Preparation. Final Exam. - Preparationto theFinal Exam...

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Principles of  Principles of  Taxation Taxation Fall 2010 Fall 2010 Preparation to  Preparation to  the Final  the Final  Exam Exam
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Outline 1. General Rules 2. CHAPTER 1-2 3. CHAPTER 3-4 4. CHAPTER 5 5. CHAPTER 6 THE FINAL EXAM IS COMPREHENSIVE!;D
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Please keep in mind: 1. Final exam will be on computers. 2. The assigned Computer Labs for the Final Exam you can check on KIMEP website. 3. - Please DO NOT close the Internet browser while solving the exam. - Please DO NOT press button “back” or “Backspace” during the exam. OTHERWISE , YOU WILL AUTOMATICALL GET ZERO POINTS!!! APPEAL “Questions and Answers session” in one hour after the exam You can appeal only the questions, which you noted down during the exam, sheets will be provided during the Exam!
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Chapter 1-2 Taxes in KZ : PIT = CIT = Will PIT be progressive or stay flat in 2011? Social Tax = Supply-side economics is based on income effect. True False WHY? 10% 20% 11%
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Questions What’s tax incidence ? Answer the question using example with VAT. - What’s VAT? How’s different from Sales Tax? - What’s Excise Tax? - Is Excise Tax considered to be a Sales Tax? - How many levels of jurisdiction do we have in Kazakhstan? Identify. - To which level of jurisdiction does Excise Tax correspond?
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Chapter 3-4 Define four variables of tax planning Character Variable Jurisdiction Variable Entity Variable Time Variable Name Tax Law Uncertainties Audit Risk Tax Law Uncertainty Marginal Tax Rate Uncertainty
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1 Question from Exam 2 1. Mary is successful chief accountant. She is going to retire next year. Mary’s employer has given her the option of receiving her final bonus check at the end of this year or in January of next year. Next year she expects the tax rates to be lower due to tax law changes and also due to the fact that she will be a pensioner. If she chooses to receive it in January, she is engaging in tax planning based on the: A. Time-period variable and character variable B. Time-period variable C. Time-period variable and entity variable D. Time-period variable and jurisdiction variable
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2 Question from Exam 2 According to Kazakhstani Tax Code, corporate income tax of organizations carrying on business in the territory of special economic zones: A. Shall be reduced by 50% B. Shall be reduced by 100% C. Shall not be reduced, only land tax shall be reduced by 100% D. Shall not be reduced, only land and property tax shall be reduced by 100%
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Chapter 5 Key concepts: 1. Accrual method vs.
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