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vnm 0609 f6 pdf

Size: 38 Kb Pages: 2 Date: 2013-03-01
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vnm 0609 f6 pdf
vnm 0609 f6 pdf

Question Five This question focused on the requirements for obtaining CIT incentives and the CIT regulations. In Part (a) many candidates correctly identified what the circumstances were to be eligible for the reduced rate of CIT. Part (b) was generally not answered well, although the tax administration regulations are a difficult subject matter.

Size: 38 Kb Pages: 2 Date: 2013-03-01

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vnm 0611 f6 pdf
vnm 0611 f6 pdf

By doing that, they lost the computation marks for the items that require some calculations (e.g. housing allowance, pension contribution etc.). Part (b): Examiner’s report – f6 (VNM) June 2011 1 Many candidates could not address this part satisfactorily, most likely because they did not read the requirements carefully.

Size: 53 Kb Pages: 3 Date: 2012-11-02

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rom 0609 f6 pdf
rom 0609 f6 pdf

Examiners’ report – f6 (ROM) June 2009 2 Parts (b) and (d) were answered correctly by most of the candidates, although in part (d) few candidates identified both declaration requirements. Question Five This question focused on the corporate income tax – the special scheme for very small companies. They either forget to include the interest revenue or to exclude the revenues generated by inventories variation.

Size: 44 Kb Pages: 3 Date: 2012-03-21

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bwa 0609 f6 pdf
bwa 0609 f6 pdf

It cannot be emphasised enough that a good understanding of how to perform a tax computation, whether for a company or for an unincorporated business, is absolutely fundamental if a candidate is to pass this exam and succeed as a professional accountant in practice. Candidates were required to do a number of workings prior to performing the tax computation and many missed the rollover relief calculation in respect of the sale of the property.

Size: 39 Kb Pages: 2 Date: 2012-05-26

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vnm 1210 f6 pdf
vnm 1210 f6 pdf

The most common mistakes were: ‐ Deductible depreciation for the car was not capped ‐ Performance bonuses not stated in labour contract treated as deductible ‐ Advertising and Promotion expenses exceed the 10% cap ‐ Accrued interest expenses are not deductible (Circular 130 only disallow accrued expenses which are not paid when due. ‐ Many candidates correctly recorded an adjustment for debt collection fee, but incorrectly adjusted for the net proceeds.

Size: 46 Kb Pages: 3 Date: 2012-12-30

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zaf 0609 f6 pdf
zaf 0609 f6 pdf

Those candidates that adopted the adjustment approach did not appear to have a grasp of the items that required adjustment and those that did not. In addition, most candidates ignored the requirement in the question to indicate those items that were not taxable. As regards STC, many candidates applied old legislation and rates (12.5% versus 10%). The relevant rates provided in the tax rates and allowances tables at the front of the paper should be used in the exam.

Size: 41 Kb Pages: 2 Date: 2013-02-26

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lso 0609 f6 pdf
lso 0609 f6 pdf

Part (a) of the question focused on the calculation of advance corporation tax (ACT). Most candidates seemed to be very conversant with this question. However, few of them appeared to have a problem with the treatment of deemed dividends, while others ignored them, others deducted them from the dividends paid. Again some failed to state the due date of the ACT. There is always a mark for stating a due date. Part (b) of the question was about calculation of the corporation tax liability.

Size: 44 Kb Pages: 3 Date: 2013-02-20

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pol 0609 f6 pdf
pol 0609 f6 pdf

The majority knew that at 2% or less exempt activity, full input recovery applies, and also explained well the year end correction procedure, which will continue while the fixed asset correction period continues. Identifying details required on a VAT invoice presented no difficulty. Question Four This question tested candidates’ ability to make an intelligent choice of taxation method in circumstances where an option is available.

Size: 53 Kb Pages: 4 Date: 2013-01-24

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chn 0609 f6 pdf
chn 0609 f6 pdf

Students are reminded that transportation cost without VAT is a special case, i.e. transportation cost x (1-7%). Also the EIT payment should be added back to arrive the accounting profits. Part (a)(v) Some candidates misread the question and they answered the question by providing the different tax rates for different sources of income. Part (c) Some candidates incorrectly suggested that the tax bureau can close down a business if the business does not have the tax registration.

Size: 33 Kb Pages: 2 Date: 2012-12-29

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rus 0609 f6 pdf
rus 0609 f6 pdf

Specific Comments Question One This 30-mark question tested candidates’ ability to cope with the various aspects of core subjects of both profits tax and value added tax (VAT) applicable for a trading company. Overall the question was well answered with many outstanding answers.

Size: 51 Kb Pages: 4 Date: 2012-11-08

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