Tax Tutorial

Week 1 Tutorial

Pair:

i) DELVIN NG JIA VOON (BB10110123)

ii) LAU UNG SOON (BB10110269)

Q1) Your answer.....

Q2) Your answer.....

Q3)

Systems | Countries | Source of information |

Classical System | USA, Switzerland, Germany, France, Czech Republic, Egypt, Ghana, Indonesia, Liberia, Netherlands, Luxemborg | http://www.tandfonline.com/doi/abs/10.1080/13518479500000012?journalCode=rejf20 |

Fiscal Transparency System | China, Korea, Turkey, Poland | Hana Polackova Brixi, Christian M.A. Valenduc, Zhicheng Li Swift (2004).Tax Expenditures--shedding Light on Government Spending Through the Tax System. Policy World Bank |

Two-Tier (Dual) System | Japan, Britain | http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9728630/Starbucks-20m-gift-makes-joke-of-tax-system.html |

One-Tier System | Singapore, Canada, Malaysia (2008 onwards) | http://www.guidemesingapore.com/taxation/corporate-tax/singapore-corporate-tax-guidewww.mti.gov.sg/ResearchRoom/.../2%20ERC_Taxation.pdf |

Imputation System | Australia, UK, Sri Lanka, Italy, New Zealand, Norway, Malaysia (Before 2008)Britain, France, and some other European countries | Veerinderjeet Singh (2008). Veerinder on Taxation, Volume 2. Selangor: Arah Pendidikan Sdn Bhd.http://www.tandfonline.com/doi/abs/10.1080/13518479500000012?journalCode=rejf20 |

Q4)

Until 15 March 1988, a company was generally regarded as being resident (for UK tax purposes) in the country where its central management and control was execised. Residence for purposes of corporation tax was not defined by the legislation and over the years a substantial body of case law concerning a company’s place of residence had been built up. (Incorporation in the UK had been established in case law to be insufficient to make a company resident in UK.) In practice, the country in which central management and control was exercised often meant the country in which the board of directors met. Abuses of this practice latterly led to...