By Tom Rolfe
The 2007 variation of CIMA's reliable studying structures has been written together with the CIMA school to completely replicate what should be established within the examination. up to date to include legislative and syllabus alterations, the 2007 studying platforms offer entire learn fabric for the may perhaps and November 2007 tests. the hot version keeps the preferred loose-leaf structure and comprises: * perform questions all through * entire revision part * subject summaries * steered examining articles from quite a number journals * may possibly 2006 Q & A's CIMA reputable studying structures are the one fabrics written and recommended by means of the CIMA college * The authentic studying structures are the single examine fabrics recommended by means of CIMA * totally revised and up-to-date with new readngs and labored examples * Written via the Examiner and CIMA college * whole built-in package deal incorporating syllabus assistance, complete textual content, prompt articles, revision publications and vast query perform
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What moneys expended or expendable can be deducted from those receipts? As stated above income is generally based on the profit shown in the entity financial statements, computed on generally accepted accounting practice. For example, in the UK the requirement is that the profit of a trade, profession or vocation must be computed on an accounting basis which gives a true and fair view. The income statement is then adjusted for tax purposes because not every item received is a taxable receipt of the trade, profession or vocation.
3 Partial imputation system With systems using the partial imputation system only part of the underlying corporate income tax is passed to the shareholder as a tax credit. 4 Split rate systems Split rate systems of corporate income tax distinguish between distributed profits and retained profits and charge a lower rate of corporate income tax on distributed profits so as to avoid the double taxation of dividends. Applying the lower rate for distributed dividends can operate under an imputation or classical system.
8 Summary In this chapter, we have discussed the two main methods of direct taxation that apply to entities, corporate income tax and capital gains tax. We have discussed the alternative systems of corporate income tax and their impact on the double taxation of dividends. We also considered the distinction between accounting and taxable profits; the treatment of losses and the concept of tax consolidation. 1 DIRECT TAXES ON AN ENTITY’S PROFITS AND GAINS profits/losses within the country. The requirements that need to be met for a tax group to be recognised will be set out in the tax legislation and will usually be different from that required to recognise a group for accounting purposes.