Value Added Tax-Summary The self-assessment regime taxpayers who are making taxable supplies are obliged to register for VAT, and collect VAT from the supplying of goods or services to their customers. The term “good” means tangible property other than land or money. The term “service” means the provisions of something of value other than goods, land, or money. Taxable supply
Continue reading Tax on Salary (TOS) and Fringe Benefit Tax Tax on Salary (TOS) Term Salary The term Salary is defined to include basic remuneration, wages, bonuses, overtime, and other compensations. Physical person resident The tax on salary is a monthly tax imposed on salary that has been received within the framework of fulfilling employment activities. A physical person resident in the
Continue reading Summary for withholding tax on resident and non-resident Withholding Tax on Resident Any resident taxpayer carrying on business and who makes any payment in cash or in kind to a resident paxpayer shall withhold, and pay a tax, an amount according to the below mentioned rates which are applied to the amount paid before withholding the tax: – Performance of
Continue reading Minimum Tax ( MT) The Minimum Tax is a separate and distinct tax from the tax on profit(income)/ TOI. This tax is subject to the real regime taxpayers except for the qualified investment project (QIP) recognized by the Council for Development of Cambodia (CDC). The Minimum Tax is imposed at the rate of 1 percent of the annual turnover inclusive
Continue reading An enterprise liable to the tax on profit according to the real regime system of taxation including a qualified investment project liable to the tax on profit at the rate of 9 percent, has the obligation to pay a monthly prepayment of tax on profit at the rate of 1 percent of turnover inclusive of all taxes, except Value Added
Continue reading The Tax on Profit is the debt of a resident taxpayer on income from Cambodian sources and from foreign sources. For a non-resident taxpayer, this tax is assessed on income from Cambodian sources only. The rates of the Tax on Profit: The tax rates on the annual profit are as follows: 20 percent for the profit realized by a
Continue reading Question : On 1 April 2015, Para acquired 70% of Sunna’s equity shares paying $205,800. The summarized statements of financial position of the two companies at 31 December 2015 are: Para Sunna Note $’000 $’000 Non-Current Assets Property, Plant and Equipment 200 230 1 Investments 256 10 2 456 240 Current Assets Inventory 30 34 3
Continue reading PRACTICAL INTERNAL AUDIT ON INVENTORIES Learning Objectives I.INTRODUCTION II. COST OF INVENTORIES III. METHODS OF CALCULATING THE COST OF INVENTORY IV. INVENTORY COUNT V. AUDIT PROCEDURE ………………………………………………………………………………….. I.INTRODUCTION Inventory consist of : Goods purchased for resale Consumable stores ( such as oil) Raw Material and components ( used in the production process) Partly-finished goods ( usually called Work in progress-WIP) Finished
Continue reading PRACTICAL AUDIT ON TANGIBLE FIXED ASSETS Learning Objectives I.INTRODUCTION II.TRANSACTIONS AND ACCOUNT BALANCE ASSERTION AND AUDIT PROCEDURE III. FIXED ASSET REGISTER …………………………………………………………………………………………………………… I.INTRODUCTION Non-current assets are those assets which are held for continuing use in the business and are not intended for resale. Tangible Non-Current Asset- possesses a physical existence. E.g. land and building, plant, fixtures and fittings. II.TRANSACTIONS AND
Continue reading I.INTRODUCTION In practice, cash in Company is the most important asset among other assets and liabilities, so company should have strong internal control. Payment and receipts should be verified and approved by authorized persons to avoid fraud or errors. Payment and receipt process should be complied with internal policy for internal audit purpose. Material or immaterial concept will be focused
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