“A major issue would be for the countries implementing VAT is to have the necessary adequate training, technical systems, financial and tax governance and compliance, and other areas in order to meet all requirements.” (https://gulfnews.com/world/gulf/bahrain/bahrain-parliament-approves-vat-agreement-1.2287327, Accessed 13 May 2019) The introduction of VAT in any country impacts the businesses in the country. In October 2018, the Kingdom of Bahrain issued the VAT Law. Q: Illustrate how the new VAT system in Bahrain is impacting businesses.

“A major issue would be for the countries implementing VAT is to have the necessary adequate training, technical systems, financial and tax governance and compliance, and other areas in order to meet all requirements.” (https://gulfnews.com/world/gulf/bahrain/bahrain-parliament-approves-vat-agreement-1.2287327, Accessed 13 May 2019) The introduction of VAT in any country impacts the businesses in the country. In October 2018, the Kingdom of Bahrain issued the VAT Law. Q: Illustrate how the new VAT system in Bahrain is impacting businesses.

International Financial Management

14th Edition

ISBN:9780357130698

Author:Madura

Publisher:Madura

Chapter13: Direct Foreign Investment

Section: Chapter Questions

Problem 7QA

See similar textbooks

Similar questions

Discuss the VAT regime in Trinidad and the impact of VAT on the country’s economy.Answer should cover, but not limited, to the following: • VAT registration• Time of supply • Place of supply • VAT rates• VAT Filing requirements & reporting obligations• Penalties• Legislative Authority of VAT
What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.
Case study . The CEO of your client, Green Lotus Co. Ltd. with legal seat in Hong Kong, now wants to expand the company's business activities into mainland China. He has discovered that the PRC is a CISG-member state (since 1 January 1988), but has made the following declaration: The People's Republic of China does not consider itself bound by subparagraph (b) of paragraph 1 of article 1 and article 11 as well as the provisions in the Convention relating to the content of article 11.He asks you to comment on the implications for the form of trade agreements to be concluded between mainland Chinese and other parties.
In general, discuss the current impact of Brexit to the movement of EUR and GBP. (especially after UK leave EU)
Choose the correct. What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). Which businesses does this affect? What is the cost of noncompliance (i.e. what fines or penalties might occur for failure to file)? Have you heard of this requirement? If so, where?
Should a country’s government assist private businesses in the conduct of international trade through direct loans, loan guarantees, and/or credit insurance.
The law that specifically prohibits payments to foreign officials in order to attain business is known as ____________________________. FCPA AICPA SOX IFRS
Which of the following would contribute to a positive trade balance for a country? Having tourists visit the country Importing textiles Having foreign residents buy the government bonds of the country Importing financial services
Assume a U.S. company operates overseas and is approached by foreign governments officials with a request to provide family members with student internships with the company. The company does business in that country with foreign customers and is negotiating for a contract with one such customer to provide services. Under what circumstances might such a request violate the FCPA?
Which of the following would contribute to a positive trade balance for a country? a. Having tourists visit the country b. Importing textiles c. Having foreign residents buy the government bonds of the country d. Importing financial services
International Financial Reporting Standards are gaining support around the globe. In 2007, the SEC eliminated the requirement for foreign companies that issue stock in the United States to include in their financial statements a reconciliation of IFRS to U.S. GAAP. There also is serious discussion of allowing U.S. companies to choose whether to prepare their financial statements according to U.S. GAAP or IFRS. Required: Do you think U.S. companies should be allowed the choice of reporting under either U.S. GAAP or IFRS? Provide arguments both for and against this idea.