CCH Federal Taxation Comprehensive Topics Chapter 13
《税务会计学(第13版)》第2章纳税基础
第2节 税收实体法及其构成要素
七、税负调整 （一）税收减免 1.税收减免及其要求 税收减免是减税与免税的合称，包括税基式减免、税率式减
免和税额式减免,但不包括出口退税和财政部门办理的减免税。
第2节 税收实体法及其构成要素
纳税人同时从事减税、免税项目与非减免项目的,应分别确认
四、税率
比例税率
按照表 现形式
划分
累进税率
定额税率
全额累进税率 超额累进税率 超率累进税率
第2节 税收实体法及其构成要素
五、纳税环节 纳税环节是指对处于不断运动中的纳税对象选定应该缴纳税
款的环节。税法对每一种税都要确定纳税环节,有的税种纳税环节 单一,有的税种则需要在多个流转环节中选择和确定。 六、税额计算
Tax Accounting （第13版）
第2章 纳税基础
【学习目标】 1.了解税款征收的基本制度; 2.理解诚信纳税和纳税信用管理的意义和要求,纳税信用的溢出 效应; 3.掌握税收实体法的基本构成要素。
第1节 税收概述
一、税收的产生
ห้องสมุดไป่ตู้国家的产生和存 在
私有财产制度的 存在和发展
税收
第1节 税收概述
二、纳税信用管理与评价 （1）纳税信用评价采取年度评价指标得分和直接判级方式。年度 评价指标得分采取扣分方式。直接判级适用于有严重失信行为的 纳税人。
第4节 诚信纳税与纳税信用
（2）税务机关每年4月确定上一年度纳税信用评价结果，并为纳 税人提供自我查询服务。 （3）纳税信用级别设A（≥90）、B（≥70且<90）、M（新设企业、 年度内无生产经营业务收入、评分≥70且不存在导致直接判定为D 级的失信行为）、C（≥40且<70）、D（<40或直接判级）五级。
ACCAF6TXTaxation（TX）ACCA复习笔记13时间专题
ACCAF6TXTaxation（TX）ACCA复习笔记13时间专题ACCA F6 TX Taxation (TX) ACCA复习笔记 13 时间专题ACCA Taxation-United Kingdom - 13时间专题与时间有关的个税、企税内容1. UK ResidentAutomatic overseas tests ⼀定是①过去3年没有交过UK个税，税务年度中在UK时间<46天②过去3年⾄少1年交过UK个税，税务年度中在UK时间<16天③在UK外有full-time⼯作，税务年度中在UK时间<90天Automatic UK tests ⼀定不是①该税务年度中在UK居住满183天②Has a home in UK, no home overseas③Work full-time in UK during the tax yearSufficient UK ties test 可能是(表格不⽤背诵，考试会给出)5 UK ties①有⼈: spouse/civil partner配偶或伴侣, child under 18②有住: 在UK有房且在tax year中住过③有实质性⼯作: full-time/part-time/self-employed④过去两个税务年度中⾄少1年在UK居住超过90天⑤本税务年度中居住在UK的时间最久(可能在多个国家和地区居住过)2. Individual Tax 个税【Review: TX复习笔记2】1)可在计税时减除的Travel Expense:只减除与temporary workplace(≤24months)的部分2)Taxable Benefit: Living accommodationAdditional Charge若第⼀次居住⽇距离购⼊⼤于6年,ori. Cost → MV@⼊住⽇计算3) PAYE Forms①P11D: provide to employee by 6 July②P60: Provide to employee by 31 May③P45: 给年中离职的职员 3 copiesPenalty (late filling PAYE within 3 months)Over 3 months, additional penalty:5%*tax and NIC due----------------------------------------------------------【Review: TX复习笔记4】1)Marketing cost开始贸易经营之前7年内发⽣的⼴告费⽤可以减除2)Capital allowancea. Short life asset life < 8year 单列资产b. Assets life ≥ 25 years (aircraft) --SRP----------------------------------------------------------【Review: TX复习笔记5】1) Begining period 1~3注意BP2 有3种情况2) Closing/Cessation year①结业时间早于5 April, 与上⼀tax year合并计算②结业时间晚于5 April，最后⼀段全部计⼊*计算Closing year记得减去期初的overlap relief3) Early trade loss relief开始trade的前4年中产⽣loss, 可以按FIFO的顺序抵减之前三年的Total net income Before PA.4) 注意terminal loss的分段：结业⽇往前推12个⽉，以 6 April 分为两半----------------------------------------------------------【Review: TX复习笔记7】Payment of CGT----------------------------------------------------------【Review: TX复习笔记8】1) Wasting Chattelsestimated remaining useful life ≤ 50 years2) PPR ReliefPeriod of Occupation (分⼦)①Actual occupation②Last 18 months 销售⽇之前18个⽉中的未居住的部分③Work overseas 视同居住④Work in other place of UK→最多48 months⑤Any reason: 36 months*③④⑤前和后须存在actual occupation3) PPR for Business use⽐如：利⽤房⼦1楼开商店①During whole period: last 18 month不送②Partial period: last 18 month 依然送----------------------------------------------------------【Review: TX复习笔记9】1) Gift relief Notification DateFor Year 2019/20, both parties should notify HMRC Before 5 April 2024 (within 4 years)2) Deferred Gain 缴税⽇3)计提 Investors' Relief 的条件a). investor:不是该企业的 employee 或 director；b). dispose 的是购⼊时未上市公司的股票(可<5%)c). 必须在 6 April 2016 年后获得这些股票d). 这些股票的获取必须通过认购(subscribe)获得e). 持有满 3 年3. Self-assessment and Payment of Tax – Individuals 常考2’客观题，很重要1) Amendment for tax return: 修改期12 months after the due date of Electronic return.2) Compliance Check 审核、抽查期a)正常交：The first anniversary上交后的⼀周年内b)晚交：上交后的⼀周年+1个季度⽇Quarter dates (31 Jan, 30 Apr, 31 July, 31 Oct)3) Payment of tax4) Penalty & Interest 参照笔记104. Corporate Tax【Review: TX复习笔记11】1) 资产购⼊时间在Dec. 2017之前才有资格计IA2) Matching Rules for shares卖出shares的顺序：①Same day②销售⽇前9天③FA1985 pool: 1 April 1982~销售⽇前10天(考虑IA的计算)5. 企税的计算与缴纳期限 (Task 23)Review Task 22 Augmented profit 判断公司⼤⼩1. Non-Large Company#Interest to HMRC#Interest from HMRCTaxable under Investment Income2. Large Company分4期缴税#Short Accounting Period (AP<12 months)前3期：AP开始⽇后的第7、10、14个14号第4期：AP结束⽇后的第4个14号第4期：多退少补*可能出现第4期⽇期在第3期之前的情况，删掉第3期#Transitional Relief成为Large company 的第⼀年：若Augmented Profit≤￡10 million则本年度可以使⽤Non-large Co. 的缴税⽅法做。
财务管理英文第十三版
Depreciation and the MACRS Method
Everything else equal, the greater the depreciation charges, the lower the taxes paid by the firm.
Depreciation is a noncash expense.
12-5
Screening Proposals and Decision Making
1. Section Chiefs
2. Plant Managers 3. VP for Operations
Advancement to the next
level depends
4. Capital Expenditures on cost
12-4
Classification of Investment Project Proposals
1. New products or expansion of existing products
2. Replacement of existing equipment or buildings
3. Research and development 4. Exploration 5. Other (e.g., safety or pollution related)
Depreciable Basis =
Cost of Asset + Capitalized Expenditures
12-12
Capitalized Expenditures
Capitalized Expenditures are expenditures that may provide benefits into the future and therefore are treated as capital outlays and not as expenses of the period in which
《国际商务谈判》,罗伊列维奇,原版课件第十三章 PPT
McGraw-Hill/Irwin
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
FIGURE 13.2 Categories of Third-Party Intervention
Level of Negotiator Control over Outcome
McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
The titles:
