i) Harmonization of tax laws since different tax laws apply in different regions.
ii) Difference regions have different rules and policies
iii) Suspicions and stereotypes among citizens and government of different countries. This may delay harmonization programme as some countries may be reluctant to go along with those countries where mistrust exist. Such suspicions may be based on past experiences or the culture of the citizens.
iv) Political and cultural diversity and the technology level of the different countries cause challenges in harmonizing tax policies
Wilfykil answered the question on February 15, 2019 at 08:18
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Were and Otieno are in partnership trading as Woti Enterprises. They share profits and losses in the ratio of 2:3 respectively. The partnership's statement of...
(Solved)
Were and Otieno are in partnership trading as Woti Enterprises. They share profits and losses in the ratio of 2:3 respectively. The partnership's statement of comprehensive income for the year ended 31 December 2010 is as shown below
Prepare:
(i) A statement of adjusted taxable profit or loss for the partnership business for the year ended 31 December 2010
(ii) A schedule showing total taxable income for each partner for the year ended 31 December 2010
Date posted:
February 15, 2019
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Answers (1)
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With reference to the East African Community Customs Management Act or other relevant legislation applicable in your country, highlight four functions of the directorate of...
(Solved)
With reference to the East African Community Customs Management Act or other relevant legislation applicable in your country, highlight four functions of the directorate of customs
Date posted:
February 15, 2019
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Answers (1)
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Briefly explain four circumstances under which a taxpayer might be exempted from paying installment tax.
(Solved)
Briefly explain four circumstances under which a taxpayer might be exempted from paying installment tax.
Date posted:
February 15, 2019
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Answers (1)
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Outline four categories of goods which are subject to customs control under the Customs and excise Act.
(Solved)
Outline four categories of goods which are subject to customs control under the Customs and excise Act.
Date posted:
February 15, 2019
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Answers (1)
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Identify four documents required in support of an application for refund of value added tax (VAT) paid in respect of bad debts
(Solved)
Identify four documents required in support of an application for refund of value added tax (VAT) paid in respect of bad debts
Date posted:
February 15, 2019
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Answers (1)
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Highlight five circumstances under which customs duty paid might be refunded
(Solved)
Highlight five circumstances under which customs duty paid might be refunded
Date posted:
February 15, 2019
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Answers (1)
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Outline six contents of a notice of assessment.
(Solved)
Outline six contents of a notice of assessment.
Date posted:
February 15, 2019
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Answers (1)
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Beta Supermarket Ltd. is registered for VAT. During the month of January 2013, the supermarket had the following transactions
Determine A value added tax (VAT) account...
(Solved)
Beta Supermarket Ltd. is registered for VAT. During the month of January 2013, the supermarket had the following transactions
January
1 Sold goods on credit to Mwamba Enterprises for Sh. 400,000.
2 Purchased goods on credit from Hekima Traders for Sh. 200,000
2 Paid for catering expenses Sh. 68,000 by cash
3 Mwamba Enterprises returned goods valued at Sh.60, 000, and received a credit note.
4 Exported goods to Uzalendo Ltd., a company based in Rwanda for Sh. 300,000
5 Purchased stationery for Sh. 84,000 on credit from Smart Books Bookshop.
9 Purchased goods for Shs 800,000 from Uchumi Enterprises on credit
12 Imported goods from Canada for Sh. 900,000 exclusive of import duty of 25% and value added tax at 16%.
16 Received a debit note of Sh. 48,000 from Uchumi Enterprises
17 Paid electricity bills amounting to Sh. 24,000 by cheque
20 Engaged an auditor and paid him Sh. 60,000 for auditing the supermarket‘s inventory.
21 Sold goods worth Sh. l,400,000 to the Ministry of Youth and Sports
24 Bought spare .parts for repair of motor vehicles for Sh. 120,000
25 Sold goods on credit to Jawabu Enterprises for Sh. 800,000
30 Made cash sales of Sh. 200,000 and banked the cash on the same day
The above transactions are stated inclusive of VAT at the rate of 16% where applicable and unless otherwise stated
Determine A value added tax (VAT) account for the month of January 2013
Date posted:
February 15, 2019
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Answers (1)
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Outline four offences under the value added tax (VAT) Act
(Solved)
Outline four offences under the value added tax (VAT) Act
Date posted:
February 15, 2019
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Answers (1)
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The VAT Act requires a registered person to notify the commissioner' within 14 days of changes in certain particulars of a business.
Suggest six such changes...
(Solved)
The VAT Act requires a registered person to notify the commissioner' within 14 days of changes in certain particulars of a business.
Suggest six such changes whose details need to be notified to the commissioner
Date posted:
February 15, 2019
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Answers (1)
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Evaluate four measures under Customs and Excise Act that are designed to prevent dumping in your country
(Solved)
Evaluate four measures under Customs and Excise Act that are designed to prevent dumping in your country
Date posted:
February 15, 2019
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Answers (1)
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Explain three benefits that could be derived from changing zero rated supplies to exempt supplies in your country
(Solved)
Explain three benefits that could be derived from changing zero rated supplies to exempt supplies in your country
Date posted:
February 15, 2019
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Answers (1)
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Outline four ways through which a government could prevent loss of revenue from imports
(Solved)
Outline four ways through which a government could prevent loss of revenue from imports
Date posted:
February 15, 2019
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Answers (1)
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The revenue authority of your country has recently launched an online based integrated tax management system whose aim is to make it more convenient for...
(Solved)
The revenue authority of your country has recently launched an online based integrated tax management system whose aim is to make it more convenient for firms and individuals to pay tax.
In light of this statement:
(i) Briefly explain how an online based integrated tax management system works.
(ii) List three types of tax returns that are filed under the system.
(iii) Evaluate five benefits that are derived from use of the system over the traditional model of filing tax returns
Date posted:
February 15, 2019
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Answers (1)
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Highlight four circumstances under which the government might revoke the licence of a manufacturer of excisable goods.
(Solved)
Highlight four circumstances under which the government might revoke the licence of a manufacturer of excisable goods.
Date posted:
February 15, 2019
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Answers (1)
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Argue four cases in favor of introduction of capital gains tax (CGT) in most countries
(Solved)
Argue four cases in favor of introduction of capital gains tax (CGT) in most countries
Date posted:
February 15, 2019
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Answers (1)
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Outline four requirements for a valid memorandum of appeal
(Solved)
Outline four requirements for a valid memorandum of appeal
Date posted:
February 15, 2019
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Answers (1)
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Summarize four details that are required to accompany the list submitted to the revenue authority on employees who have received lump sum payment from the...
(Solved)
Summarize four details that are required to accompany the list submitted to the revenue authority on employees who have received lump sum payment from the employer.
Date posted:
February 15, 2019
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Answers (1)
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Explain the following terms in the 'context of customs and excise duty:
(i) Prohibited goods.
(ii) Restricted goods
(Solved)
Explain the following terms in the 'context of customs and excise duty:
(i) Prohibited goods.
(ii) Restricted goods
Date posted:
February 15, 2019
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Answers (1)
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Ujenzi Limited maintained the following assets in its fixed registers as at 31 December 2007
Determine Capital allowances due to Ujenzi limited for the year ended...
(Solved)
Ujenzi Limited maintained the following assets in its fixed registers as at 31 December 2007
Determine Capital allowances due to Ujenzi limited for the year ended 31 December 2007
Date posted:
February 14, 2019
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Answers (1)