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Questions and Answers
What is the tax treatment of gains arising from the sale of business assets on which depreciation has been allowed?
What is the tax treatment of gains arising from the sale of business assets on which depreciation has been allowed?
- Taxed at a higher rate
- Taxed at a lower rate
- Exempt from tax
- Taxed at the normal rates (correct)
For how many years can tax losses be carried forward for approved mining companies?
For how many years can tax losses be carried forward for approved mining companies?
- Ten years
- Three years
- Five years
- Seven years (correct)
Is the carryback of losses permitted?
Is the carryback of losses permitted?
- Yes, with conditions
- Only for primary production ventures
- Yes, without conditions
- No, it is not permitted (correct)
How is income derived from sources outside the Solomon Islands taxed?
How is income derived from sources outside the Solomon Islands taxed?
What is the limit of the foreign tax credit allowed?
What is the limit of the foreign tax credit allowed?
What is the withholding tax rate on technical service fees paid to a nonresident?
What is the withholding tax rate on technical service fees paid to a nonresident?
What is the withholding tax rate on lease income paid to residents?
What is the withholding tax rate on lease income paid to residents?
What is the withholding tax rate on dividend payments to nonresident companies?
What is the withholding tax rate on dividend payments to nonresident companies?
What is the purpose of the dividend imputation system?
What is the purpose of the dividend imputation system?
What is the withholding tax rate on contracting income paid to nonresidents?
What is the withholding tax rate on contracting income paid to nonresidents?
What is the withholding tax rate on management services paid to nonresident companies?
What is the withholding tax rate on management services paid to nonresident companies?
When must the foreign tax credit be utilized?
When must the foreign tax credit be utilized?
How can tax payers deduct improvements to plantation?
How can tax payers deduct improvements to plantation?
What is the duration for deducting mining expenditure?
What is the duration for deducting mining expenditure?
What is the entitlement for an approved mining company that has incurred expenditure in constructing approved infrastructure?
What is the entitlement for an approved mining company that has incurred expenditure in constructing approved infrastructure?
What is the general tax year for companies?
What is the general tax year for companies?
What is the deadline for filing an income tax return for a 31 December year end?
What is the deadline for filing an income tax return for a 31 December year end?
When are payments of the estimated tax liability for the current year due?
When are payments of the estimated tax liability for the current year due?
What is the withholding tax rate for dividends paid to a non-resident?
What is the withholding tax rate for dividends paid to a non-resident?
What is the withholding tax rate for interest paid to a resident?
What is the withholding tax rate for interest paid to a resident?
What is the withholding tax rate for royalties paid to a non-resident?
What is the withholding tax rate for royalties paid to a non-resident?
Who can issue public rulings on the interpretation of the Income Tax Act?
Who can issue public rulings on the interpretation of the Income Tax Act?
What is the penalty for non-compliance with income tax filing or payment?
What is the penalty for non-compliance with income tax filing or payment?
What is the purpose of the Dividend Imputation System?
What is the purpose of the Dividend Imputation System?
How is the franking credit calculated?
How is the franking credit calculated?
What happens to excess franking credits?
What happens to excess franking credits?
What is the total assessable income for a shareholder receiving a fully franked dividend of $7,000 and having other income of $75,000?
What is the total assessable income for a shareholder receiving a fully franked dividend of $7,000 and having other income of $75,000?
What is the imputation credit (gross-up amount) for a fully franked dividend of $7,000 with a company tax rate of 30%?
What is the imputation credit (gross-up amount) for a fully franked dividend of $7,000 with a company tax rate of 30%?
What type of dividend is received by an individual shareholder in Example 2?
What type of dividend is received by an individual shareholder in Example 2?
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