1. Adding Third Parties to the Tow-Party Negotiation process. 2. Types of Third-Party Intervention: Formal Intervention Methods ／Informal Intervention Methods 3. Alternative Dispute Resolution Systems: When the Organization Is the Third Party.
Low High
Low Level of negotiator control over procedure High
Autocracy
Mediation
Arbitration
Negotiation
McGraw-Hill/Irwin
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
McGraw-Hill/Irwin
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
Chapter 13 Notes
Chapter 13: Capital Structure and DividendsLearning GoalsDescribe the basic types of capital, external assessment of capital structure, the capital structure of non-United States firms, and the optimal capitalstructure.Discuss the EBIT-EPS approach to capital structure.Review the return and risk of alternative capital structures and their linkage to market value, and other important capital structure considerations.Explain cash dividend payment procedures, dividend reinvestment plans, the residual theory of dividends, and the key arguments with regard to dividend relevance or irrelevance.Understand the key factors involved in formulating a dividend policy and the three basic types of dividend policies.Evaluate the key aspects of stock dividends, stock splits, and stockrepurchases.The Firm’s Capital Structure⏹According to finance theory, firms possess a target capital structure that willminimize their cost of capital.⏹Unfortunately, theory can not yet provide financial managers with a specificmethodology to help them determine what their firm’s optimal capital structure might be.⏹Theoretically, however, a firm’s optimal capital structure will just balance thebenefits of debt financing against its costs.⏹The major benefit of debt financing is the tax shield provided by the federalgovernment regarding interest payments.⏹The costs of debt financing result from:♦The increased probability of bankruptcy caused by debt obligations.♦The agency costs resulting from lenders monitoring the firm’s actions.♦The costs associated with the firm’s managers having more information about the firm’s prospects than do investors (asymmetric information).⏹Capital Structures of United States and Non-United States Firms♦ In general, non-United States companies have much higher debt levelsthan United States companies primarily because United States capitalmarkets are relatively more developed.♦ In addition, in most European countries and Japan, banks are moreinvolved because they are permitted to make equity investments in non-financial corporations—a practice prohibited in the United States.⏹Similarities between United States and foreign corporations include:♦Similarity of industry capital structure patterns.♦Similarity of large corporation capital structures.⏹In addition, it is expected that differences in capital structures will furtherdiminish as countries rely less on banks and more on security issuance. The Optimal Capital Structure⏹In general, it is believed that the market value of a company is maximizedwhen the cost of capital (the firm’s discount rate) is minimized.⏹The value of the firm can be defined algebraically as follows:Debt Ratios for Selected IndustriesEPS-EBIT Approach to Capital Structure⏹The EPS-EBIT approach to capital structure involves selecting the capitalstructure that maximizes EPS over the expected range of EBIT.⏹Using this approach, the emphasis is on maximizing the owners’ returns (EPS).⏹A major shortcoming of this approach is the fact that earnings are only one ofthe determinants of shareholder wealth maximization.⏹This method does not explicitly consider the impact of risk.⏹Example♦The capital structure of Buzz Company, a soft drink manufacturer is shown in the table below. Currently, Buzz Company uses only equity in its capital structure. Thus the current debt ratio is 0.00%. Assume Buzz Company is in the 40% tax bracket.⏹EPS-EBIT coordinates for Buzz Company’s current capital structure can befound by assuming two EBIT values and calculating the associated EPS in the table below.⏹Buzz Company is considering altering its capital structure while maintaining itsoriginal $500,000 capital base as shown in the table below.⏹This may be shown graphically as shown on the following slide.Basic Shortcoming of EPS-EBIT Analysis⏹Although EPS maximization is generally good for the firm’s shareholders, thebasic shortcoming of this method is that it does not necessary maximizeshareholder wealth because it fails to consider risk.⏹If shareholders did not require risk premiums (additional return) as the firmincreased its use of debt, a strategy focusing on EPS maximization would work.⏹Unfortunately, this is not the case.Choosing the Optimal Capital Structure⏹The following discussion will attempt to create a framework for making capitalbudgeting decisions that maximizes shareholder wealth (i.e., considers both risk and return).⏹Perhaps the best way to demonstrate this is through the following example.♦Assume that Buzz Company is attempting to choose the best of severalalternative capital structures—specifically, debt ratios of 0, 10, 20, 30, 40,50, and 60 percent. Furthermore, for each of these capital structures, thefirm has estimated EPS, the CV of EPS, and required return.