scholarly journals Assessing Finance Interaction of Chemical Industry Corporations with State

2021 ◽  
pp. 112-125
Author(s):  
M. K. Malyshev
Keyword(s):  
Chemical Industry ◽  
Income Tax ◽  
Property Tax ◽  
Mineral Fertilizers ◽  
The Public ◽  
Public Company ◽  
Net Profit ◽  
Federal Taxation ◽  
Tax Payments ◽  
Interaction Efficiency

The article assessed interaction of state and chemical industry corporations by criteria of budget making, tax burden and managerial impact. The appraisal was made on the basis of methodological tools worked out by the author. Within the period from 2012 to 2020 earnings of corporations of chemical industry producing mineral fertilizers grew and exceeded tax revenues of regions of their location, which caused an increase in companies’ taxation potential. However, analysis of tax payments to the budget system by profit tax, property tax, income tax and VAT did not confirm the growth in this potential. A rise in dividends, payments for losses were typical for enterprises, as well as increasing amount of dividends surpassing net profit. The goal of the article is to identify the level of finance interaction efficiency between state and enterprises of chemical industry. The following enterprises of chemical industry producing mineral fertilizers acted as the object of the research: the public company ‘Apatit’ (Vologda region), the public company ‘Akron’ (Novgorod region) and the public company ‘Dorogobuzh’ (Smolensk region). This choice was stipulated by location of these enterprises in regions with weakly-diversified economic structure and serious dependence on the budget-forming enterprise. The information base of the research was formed by works by Russian and overseas authors dealing with chemical industry development, finance accounting of the companies, data of the Federal Taxation Service and the Treasury of Russia.

Indirect Aid to the Arts

1984 ◽  
Vol 471 (1) ◽  
pp. 132-143
Author(s):  
MICHAEL O'HARE ◽  
ALAN L. FELD
Keyword(s):  
Local Governments ◽  
Income Tax ◽  
Property Tax ◽  
Government Support ◽  
Tax Credits ◽  
Best Interests ◽  
The Public ◽  
The Arts ◽  
Federal Income Tax ◽  
Tax Deductions

Most government support of arts institutions is indirect—the result of charitable deduction provisions of the federal income tax, property tax exemptions extended by local governments, and other tax provisions. The money that government forgoes through these provisions must be made up by higher taxes for all taxpayers. The public, however, has little say about how these funds are spent. By its very nature, the income tax deduction places the decision-making power over arts institutions in the hands of those with high incomes. Those with high incomes receive a greater tax benefit for each dollar they contribute, increasing the amounts they donate, which increases the likelihood of their influence over those who run arts institutions, and they are allowed to place restrictions on the use of their gifts. Moreover the property tax exemption encourages arts institutions to invest heavily in real estate, which is not necessarily in the public's best interests. Replacing some indirect subsidies with direct subsidies and granting tax credits for donations in place of tax deductions would go a long way toward making the system more equitable.

scholarly journals How Do Taxpayers Respond to Public Disclosure and Social Recognition Programs? Evidence from Pakistan

2020 ◽  
pp. 1-44
Author(s):  
Joel Slemrod ◽  
Obeid Ur Rehman ◽  
Mazhar Waseem
Keyword(s):  
Income Tax ◽  
Tax Compliance ◽  
Social Recognition ◽  
Public Disclosure ◽  
The Public ◽  
Important Policy ◽  
The Social ◽  
Tax Payments ◽  
Wage Earners

We examine two Pakistani programs to see if the public disclosure of tax information and social recognition of top taxpayers promote tax compliance. Pakistan began revealing income tax paid by all taxpayers from 2012. Simultaneously, another program began recognizing and rewarding the top 100 tax paying corporations, partnerships, self-employed individuals, and wage-earners. We find that the public disclosure caused a 9 log-points and the social recognition program a 17 log-points increase in the tax payments of agents exposed to the program. Our results suggest that such programs can be important policy levers to mobilize additional resources.

