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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 comprehensive income for the year ended 31 December 2010 is as shown below
Prepare:
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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As a tax expert advise the government of possible ways...(Solved)
The government of your country is exploring ways of preventing loss of tax revenue from imports
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Determine:
(i) Output tax.
(ii) Deductible input tax.
(iii) VAT...(Solved)
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Determine:
(i) Output tax.
(ii) Deductible input tax.
(iii) VAT payable
Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Determine:
i. The VAT...(Solved)
Kilifi Ltd. a company registered for value added tax (VAT) purposes, provided the following details in respect of the month of January 2012:
January 1: Purchased raw materials from South Africa for Sh.668.160 gross inclusive of import duty charged at 20% and VAT.
January 8: Paid for legal services amounting to Sh.52.200.
January 10: Purchased spare parts for motor vehicle repair for Sh. 18,560.
January 12: Exported goods to the Democratic Republic of Congo for Sh.600,000. January 15: Sold goods to Mwanzia, a businessman in Nairobi for Sh.52, 200.
January 18: Sold goods to the Ministry of Finance for Sh.232, 000.
January 20: Issued credit notes to a customer for defective goods for Sh.34.800. January 24: Purchased gas cylinders for Sh. 18,560.
January 26: A debtor of goods valued at Sh.69, 600 was declared bankrupt. January 28: Supplied non-taxable goods to a children's home costing Sh. 180,000. January 29: Purchased goods for Sh.278,400.
January 30: Paid for tax consultancy services of Sh. 61,480.
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Determine:
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ii. Comment on the tax computed in (i) above
Date posted: February 15, 2019. Answers (1)
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Highlight five circumstances under which customs duty paid might be refunded
Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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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
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Date posted: February 15, 2019. Answers (1)
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Outline four offences under the value added tax (VAT) Act
Date posted: February 15, 2019. Answers (1)
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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.
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Date posted: February 15, 2019. Answers (1)
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i) He has submitted a self-assessment return...(Solved)
As a newly appointed Tax Manager of ABC audit firm, advise a client, Mr. Baraza on the following issues:
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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(i) Calculate for Wings Traders, the VAT payable or refundable...(Solved)
The following is a cash book summary of Wings Traders for the month of December 2013:
(i) Calculate for Wings Traders, the VAT payable or refundable for the month of December 2013.
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)