⏹If we assume that all earnings are paid out as dividends, we can use the zerogrowth valuation model [P0 = EPS/k s] to estimate share value as shown in the table below.Other Important ConsiderationsDividend Fundamentals⏹Cash Dividend Payment Procedures♦ A dividend is a redistribution from earnings.♦Most companies maintain a dividend policy whereby they pay a regular dividend on a quarterly basis.♦Some companies pay an extra dividend to reward shareholders if they’ve had a particularly good year. Many companies pay dividends according to a p reset payout ratio, whichmeasures the proportion of dividends to earnings.♦Many companies have paid regular dividends for over a hundred years.⏹Cash Dividend Payment Procedures♦Dividend growth tends to lag behind earnings growth for most corporations (see example next slide).♦Since dividend policy is one of the factors that drives an investor’s decision to purchase a stock, most companies announce their dividend policy and telegraph any expectedchanges in policy to the public.♦Therefore, it can be seen that many companies use their dividend policy to provide information not otherwise available to investors.⏹Cash Dividend Payment Procedures♦Date of record: The date on which investors must own shares in order to receive the dividend payment.♦ex dividend date: Four days prior to the date of record. The day on which a stock trades ex dividend (exclusive of dividends).♦In the financial press: Transactions in the stock on the ex dividend date are indicated by an “x” next to the volume of transactions.♦In general, stock prices fall by an amount equal to the quarterly dividend on the ex dividend date.♦Distribution date: The day on which a dividend is paid (payment date) to stockholders. It is usually two or more weeks before stockholders who owned shares on the date of record receive their dividends.Cash Dividend Payment Procedures⏹Example♦ At the quarterly dividend meeting on June 10th, the Jillian Company board of directors declared an $.80 cash dividend for holders of record on Monday, July 1st. The firm had 100,000 shares of stock outstanding. The payment(distribution) date was set at August 1st. Before the meeting, the relevantaccounts showed the following.⏹When the dividend was announced by the directors, $80,000 of the retainedearnings ($.80/share x 100,000 shares) was transferredto the dividendspayable account. As a result, the key accounts changed as follows:⏹Jillian Company’s stock began selling ex dividend on June 25th, 4 days prior tothe date of record (July 1st). This date was found by subtracting 6 days(because of the weekend) from July 1st.⏹Stockholders of record on June 24th or earlier received the rights to thedividends, while those purchasing on June 25th or later did not. Assuming a stable market, the price of the stock was expected to drop by $.80/share on June 25th. When the August 1st payment date arrived, the firm mailedpayments to holders of record and recorded the following:⏹Thus, the net effect of the dividend payment is a reduction of the firm’s assets(through a reduction in cash) and equity (through a reduction in retainedearnings) by a total of $80,000 (the dividend payment).Dividend Reinvestment Plans⏹Dividend reinvestment plans (DRIPS) permit stockholders to reinvest their dividends topurchase additional shares rather than to be paid out in cash.⏹With bank-directed DRIPS, banks purchase additional shares on the open market in hugeblocks which substantially reduces per share commissions.⏹With company-directed DRIPS, the company itself issues new shares in exchange for thecash dividend completely eliminating commissions.⏹With brokerage-directed DRIPS, brokerage firms such as Charles Schwab will reinvestdividends for shareholders who hold stocks in street name at no charge. Advantages of DRIPS⏹For Stockholders♦ Substantial reduction in commission costs.♦ They provide investors with an automatic savings mechanism.⏹For Companies♦ Goodwill♦ Reduction in cost of delivering dividend checks.♦ An inexpensive means of raising equity capital for firms company-directed plans.Dividend Policy Theory⏹The Residual Theory of Dividends♦ The residual theory of dividends suggests that dividend payments shouldbe viewed as residual—the amount left over after all acceptable investment opportunities have been undertaken.♦ Using this approach, the firm would treat the dividend decision in threesteps as shown on the following slide.⏹The Residual Theory of Dividends♦ In sum, this theory suggests that no cash dividend is paid as long as thefirm’s equity need is in excess of the amount of retained earnings.♦ Furthermore, it suggests that the required return demanded by stockholders is not influenced by the firm’s dividend policy—a premise that in turnsuggests that dividend policy is irrelevant.⏹Dividend Irrelevance Arguments♦ Merton Miller and Franco Modigliani (MM) developed a theory that showsthat in perfect financial markets (certainty, no taxes, no transactions costs or other market imperfections), the value of a firm is unaffected by thedistribution of dividends.♦ They argue that value is driven only by the future earnings and risk of itsinvestments.♦ Retaining earnings or paying them in dividends does not affect this value.⏹Dividend Irrelevance Arguments♦ Some studies suggested that large dividend changes affect stock pricebehavior.