scholarly journals The essence of temporary differences under the conditions of changes in RSA 18/02 and convergence with IAS 12 “Income taxes” and their impact on the financial statements

2020 ◽  
Vol 9 (26) ◽  
pp. 415-422
Author(s):  
Liudmila B. Trofimova ◽  
Natalia A. Prodanova ◽  
Sara A. Nudel ◽  
Vadim A. Dikikh ◽  
Natalia V. Savina
Keyword(s):  
Income Tax ◽  
Financial Statements ◽  
Income Taxes ◽  
Corporate Income Tax ◽  
Consolidated Financial Statements ◽  
Deferred Taxes ◽  
Net Profit ◽  
The Russian Federation ◽  
Ministry Of Finance ◽  
Tax Payments

The article examines the latest changes in RSA 18/02 "Accounting for corporate income tax payments", adopted by order of the Ministry of Finance of the Russian Federation. The new version of the Regulation comes into effect since January 01, 2020. As a result of the study, the authors revealed a convergence of Russian standards for determining temporary differences and deferred taxes, and at the same time indicated differences that still remained, and also assessed the existing differences. The authors considered it appropriate to systematize new principles for calculating deferred income taxes. For clarity, the definitions of current tax, net profit and other concepts, calculations of current tax and income tax expenses are presented in the form of formulas that can be easily compared with a previously existing methodology. The results of the study can be used when transforming financial statements, as well as in the construction of the consolidated financial statements generated in Russia in accordance with the requirements of IFRS, since the latest amendments in RSA 18/02 include the calculation of income tax for members of a consolidated group of taxpayers.

Assessment of changes in the application of the accounting regulation pbu 18/02 “Аccounting for income tax calculations” since 2020

2020 ◽  
pp. 10-24
Author(s):  
Irina Selezneva ◽  
Irina Selezneva ◽  
Elena Shlyapnikova
Keyword(s):  
Income Tax ◽  
Financial Statements ◽  
Accounting Data ◽  
Current Income ◽  
Accounting Regulation ◽  
New Concepts ◽  
Net Profit ◽  
The Russian Federation ◽  
Ministry Of Finance ◽  
Tax Payers

The article assesses the changes made by the Order of the Ministry of Finance of the Russian Federation dated 20.11.2018 No. 236n v PBU 18/02 “Accounting for settlements with the budget for income tax”. The application of the new norms of PBU 18/02 is mandatory for corporate income tax payers with accounting (financial) statements for 2020. The essence of the problem is that the updated PBU 18/02 contains new concepts, new calculations of indicators necessary for reflection in accounting and accounting (financial) statements. The article consists of six parts, beginning with an introduction and ending with conclusions. The introduction substantiates the relevance of the study. At the beginning of the article, the purpose and objectives of the research are defined, as well as the materials, methods and conditions for conducting the research. The results of the study and their discussion are presented below. In the article, the authors highlight the problem of transition from the previously existing norms of PBU 18/02 to the new norms applied from 2020. The main part compares the concepts and indicators used in 2019 and 2020 in accordance with the requirements of PBU 18/02. The article also addresses the issues of evaluating work in progress in accordance with the requirements of regulatory legal acts in the field of accounting and taxation. The procedure for applying the norms of PBU 18/02 is shown on a specific example and the calculation procedures made that justify the occurrence of temporary differences that lead to the recognition of deferred income tax, as well as conditional income tax expense and current income tax on the accounting accounts. For clarity and comparison, the indicators for the application of PBU 18/02 in 2019 and 2020 are presented in the tables. In addition, the tables show the schemes of accounting transactions for accounting calculations with the budget for income tax in two ways to determine the current income tax: based on accounting data and based on tax Declaration data. Having considered a specific example of the procedure for applying the norms of PBU 18/02 in the version up to 2020 and in the current version from 2020, the authors conclude that changes in the procedure for identifying temporary differences do not mean a change in their value and the value of net profit

