A new client has asked for advice on the documentation that will be required for the...

A new client has asked for advice on the documentation that will be required for the preparation of their tax return in PNG? What advice would you provide and what value documents would be needed. (250-260 words)

Solutions

Expert Solution

Answer

The tax return specifies certain documents that should be lodged where applicable including audited financial statements, a copy of any management agreement in place, and copies of certain lodged withholding tax annual reconciliations. As Papua New Guinea has a full assessment system, the taxpayer may also wish to lodge certain other documents that may assist with the assessment of the tax return.

Tax returns and all supporting documents should be in the English language. An application for approval may be made to retain records in a language other than English.

Directors’ report, company formation information and an auditor’s report must also be presented. Where, in complying with generally accepted accounting practice, the financial statements do not give a true and fair view of the matters to which they relate, the directors of the company shall add such information and explanations as will give a true and fair view of those matters.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Imagine that your new client would like to form a partnership. The client has asked you...

Imagine that your new client would like to form a partnership. The client has asked you to assist in avoiding transactions that might result in a taxable transaction for the partnership. Recommend at least two (2) transactions that the partnership should avoid in order to prevent a taxable transaction to the partnership. Provide a rationale for your recommendation.

Lobo, Inc., a construction contractor, has asked for your advice on the following: New City filed...

Lobo, Inc., a construction contractor, has asked for your advice on the following: New City filed suit against Lobo at the end of 2018 seeking $10 million in civil penalties and injunctive relief based upon violation of the New City construction code pertaining to green building standards. New City alleged that Lobo had violated the code in various projects undertaken over the past two years. At the end of 2019, the parties had engaged in discovery and begun settlement negotiations....

Your client is forming a new internet business and wants advice as to which state they...

Your client is forming a new internet business and wants advice as to which state they should base their business in. S'AMATTA-U, INC. will be a limited internet seller. Their projected sales for the coming year by state, along with additional by-state information is as follows: Sales Throwback? Factor State Tax Rate State A 1,500,000 yes Sales only 4.00% State B 3,000,000 no 3 Factor 5.00% State C 2,000,000 no 3 Factor with double weighted sales 5.00% State D 3,500,000...

The producer of X is contemplating a price change and has asked for your advice.

The producer of X is contemplating a price change and has asked for your advice. After some empirical investigation, you conclude that the price elasticity of demand for X is 1.25. As an economist, what would you advise the producer to do in order to raise total revenue? Would you advise him to raise prices or lower prices of good x? Why? Explain.

the governor of the state of mobby has asked you to give him advice on a...

the governor of the state of mobby has asked you to give him advice on a proposed expansion of the state sales tax base to include all services and goods，currently the state only taxes goods. what are the pros and cons of this expansion，explain it

assume the role of a develpoment psychologist that has been asked to provide advice to a...

assume the role of a develpoment psychologist that has been asked to provide advice to a 6 month pregnant woman and postpartum women. provide each women with daily activity list consisting of 3 activities that you would belive will positvely affect her infants future development. if necessary provide a time frame within the lists.

what documentation is required to take the PBT exam?

You are asked to give advice to a program that has been given a large amount...

You are asked to give advice to a program that has been given a large amount of money to facilitate learning in children. They will have the ability to have rooms for different age children, supplies for these rooms and teachers who can be trained to help children. Using the ideas of Piaget and Vygotsky, what would you recommend they do for all child age groups, including infants and toddlers, preschool children, elementary school children, middle school children, and high...

You have been auditing the same client for several years and the client has asked you...

You have been auditing the same client for several years and the client has asked you to try to save some money this year on your audit fees. The client assures him that none of his procedures or personnel have changed in the last year. Based on this information, you decide that it is OK to set aside several audit procedures since in the past you were fine. Do you think that you have violated any provision of the code...

You are asked to give financial advice to a mutual fund manager. The fund has had...

You are asked to give financial advice to a mutual fund manager. The fund has had a history of investing in an equally -weighted portfolio of 50 stocks and is considering cutting down the number of stocks to 10 or 20. You assume that all stocks the fund is considering investing in have the same standard deviation of 40% and that the correlation between each pair of stocks is identical and equal to 0.25. a. To start your analysis, you...

Subjects