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Local taxes paid |
See Also
Multiple overseas branches | Overseas branch | Working with Foreign Currencies
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
The purpose of the schedule is to analyse foreign tax payments made in respect of the branch in order that the deductible amount can be established and tracked in detail. It is available for periods ending on or after 1 April 1997.
The Local taxes paid schedule is developed from the overseas branch, or multiple overseas branch schedules. The user is asked to confirm which column (or branch) is relevant for this analysis schedule.
Local currency
The user is required to format the currency column to the appropriate currency. Refer to the section on Working with foreign currencies for further details.
Exchange rate
In the exchange rate column, enter any exchange rates for the foreign tax paid using the syntax, £@$1.634 if the format of the Local currency column is set to US dollars. See the section Working with foreign currencies for further details.
Sterling at rate when paid
The software will compute the sterling equivalent of foreign taxes paid, and transfer this amount into either the overseas branch, or multiple overseas branch schedules.
This schedule has no standard sub-schedules.
On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation.
© 2009 Thomson Reuters.