♦ MM argued, however, that these effects are the result of the informationconveyed by these dividend changes, not to the dividend itself.♦Furthermore, MM argue for the existence of a “clientele effect.”♦ Investors preferring dividends will purchase high dividend stocks, whilethose preferring capital gains will purchase low dividend paying stocks.⏹Dividend Irrelevance Arguments♦ In summary, MM and other dividend irrelevance proponents argue that—all else being equal—an investor’s required return, and therefore the value of the firm, is unaffected by dividend policy because:•The firm’s value is determined solely by the earning power and risk of its assets.•If dividends do affect value, they do so because of the information content, whichsignals management’s future expectations.• A clientele effect exists that causes shareholders to receive the level of dividends theyexpect.⏹Dividend Relevance Arguments♦ Contrary to dividend irrelevance proponents, Gordon and Lintner suggested stockholders prefer current dividends and that a positive relationship exists between dividends and market value.♦Fundamental to this theory is the “bird-in-the-hand” argument whichsuggests that investors are generally risk-averse and attach less risk tocurrent as opposed to future dividends or capital gains.♦ Because current dividends are less risky, investors will lower their required return—thus boosting stock prices.Factors that Affect Dividend Policy⏹Legal Constraints♦ Most state securities regulations prevent firms from paying out dividends from any portion of the company’s “legal capital” which is measured by the par value of common stock—or par value plus paid-in-capital.♦Dividends are also sometimes limited to the sum of the firm’s most recent and past retained earnings— although payments in excess of currentearnings is usually permitted.♦ Most states also prohibit dividends when firms have overdue liabilities orare legally insolvent or bankrupt.♦ Even the IRS has ruled in the area of dividend policy.♦ Specifically, the IRS prohibits firms from acquiring earnings to reducestockholders’ taxes.♦ The IRS can determine that a firm has accumulated an excess of earnings to allow owners to delay paying ordinary income taxes (on dividends), itmay levy an excess earnings accumulation tax on any retained earningsabove $250,000.♦ It should be noted, however, that this ruling is seldom applied.⏹Contractual Constraints♦ In many cases, companies are constrained in the extent to which they can pay dividends by restrictive provisions in loan agreements and bondindentures.♦ Generally, these constraints prohibit the payment of cash dividends until a certain level of earnings are achieved or to a certain dollar amount orpercentage of earnings.♦ Any violation of these constraints generally triggers the demand forimmediate payment.⏹Internal Constraints♦A company’s ability to pay dividends is usually constrained by the amount of available cash rather than the level of retained earnings against which to charge them.♦ Although it is possible to borrow to pay dividends, lenders are usuallyreluctant to grant them because using the funds for this purpose produces no operating benefits that help to repay them.⏹Growth Prospects♦ Newer, rapidly-growing firms generally pay little or no dividends.♦ Because these firms are growing so quickly, they must use most of theirinternally generated funds to support operations or finance expansion.♦ On the other hand, large, mature firms generally pay cash dividends since they have access to adequate capital and may have limited investmentopportunities.⏹Owner Considerations♦ As mentioned earlier, empirical evidence supports the notion that investors tend to belong to “clienteles”— where some prefer high dividends, whileothers prefer capital gains.♦ They tend to sort themselves in this way for a variety of reasons, including: •Tax status•Investment opportunities•Potential dilution of ownership⏹Market Considerations♦ Perhaps the most important aspect of dividend policy is that the firmmaintain a level of predictability.♦ Stockholders that prefer dividend-paying stocks prefer a continuous stream of fixed or increasing dividends.♦Shareholders also view the firm’s dividend payment as a “signal” of thefirm’s future prospects.♦ Fixed or increa sing dividends are often considered a “positive” signal, while erratic dividend payments are viewed as “negative” signals.Types of Dividend Policies⏹Constant-Payout-Ratio Policy♦ With a constant-payout-ratio dividend policy, the firm establishes that aspecific percentage of earnings is paid to shareholders each period.♦A major shortcoming of this approach is that if the firm’s earnings drop or are volatile, so too will the dividend payments.♦ As mentioned earlier, investors view volatile dividends as negative andrisky—which can lead to lower share prices.⏹Regular Dividend Policy♦ A regular dividend policy is based on the payment of a fixed-dollar dividend each period.♦ It provides stockholders with positive information indicating that the firm is doing well and it minimizes uncertainty.♦ Generally, firms using this policy will increase the regular dividend onceearnings are proven to be reliable.