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TAX529 Taxation, Governance And The Wider Environment Assignment Sample SUSS Singapore

TAX 529 Taxation, Governance and the Wider Environment challenges students to look at taxation beyond just corporate tax returns. In Part I they will examine how financial reporting can be impacted by different types of governments or environments in which an entity operates; including the need for certainty as espoused within revenue law when it comes time to prepare your annual report under those guidelines with FRS standards. They will also review the types of business entities subject to tax and how each is taxed in terms of its legal form.

Part II addresses specific taxes, such as income tax, sales tax, value-added tax (VAT), property tax, estate duty and gift tax. Topics include international taxation; thin capitalisation; cross-border transactions; controlled foreign companies; and advanced rulings. Students will also be expected to research the tax consequences of a proposed transaction and make recommendations accordingly.

In the second part of this course, students will explore how taxation could affect not only their minds but also those who sit on boards. They’ll look at what it means for corporate directors when taxes are involved in making decisions and whether there should be any blurred lines between tax planning or other types of considerations like principle-based governance practices from before companies became publicly traded entities with all sorts of regulations attached.

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Assignment Activity 1: Compare and contrast the fundamental principles behind profits under financial reporting standards and taxable profits

There are several key differences between the principles behind financial reporting standards and taxable profits. 

First, financial reporting standards are designed to provide accurate and transparent information about a company’s financial performance, while taxes are levied on actual profits earned.

Second, financial reporting standards vary among countries, while tax laws generally apply uniformly across jurisdictions.

Finally, compliance with financial reporting standards is voluntary, while taxes must be paid regardless of whether a company meets those standards.

Concerning similarity, both profit metrics represent earnings generated by a company during a specific period. And while they may be used for different purposes –financial statements to assess business performance and taxes to generate revenue for governments – understanding both is critical for any investor or manager looking to make informed decisions about a company.

Assignment Activity 2: Assess the tax implications of financial reporting standards, specifically to identify any necessary tax adjustments, tax-sensitive accounting disclosures, or both

Upon adoption of new financial reporting standards, a company must identify any necessary tax adjustments, tax-sensitive accounting disclosures, or changes in its financial statement presentation. These may result in a change to the company’s taxable income and deferred income tax liabilities and assets.

For example, FASB Accounting Standards Codification Topic 740, Income Taxes, mandates that companies recognize all uncertain tax positions on the balance sheet. This may increase or decrease the current amount of deferred income taxes liability and assets on the balance sheet. In addition, ASC 740 requires that companies measure the deferred income tax consequences of temporary differences between two sets of financial statements using enacted tax rates in effect when the differences are expected to reverse.

Thus, a company’s tax position may be different under the new financial reporting standards than it would have been under prior accounting standards. As a result, the company must assess the impact of the new standards on its tax liability and make any necessary adjustments.

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Assignment Activity 3: Formulate a strategy to ameliorate difficult situations arising from unhelpful tax disclosures required by financial reporting standards

It is not unusual for difficult situations to arise from unhelpful tax disclosures required by financial reporting standards. The best strategy to ameliorate such situations is to work closely with your accountant or financial advisor to ensure that you comply with all disclosure requirements. Keep accurate records of your income and expenses, and be sure to keep up with all filing deadlines. If you are honest and thorough in your disclosures, you can minimize the impact of any difficult situations that may arise.

There are a few things that companies can do to mitigate the negative impact of required tax disclosures in their financial reports.

First, they can proactively engage with investors and explain the potential implications of the required disclosures. 

Second, they can work with their auditors to ensure that the disclosures are presented clearly and concisely.

Finally, they can provide supplemental information to help investors understand the disclosures.

Assignment Activity 4: Critique the role of the Board in taxation, identifying the conflict between the duties of governance, and the drive for profits management

The board is responsible for governance and should not be involved in the drive for profits management.

The conflict arises because the board’s duty to govern creates tension with the drive for profits. Governance includes duties such as setting strategy, monitoring performance, and overseeing risk. These duties can clash with the drive for profits, which often focuses on short-term profit maximization rather than long-term strategic objectives. This conflict of interest can lead to bad decisions that benefit shareholders in the short term but are not in the best interests of the company or its employees over the long term.

