income taxes of $24,000 were withheld by foreign tax authorities. Enders’s U.S. tax before the FTC is $60,900. Compute Enders’s FTC for the tax year. Express your answer as a Microsoft Excel formula.
- Choose the CORRECT statement about company income tax. A.Companies need to keep records and books of account for a year for review by the Inland Revenue Board (LHDN) B.Company tax is levied every two years. C.Tax is levied on companies earning income in Malaysia and outside Malaysia for insurance companies, sea and air transport and banking. D.Company income tax is imposed on resident companies with limited status only, excluding private limited companies.Which of the following is correct? Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register as VAT taxpayers cannot register back as non-VAT because of the three-year lock-in period. A VAT taxpayer may also be subject to other percentage taxes and excise taxes provided a range of goods and services offered. The basis on imposing a consumption tax on the sale of services is the quarterly sales. Exportation made by business taxpayers normally subject to the general percentage tax is taxable for consumption taxes. All of the other choices is incorrect.As a tax consultant, you receive tax forms and financial reports from various companies. Following are independent cases in which you have to check the given numbers and decide whether it is correct or not. If it is wrong, then you have to provide (a) the correct answer with detailed calculations and (b) explanations of your answers including the appropriate accounting treatment of the various transactions. A. National Tourism Company reported on 31 December, 2018 a pretax financial income of $900,000 which is subject to 40% tax rate. At the beginning of that year, the company had a deferred tax liability of $18,000 and a deferred tax asset of $12,000. During the year, National recorded warranty costs of $156,000 to be paid in 2019 and prepaid advertising expense that will be used in 2019 of $36,000. Also, the company in 2018 received an interest on governmental bonds of $72,000. National reported $114,000 operating losses carryforward and $78,000 of installment sales revenue to be…