⏹Low-Regular-and-Extra Dividend Policy♦ Using this policy, firms pay a low regular dividend, supplemented byadditional dividends when earnings can support it.♦ When earnings are higher than normal, the firm will pay this additionaldividend, often called an extra dividend, without the obligation to maintain it during subsequent periods.♦ This type of policy is often used by firms whosesales and earnings aresusceptible to swings in the business cycle.Other Forms of Dividends⏹Stock Dividends♦ A stock dividend is paid in stock rather than in cash.♦ Many investors believe that stock dividends increase the value of theirholdings.♦ In fact, from a market value standpoint, stock dividends function much like stock splits. The investor ends up owning more shares, but the value oftheir shares is less.♦ From a book value standpoint, funds are transferred from retained earnings to common stock and additional paid-in-capital.♦ If Trimline declares a 10% stock dividend and the current market price of the stock is $15/share, $150,000 of retained earnings (10% x 100,000shares x $15/share) will be capitalized.♦ The $150,000 will be distributed between the common stock (par) account and paid-in-capital in excess of par account based on the par value of the common stock. The resulting balances are as follows.♦From a shareholder’s perspective, stock dividends result in a di lution ofshares owned.♦ For example, assume a stockholder owned 100 shares at $20/share($2,000 total) before a stock dividend.♦ If the firm declares a 10% stock dividend, the shareholder will have 110shares of stock. However, the total value of her shares will still be $2,000.♦ Therefore, the value of her share must have fallen to $18.18/share($2,000/110).⏹Disadvantages of stock dividends include:♦ The cost of issuing the new shares.♦ Taxes and listing fees on the new shares.♦ Other recording costs.⏹Advantages of stock dividends include:♦ The company conserves needed cash.♦ Signaling effect to the shareholders that the firm is retaining cash because of lucrative investment opportunities.⏹Stock Split♦ A stock split is a recapitalization that affects the number of sharesoutstanding, par value, earnings per share, and market price.♦ The rationale for a stock split is that it lowers the price of the stock andmakes it more attractive to individual investors.♦ For example, assume a share of stock is currently selling for $135 andsplits 3 for 2.♦ The new share price will be equal to 2/3 x $135, or $90.♦ Continuing with the example, assume that the investor held 100 sharesbefore the split with a total value of $13,500.♦ After the split, the shareholder will hold: $13,500/$90 = 150 shares worth $90 each♦ A reverse stock split reduces the number of shares outstanding and raises stock price—the opposite of a stock split.♦ The rationale for a reverse stock split is to add respectability to the stock and conv ey the meaning that it isn’t a junk stock.♦Not only do stock splits leave the market value of shareholders unaffected, but they also have little affect from an accounting standpoint as this 2-for-1 split demonstrates.⏹Stock Repurchases♦Stock repurchase: The purchasing and retiring of stock by the issuingcorporation.♦ A repurchase is a partial liquidation since it decreases the number ofshares outstanding.♦ It may also be thought of as an alternative to cash dividends.⏹Alternative Reasons for Stock Repurchases♦ To use the shares for another purpose♦To alter the firm’s capital structure♦ To increase EPS and ROE resulting in a higher market price♦ To reduce the chance of a hostile takeover。
国际税收课后习题答案
1.what is International Tax?What does it mainly address(探讨)?International Tax is a science focusing on a serious tax issues resulting from different and conflicting tax rules made by particular countries ,jurisdictions and resolutions(决议).International tax in a board sence covers not only income but also turnover taxes,etc.2.Talk about differences between China and USA on taxation system1)The USA is a country with income taxes as a major tax while in China we have turn over taxes as our important taxes.2)The federal government,state government and local government of the USA have pretty rights to collect taxes,while the rights to collect taxes are mostly controlled in central government.3)The USA use comprehensive income tax system and deduct fees refers to different situation.China use itemized income tax system.4)In the respect of estate tax, real estate tax is the mainly object to be taxed .3.On differences among Macau,China Continent and HongKong for the purpose of tax features according to table 11)The corporate income tax rates in China Continent is the highest in these three ,to 25%.The tax base of China Continent Is worldwide while the others are territorial.2)In China Continent we have taxes for interest,royalties,technical fees,management fees (all of them are 10% for non-resident,20%for resident ),while the others don’t have them.3)China Continent have value-added tax ,while the others don’t have them.4.On differences among UK,China Continent and Spain for the purpose of Corporate income tax according to table 21)Spain has the highest corporate tax rate to 32.5%.2)UK doesn’t tax for many income which China Continent or Spain will tax such as Capital gains ,branch profits,dividends, technical fees and management fees.5.On differences among China Continent and foreign jurisdictions for the purpose of withholding taxes according to table 31)For branch profits, interest ,technical fees and management fees most jurisdictions don’t collect tax except Ireland(collect for interest) and China Continent.2)Except Switzerland federal tax rates of dividends and interest are 35% and higher than China Continent ,other jurisdictions’ withholding tax rates are mostly lower or equal to China Continent.International Income Taxation1.How does a country generally design its income taxation system?