There are a few ways to mitigate this conflict.

One is to have a strong and independent board that is not beholden to management. 

Another is to have clear and concise policies in place that delineate the roles and responsibilities of the board and management. 

Finally, it is important to keep communication open between the board and management so that they can work together to make decisions that are in the best interests of the company.

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Assignment Activity 5: Compose a strategy to assist the Board in deciding in the light of their duties of Corporate Governance.

The Board’s fiduciary responsibility is to the shareholders. In making a decision, they should consider all relevant factors, including the company’s strategic direction, its competitive environment, and the interests of all stakeholders. They should also weigh the potential risks and rewards of any potential course of action.

The Board should establish a process for gathering and evaluating information, and they should make sure that their deliberations are open and transparent. They should also ensure that they have adequate resources to make informed decisions. Finally, they should act in the best interests of the company and its shareholders.

The Board of Directors must uphold corporate governance within the company. In light of this duty, the Board must make decisions that are in the best interest of the company and its shareholders. To assist the Board in making these decisions, management should develop a strategy that takes into account.

Assignment Activity 6: Assemble paper or web resources to conduct research

When it comes to conducting research, there are multiple ways that you can go about assembling paper or web resources. Depending on the nature of your research project, some methods may be more suited than others. Here are a few tips on how to effectively conduct research using paper and web resources:

  1. Define your research question(s) as precisely as possible. This will help you narrow down your search and find more targeted results.
  2. Start with general resources such as encyclopedias, textbooks, and popular magazines to get an overview of your topic. From there, you can move on to more specific sources like journal articles and primary sources.
  3. Be sure to evaluate the reliability of each source you use. Check to see if the author is an expert on the topic, if the information is up-to-date, and if the source is biased or objective.
  4. Keep track of all the sources you consult so that you can easily cite them later. When taking notes, be sure to note down not only the main ideas but also the specific page numbers or URL addresses.

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Assignment Activity 7: Examine and analyse legal materials which are written in technical or complex language

Legal materials are typically written in a complex, technical language. This is done intentionally to ensure that the material is clear and concise. By using complex language, lawyers can avoid ambiguity and ensure that their arguments are effectively communicated.

While the use of complex language can be daunting at first, it is important to remember that the meaning of each term is typically defined explicitly within the text. By taking the time to read and understand each definition, you will be better equipped to understand the argument being presented. Additionally, by keeping a dictionary nearby, you can quickly look up any terms that you do not recognize.

While it can be challenging, it is important to remember that the use of complex language is intentional and necessary to effectively communicate legal arguments. By taking the time to read and understand the text, you will be better equipped to follow the argument being presented.

Assignment Activity 8: Compose and present data provided in numerical or statistical form

There are various ways to present data in numerical or statistical form. The most common way is to use a table or graph. However, there are other ways to present data as well, such as using a pie chart or line graph.

When presenting data, it is important to be clear and concise. You should also make sure that the data is easy to understand and interpret. Remember to Label your axes correctly and include a title that accurately reflects the content of your graphic. 

If you are presenting a lot of data, you may want to consider using a logarithmic scale. This will make the numbers more manageable and easier to interpret.

Whatever way you choose to present your data, remember to be clear, concise, and accurate. Your audience will appreciate your efforts to make the data easy to understand and interpret.

Assignment Activity 9: Discuss through different forms of communication, such as verbal, written and formal presentations, presenting knowledge or an argument in a way that is comprehensible to others

There are different ways of communicating with others, depending on the situation. We use verbal communication when we speak to someone, written communication when we write something down, and formal presentations when we need to present information to a group. Each of these has its advantages and disadvantages, so it’s important to choose the right form of communication for the situation.

Verbal communication is quick and easy, but it can be misinterpreted if people don’t understand each other’s accents or body language. Written communication is more formal, but it can take longer to write something than to say it. Formal presentations are good for presenting complex information, but they can be boring if they’re not well-planned.

When we’re communicating with others, we need to think about what we want to say and how best to say it. We also need to consider our audience and make sure that they will understand what we’re trying to communicate. If we’re not careful, our message can be lost in translation. To avoid this, we need to be clear and concise in our communication.

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