Tuesday, 5 February 2013
ALIEN, TAX TREATMENT OF
ALIEN, TAX TREATMENT OF -- A person who is not a citizen of the country in which he or she lives. In general, most countries do not distinguish between nationals and aliens for tax purposes; rather tax liabilityis based on residence and/or domicile.
ALIEN, TAX TREATMENT OF
ALIENATION OF INCOME -- Term generally used to describe the transfer of theright to receive income from a source while not necessarily transferring the ownership of that source tothe same person.
ALIENATION OF INCOME
ALIENATION OF INCOME -- Term generally used to describe the transfer of theright to receive income from a source while not necessarily transferring the ownership of that source tothe same person.
ALIENATION OF INCOME
ALIENATION OF INCOME -- Term generally used to describe the transfer of theright to receive income from a source while not necessarily transferring the ownership of that source tothe same person.
ALLOCATION
ALLOCATION -- The apportionment or assignment of income or expense for various tax purpose, e.g., between permanent establishments in various jurisdictions
ALLOWANCE
ALLOWANCE -- Deduction or exemptions generally made in computing incometaxes, inheritance and gift taxes and some forms of sales taxes.
AMORTIZATION
AMORTIZATION -- Processof writing off the cost of an intangible asset over its useful life.
AMORTIZATION METHOD
AMORTIZATION METHOD -- Method of computing a credit under a VAT regime where investment goods are purchased which have a useful life in the businessfor a period exceeding oneyear. The tax embodied in the price paid for the assetsmay be credited to the trader over a period of years corresponding to the life of the assets.
APA -- See: Advance Pricing Arrangement
APA -- See: Advance Pricing Arrangement
Wednesday, 30 January 2013
Barclays ex-pay chief disagreed with Diamond's bonus
LONDON, Jan 30 (Reuters) - The former head of remuneration at Barclays said she clashed with the UK bank's board over the annual bonus of former boss Bob Diamond,and described the bonus culture in banking as"obscene".
Alison Carnwath, who quitin July at a time of turmoilfor the bank following its fine for rigging Libor interest rates, said Diamond had been reluctant to accept that pay at Barclays was high and was "overly protective of his investment banking franchise".
Carnwath, who cited personal reasons for her departure, said on Wednesday she thought Diamond shouldn't have got a bonus for 2011 because the bank's returns were weak.
"It was for this reason thatI disagreed with the board Chairman's recommendation on Mr Diamond's annual bonus for 2011. I recommendedzero.
"I was alone in my view both on the committee which I chaired and on the board," she said in a written submission prior toappearing before UK lawmakers.
She said Marcus Agius, then chairman, would be in a better position to explain how the bonus award had been reached.
Diamond was paid 6.3 million pounds for 2011, including a deferred share bonus of 2.7 millionpounds and a long-term incentive award of 2.25 million.
Carnwath joined the Barclays board in August 2010 and built a reputation for being an uncompromising boardroom presence.
"A culture of entitlement has emerged in banking for a variety of reasons ... this has resulted in the fear of losing good people, obscene levels of award in a minority of cases and excessive reward in many cases for the investment banking community and particularly those in the front office," she said.
Diamond and Agius quit after the Libor scandal erupted in June. Carnwath was criticised forallowing the final pay awards to them, but she denied at the time that there had been any tensions between her andAgius despite reports theyhad clashed.
"Barclays were demanding too much patience from their shareholders and were insufficiently sensitive to the political and economicenvironment and the hostile attitude to banks generally," Carnwath said.
Alison Carnwath, who quitin July at a time of turmoilfor the bank following its fine for rigging Libor interest rates, said Diamond had been reluctant to accept that pay at Barclays was high and was "overly protective of his investment banking franchise".
Carnwath, who cited personal reasons for her departure, said on Wednesday she thought Diamond shouldn't have got a bonus for 2011 because the bank's returns were weak.
"It was for this reason thatI disagreed with the board Chairman's recommendation on Mr Diamond's annual bonus for 2011. I recommendedzero.