(book page50)1)territorial(领土模式）：tax only income earned within their borders.eg.HongKong.2)Residency(属人模式）:tax on the worldwide income of residents, and impose tax on the income of nonresidents from certain sources within the country. eg.the USA.3)Exclusion(例外）:specific inclusion or exclusion of certain amounts,classes,or items of income in/from the base of taxation.4)Hybrid(混合模式):some governments have chosen for all or only certain classes of taxpayers, to adopt systems that are a combination of territorial, residency, or exclusionary.2.Why is it important to make clear source of income?To make clear source of income is important because it decidides that whether a individual or corporation should pay tax in a country and what credits can it enjoy.3.Term explanation:Thin Capitalization;Foreign tax Credit;Withholding tax; International tax treaty; Deferral system; International transfer pricingThin Capitalization:Thin capitalization is a method that taxpayers borrow too much money from oversea related party and pay much interest, so that they can enjoy much deduction before tax.By this way,they transfer profits from high tax burden countries to low tax burden countries or jurisdictions.Foreign tax Credit（外国税收抵免）：If you paid or accrued foreign taxes to a foreign country on foreign source income and are subject to resident country tax on the same income, you may be able to take a credit for those taxes. Taken as a credit, foreign income taxes reduce your own country tax liability.Withholding tax:Withholding tax is tax withheld by the country when a corporation making a payment to its resident country , in which the full amount owed to that corporation is reduced by the tax withheld.International tax treaty:International tax treaty is a treaty a country (or jurisdiction) signed with other countries (or jurisdiction) for affairs about taxation.Deferral system：Deferral system is a tax incentive (激励措施)to encourage domestic tax residence to make investment broad.But it may cause international tax avoidance.(缺点：可能造成国际避税)International transfer pricing:International transfer pricing is a very important way for multinational company to avoid international tax.Transfer pricing refers to a kind of non-market pricing action taken by related corporations to shift profits form high tax rate countries or jurisdictions to low tax rete regions.Tax Residence1.What is the main difference between a tax resident and a non-tax resident for tax liability purpose? In general, a tax resident bears infinite tax liability ,should pay tax for all of its income.A non-tax resident bears limited tax liability, should pay tax for income sourced from the country.2.Can you name some tests in determining whether a person is a resident?for corporation:place-of-incorporation test,place-of-management test,residence of the shareholders testfor individiual:a fact-and-circumstances test ;abode test; number of day test(in China:1~5year – temporary resident,>5year - long-term resident)3.Take an example to prove how different countries apply differing tests to judge a person's residence?For example ,China for individual:domicile test,number of days(a full year);for corporation:place-of-incorporation test or place-of-management testireland for individual:number of days test(183 days),domicile testfor corporation:place-of-incorporation test or place-of-management test4.Term explanation:Tax residence;dual resident;domicile test;Tax residence:If an individual or a corporation is a tax residence ,it bears infinite tax liabilitis to its own country.Domicile is, in common law jurisdictions.dual resident:dual resident means an individual or a corporation is resident taxpayer in two countries at the same time.It often occurs when two use different standard for tax residence.domicile test:If an individual or a corporation has its domicile in a country ,it is the country's tax residence.It is a common tax jurisdiciton.Income Source Jurisdiction and Rules1.What is source jurisdiction?Source jurisdiction is one important form of income tax jurisdiction.It is the most important tax jurisdiction.(收入来源地管辖权是一种重要的，并且是最重要的税收管辖权)All country and jurisdiction adopt source jurisdiction(所有的国家和地区都使用来源地管辖权) So called source jurisdiction refers to that as long as an tiem of income is sourced within the territory, the government of the territory has rights to lavy income tax on it .(一笔所得只要来源于本国，就可以对其征税)2.How to determine the source of employment and personal services income?If the income derived from personal services performed by an employee, it is source of employment.If the income is performed by an independent contractor or a professional ,it is source of personal service income.3.How to determine the source location of business Income?What is PE?If the income is attributable to a PE(permanent establishment) in the country(ues 1.attribution rule 归属原则2.attraction rule引力规则), it is the country’s source income.PE: permanent establishment，based on substance or people.