Tax

les échanges avec les pays de l’Union représentent traditionnellement près des deux 7 P. 2, Base de données de l’OCDE, http://www.oecd.org/dataoecd/1/33/41227692.pdf 8 http://taxjustice.blogspot.com/2008/08/in-africa-pay-more-attention-to-tax-imf.html 9 tiers du commerce extérieur des pays africains. Les échanges transfrontaliers avec les pays limitrophes sont beaucoup moins importants, dans la mesure où le commerce intrarégional ne représente que 10 % des échanges extérieurs de

for gaps in investment funds, China increased the volume of treasury bonds. In 2009, 1.64 trillion yuan treasury bonds were released, and the releasing plan in 2010 will reach 1.8 trillion yuan. At the same time, China also advanced tax reform; implemented structural tax cut and adjusted the distribution of national income to increase the scale of financial assistance. ⅱLoose monetary policy Monetary policy mainly include such as open market operations, bills discounting, adjust deposit-reserve

Financial Lexicon Schedule A – schedule to the Financial Acts under which tax is charged on income from land and buildings. A, AA, AAA – letters that indicate that a share, bond, or bank has a certain rating for reliability. "A" shares – ordinary shares with limited voting rights or no right to vote at all. ABA – American Bankers Association. abatement – the act of reducing: a tax abatement. above par – this describes a bond or other fixed-interest security whose market value is higher than the

expenses Income tax Net income of affiliates Net income of discon.activities Net income Attributable to minority interests (443) 62 269 1,491 (424) (77) 1,521 160 24 (187) (51) - (448) 110 1,572 160 178 1,313 879 Attributable to the parent 1,361 (51) 1,412 22 Tax rate evolution € mln FY 2008 (443) 27.6% (14) FY 2009 (424) 21.0% 24 Total income tax (reported) Reported tax rate Non current income tax Current income tax Underlying tax rate (429)

conditions and operating performance of the firm; so they make well-informed-decision. Another purpose is to report financial information to people outside the firm such as: Owners, Creditors, Suppliers, Employees, Investors and the Government (for tax purposes). In basic terms in accounting, financial information measured are reported to various users (inside and outside the organisation) regarding the economic activities of the firm. Many types of organisation use accounting information

are calculated 23 R Lampariello - MerckSerono - Paris, 5 Oct 2010 NPV calculation (1): elements required Sales (incl. expiration date) Probability of success R&D costs distribution Cost of goods Royalties … but also cost of money, G&A, tax rate, amortizations, etc 24 R Lampariello - MerckSerono - Paris, 5 Oct 2010 NPV calc (2): the P&L Parameter Sales Cost of Goods sold excl. depreciations Cost of Goods sold incl. all production related depreciations GROSS MARGIN Marketing

is a specific type of residual income calculation It equals after-tax operating profit minus the (after-tax) weighted-average cost of capital multiplied by total assets minus current liabilities. EVA = After-tax operating profit – ( Weighted-average cost of capital * ( Total assets – Current liabilities) With Weighted-average cost of capital (WACC) = after-tax average cost of all long term funds Values are created only if after-tax operating profit exceeds the cost of investing the capital. To improve

that morning. The fiber was intended for customers who had been badgering Pundir to fill their orders in a timely manner. The government tax inspector, who was stationed at the company’s warehouse, would not clear the trucks for departure because the excise tax had not been paid. The tax inspector required a cash payment, but in seeking to draw funds for the excise tax that morning, Mr. Mehta, the bookkeeper, discovered that the company had overdrawn its bank account again—the third time in as many

samplefirmshave for the Further, ten solely in the form preceding yearsreceivedreturns of capitalgains. Since they arelikely high tax bracket investors,ourresultsshouldbe biasedagainsta favorable dividendeffect. Dividendinitiationmay be expectedto inducea changein clienteleswith attendant costs. A positiveimpactis possibleonly if the benefits of dividendsoutweighthe tax burdenand othercosts unexpectedly imposedby them. initiation of Therefore, focusingon the unexpected dividendspurgesour sampleof

per cent of GDP in 1997 to 1.4 percent in 2001 whereas the level of taxes slightly increased. However, the initially envisaged budget deficit of 1.5 per cent of GDP in 2002 has not been achieved. A growth rate lower than projected, a decrease in non-tax revenues and a rise in social security spending deteriorated the budget deficit to an estimated 2.7 per cent of GDP in 2002. The OECD projected that the deficit will stabilize at about 2.5 per cent until. At present, the excessive expenditures of the