Strategy for Protecting the North Sea: A Chemical Industry Perspective

1991 ◽  
Vol 24 (10) ◽  
pp. 269-276
Author(s):  
J. R. Lawrence ◽  
N. C. D. Craig
Keyword(s):  
North Sea ◽  
Chemical Industry ◽  
Important Research ◽  
The Public ◽  
The North ◽  
Anthropogenic Inputs ◽  
Seven Principles ◽  
The North Sea ◽  
The Cost

The public has ever-rising expectations for the environmental quality of the North Sea and hence of everreducing anthropogenic inputs; by implication society must be willing to accept the cost of reduced contamination. The chemical industry accepts that it has an important part to play in meeting these expectations, but it is essential that proper scientific consideration is given to the potential transfer of contamination from one medium to another before changes are made. A strategy for North Sea protection is put forward as a set of seven principles that must govern the management decisions that are made. Some areas of uncertainty are identified as important research targets. It is concluded that although there have been many improvements over the last two decades, there is more to be done. A systematic and less emotive approach is required to continue the improvement process.

Does Recent Academic Research Support Changes to Audit Reporting Standards?

2016 ◽  
Vol 30 (2) ◽  
pp. 255-275 ◽  
Author(s):  
Jean Bédard ◽  
Paul Coram ◽  
Reza Espahbodi ◽  
Theodore J. Mock
Keyword(s):  
Financial Reporting ◽  
Academic Research ◽  
Financial Statements ◽  
Future Research ◽  
Research Support ◽  
The Public ◽  
Market Participants ◽  
Information Gap ◽  
Public Company ◽  
Reporting Process

SYNOPSIS The Public Company Accounting Oversight Board (PCAOB), the International Auditing and Assurance Standards Board (IAASB), and the U.K. Financial Reporting Council (FRC) have proposed or approved standards that significantly change the independent auditor's report. These initiatives require the auditor to make additional disclosures intended to close the information gap; that is, the gap between the information users desire and the information available through the audited financial statements, other corporate disclosures, and the auditor's report. They are also intended to improve the relevancy of the auditor's report. We augment prior academic research by providing standard setters with an updated synthesis of relevant research. More importantly, we provide an assessment of whether the changes are likely to close the information gap, which is important to financial market participants and other stakeholders in the audit reporting process. Also, we identify areas where there seems to be a lack of sufficient research. These results are of interest to all stakeholders in the audit reporting process, as the changes to the auditor's report are fundamental. Additionally, our summaries of research on the auditor's report highlight where there is limited research or inconsistent results, which will help academics identify important opportunities for future research.

The Development of Auditing Standards at the PCAOB and Related Audit Practitioner Input

2020 ◽  
Author(s):  
L. Tyler Williams ◽  
W. Mark Wilder
Keyword(s):  
Standard Setting ◽  
The Public ◽  
Setting Process ◽  
Public Company ◽  
Auditing Standards ◽  
Audit Standard ◽  
Comment Letters ◽  
Feedback Responses

The Public Company Accounting Oversight Board (PCAOB; Board) maintains that constituent feedback plays an essential and dynamic role in its audit standard-setting process. We examine a major source of constituent feedback, responses to standard-setting questions, using a sample drawn from the original proposals of fourteen PCAOB auditing standards. We find that after receiving comment letter feedback to the standard-setting questions, the Board revises approximately half of its guidance tied to those questions before it finalizes auditing standards-a finding consistent with the Board's assertion that it carefully considers constituent perspectives as it develops new regulation. We also explore the related comment letters of eight professional auditing firms subject to the PCAOB's annual inspection program and discover varying levels of opposition to and support for the PCAOB's proposed authoritative guidance. We observe PCAOB revision to authoritative guidance highly contested by the firms in more than three-fourths of cases of standard-setting questions and PCAOB non-revision to guidance highly supported by the firms in more than ninety percent of cases.

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