(场所：辅助性、准备性不算；人：必须是非独立代理人，经常为公司签订合同的等)4.How to determine the source of investment income?Dividend and interest income.If the income is derived from ownership of equity ,it is the source of investment income.5.How about US source rules?6.What are China's source rules?An RE(resident enterprise)must pay enterprise income tax to the Chinese government on all its income,regardless of whether such income is generated within or outside of China.The defult tax rate for an RE ,prior to any special tax treatment, is 25 percent.An NRE(nonresident enterprise) that has any Operational Establishment in China is required to pay enterprise income tax only on its income sourced from China.The tax rate is 10 percent.International Double Taxation and Relief1.What is International double taxation?International double taxation is that the same item of asset is taxed twice or more than twice in a tax year.2.What is the main difference between legal International double taxation and economic International double taxation?Legal International double taxation is for the same taxpayers ,who are often branch companys, using direct credits.Economic International double taxation is for different taxpayers,who are often subside companys,using indirect credits.3.Take an example to prove International double taxation arising from the same tax jurisdiction and relief.4.What approaches are used to solve International double taxation resulting from residence-source conflicts?Unilateral,bilateral and multilateral approaches.Deduction method,exemption method,credit method and so on.5.What is the main difference between deduction method and credit method?Deduction:reduce all kinds of fees from taxable income.Credit:reduce credit from tax due.6.Which specific relief methods does international community agree to?The OECD and UN models only authorize the credit and exemption method,not the deduction method.7.Termexplanation:fullexemption;partialexemption;limitation on credit;full exemption:only levy tax on income from resident company's own country.partial exemption:give resident company a part of tax exemption for overseas income.limitation on credit:the tax rate of resident company's own country multiply by the income in the country.If the taxpayer paied a amount of tax less than the limitation,it should pay tax in arrears.International Tax Avoidance and Tax Haven1.What is tax haven?Tax haven is a country or jurisdiction which has low tax rate or no tax so that people choose to live or register company there to avoid the high tax burden in their own country or jurisdiction.Another definition:A tax haven is a country or territory where taxes are lavied at a low rate or not at all.(in the book)2.How many types of tax havens are there in the world?There.1）Nil-Tax Havens(零税率):do not have any of the three main direct taxes:No income tax or corporation tax;No capital gains tax,and No inheritance tax.2）Foreign Source Exempt Havens(外国来源豁免)：They only tax you on lacally derived income.3）Low-Tax Havens(低税率):Have special concessions or double tax treaties. some non-tax features of a tax haven?Generally,a tax haven have these features:1)Small territory2)Privacy3)Ease of residence4)Political stability5)Political stability6)Relaible communications7)Good life factors.4.How does an international taxpayer make use of a tax haven?(in book P104)methodology1)Change personal residency.(改变居民身份)Relocate themselves in low-tax jurisdiction.2)Asset holding.(资产持有)Utilize a trust or a company which will be formed in tax haven.3)Trading and other business activity.（生产经营）Set up many businesses which do not requirea specific geographical location or extensive labor in tax havens to minimimze tax exposure.4)Financial intermediaries.（通过财务金融中介公司）Use funds,banking,life insurance and pensions.Deposit with the intermediary in the low-tax jurisdiction.5.Does China have anti-tax-haven rules?Yes.In CFC rules.6.What are the advantages of being a tax haven?Being a tax haven ,a jurisdiction can1) have divisions of multinational locating there and employ some of the local population;2)transfer needed skills to the local population;3)go a long way to attracting foreign companies.7.What are the reasons for some jurisdictions desiring to be tax havens?The same as question6.Chapter 7International Transfer Pricing and Rules1.What is International transfer pricing?Transfer pricing refers to a kind of non-market pricing action taken by related corporations to shift profits form high tax rate countries or jurisdictions to low tax rete regions.The main purposes are reduce tax burden and a series of non-tax purposes like 1)occupy market 2)change the subsidiary’s image in order to gain other interest 3)avoid currency control 4)minimize the expose to import duty 5)earn excess profit …2.Take an example to prove that International transfer pricing can be used to avoid international tax ?For example,A has a product can be sold at 1000 dollars, but A sold it to B at 100 dollars.Then B will sell it at 1000, 900 profit was shift to B’s countries or jurisdictions,andB was setup in tax haven,the group don’t have to pay much tax.3.Whatare the main contents of International transfer pricing rules?International transfer pricing rules are a series of tax manage rules made by countries or governments in order to prevent corporations particularly multinational corporations utilize International transfer pricing to avoid tax ,which cause government’s tax run off.4.Termexplanation:comparable uncontrolled price;costplus;resaleprice;transactional net margin method;profit split method;comparabilityanalysisChapter8Controlled Foreign Corporation and Rules1.How does a multinational firm use a CFC to avoid tax?In most cases,Chinese firms tend to not distribute or just distribute a little profit from CFC to its parent firm.While, foreign firms usually let the profit stay in the CFC.2.What is CFC?CFC refers to firms controlled by resident firms and theyare often set in low tax rate or no tax reigions.3.What is the relationship between deferral system(延迟缴纳) and CFC rules?The law of many countries does not tax a shareholder of a corporation on the corporation’s income until the income is distributed as a dividend.This dividend could be avoided indefinitely by loaning the earnings to the shareholder without actually declaring a dividend.The CFC rules were intended to cause current taxation to the shareholder where income was of a sort that could be artificially shifted or was made available to the shareholder.At the same time, such rule were designed to interfere with normal commercial practices.4.What arethe main contents of a country’s CFC rules?The main contents of a country’s CFCrules are to prevent residents (including individuals and firms) using controlled foreign corporation to avoid tax burden.5.When were China’s CFC rules established?Year 2009.6.Can you name any differences between China and foreign jurisdictions for purposes of CFC rules?7.Must a foreign corporation which is established in a tax haven and controlled by our residents bea CFC for our tax purpose?Why?No.If the foreign corporation is1)a small corporation(the total profit a year is less than 5 millions);2)the main income was get from positive operating activities, it won’t be a CFC for our tax purpose.Thin Capitalization and Rules1.What is thin capitalization?Thin capitalization is a method that taxpayers borrow too much money from oversea related party and pay much interest, so that they can enjoy much deduction before tax.By this way,they transfer profits from high tax burden countries to low tax burden countries or jurisdictions.2.Give an example to prove that thin capitalization can be used to avoid tax.暂无3.What are the main contents of thin capitalization rules?1)The relationship between borrower and lender.2)Thedetermination of excessive interest.3)Treatment of excessive interest: deemed dividend and withholding tax is lavied.4)4.What are the main features of the USA thin capitalization rules?5.Talk about thin capitalization rules in ChinaChina use ALP(arm’s lenth principle)/fixed Debt-to-Equity Ratio /Earnings stripping(收益剥离法)。
chapter13Long-Term Liabilities 西方 财务会计 电子课件
Types of Bonds (Cont.)(P.235)
Convertible bonds: Bonds that can be converted to other securities at the option of the bondholder.
Paid to the bearer of this bond $10,000 at 8 percent annually on January 1 and July 1.
LONG-TERM LIABILITIES
Relatively few in number but involve large dollar amounts. Examples: bonds, notes, equipment purchase obligations, permanent customer deposits, some obligations under pension and deferred compensation plans, certain types of lease obligations, deferred income taxes, and some deferred revenue items.
Advantages of Issuing Bonds
A principal advantage to income taxes. (page234) increase a company’s rate of return on equity. (page 235)
Types of Bonds (Cont.)(P.235)
Bond issued at face amount
ห้องสมุดไป่ตู้
何家弘法律英语
10
Amendment V
No person shall … be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation. V
New York ex rel. Cohn v. Graves 纽约州依据科恩诉格雷夫斯案
The Court in effect overruled Pollock and in so doing rendered the Sixteenth Amendment redundant.
最高法院实际推翻了波洛克案的判决， 这样做使第16修正案成为赘余。
2013-7-8
tax law
24
The Corporate Excise Tax Act of 1909:
Every corporation “engaged in business in any state or territory ”was required to “pay annually a special excise tax with respect to the carrying on or doing business”at the rate of one percent upon all net income in excess of five thousand dollars. 在任何一个州或地区从事经营活动的公司， 每年都要就从事商业经营活动交纳特殊的 货物税，对超过5000美元的净收入按1%的 税率纳税。
商业银行管理Chapter13
Reserve to Control Excess Risk
• Seasonal Credit - These loans Cover Longer
Periods Than Primary Credit for Small and Medium
Institutions Experiencing Seasonal Swings in
• It is an Interest-Sensitive Approach to Raising Bank Funds
• It is Flexible – The Bank Can Decide Exactly How Much They Need and For How Long
• The Control Mechanism to Regulate Incoming Funds is the Price of Funds
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.
13-9
McGraw-Hill/Irwin Bank Management and Financial Services, 7/e
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.
McGraw-Hill/Irwin Bank Management and Financial Services, 7/e
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.
13-3
Customer Relationship Doctrine