"I was alone in my view both on the committee which I chaired and on the board," she said in a written submission prior toappearing before UK lawmakers.
She said Marcus Agius, then chairman, would be in a better position to explain how the bonus award had been reached.
Diamond was paid 6.3 million pounds for 2011, including a deferred share bonus of 2.7 millionpounds and a long-term incentive award of 2.25 million.
Carnwath joined the Barclays board in August 2010 and built a reputation for being an uncompromising boardroom presence.
"A culture of entitlement has emerged in banking for a variety of reasons ... this has resulted in the fear of losing good people, obscene levels of award in a minority of cases and excessive reward in many cases for the investment banking community and particularly those in the front office," she said.
Diamond and Agius quit after the Libor scandal erupted in June. Carnwath was criticised forallowing the final pay awards to them, but she denied at the time that there had been any tensions between her andAgius despite reports theyhad clashed.
"Barclays were demanding too much patience from their shareholders and were insufficiently sensitive to the political and economicenvironment and the hostile attitude to banks generally," Carnwath said.
Top Causes of Credit Default
An adverse credit rating by receiving a credit default can impact you applications for credit for 5-7 years. Most people don't realize the impact of receiving a credit default until it's too late. A credit default can impact your applications for any credit such as obtaining phone or internet accounts, or even various other home or business services. A credit default is something that can be avoided by simply understanding why people have issues, and how they can be avoided. By being more informed about people who deal with a credit default, you can help to make sure that you do not find yourself in the same situation. While there are seemingly endless causes for a credit default, there are three major causes.Know these, as it can help you avoid a credit default.
Unknown Missed Payments
Many people only realize they have a Credit Default when they are declined for some form of credit. There has been a credit default listed on their Credit Reportand it has resulted in the decline. They may not even have any had any financial issues, but may have only mismanaged a bill or a service or phone contract. You may think your bill has been taken care of by closing the account; but if you cancel a contract early you may still have cancellation fees payable. It is quite common for the feesto canceled a telephone contract to be anywhere from $2000 to $3000. The Phone contract will at times include the cost of the mobile handset, which can run into thousands of dollars. Other instances where a credit default is listed can be where a person has moved house, and there is an outstanding amount owing from a phoneor service bill.
Known Missed Payments
Some people, however, are completely aware they are facing credit defaults, but they are facing financial hardship and struggling to make their commitments. People do not simply decide to not pay their bills,it is a result of some other circumstance that puts them into this situation. The various situations that may put you at risk are:
- Divorce
- Sickness or inability to work.
- Loss of a job
- Failed Business
In these situations there is usually a loss of an income, but in the case of divorce there is an emotionally devastating event that affects how a person operates in their everyday life. There may be a change in living situation for both parties with a breakdown in communication, a ripe situation to cause a credit default.
Over committed by high interest debts
Over the last few years many people have applied for and received loans they could barely afford. As first home buyers they may need to spend money on buying furniture and getting their house in order and hence get themselves into large amounts of unsecured, high interest debt. A combination of credit cards, personal loans and a loss of an income can be devastating for a dual income family. The loss of anincome in these circumstances can be from the birth of a baby, or a sickness, or loss of a job.
Being informed and knowing about the causes ofcredit defaults can help youto keep yourself from receiving a credit default.
Unknown Missed Payments
Many people only realize they have a Credit Default when they are declined for some form of credit. There has been a credit default listed on their Credit Reportand it has resulted in the decline. They may not even have any had any financial issues, but may have only mismanaged a bill or a service or phone contract. You may think your bill has been taken care of by closing the account; but if you cancel a contract early you may still have cancellation fees payable. It is quite common for the feesto canceled a telephone contract to be anywhere from $2000 to $3000. The Phone contract will at times include the cost of the mobile handset, which can run into thousands of dollars. Other instances where a credit default is listed can be where a person has moved house, and there is an outstanding amount owing from a phoneor service bill.
Known Missed Payments
Some people, however, are completely aware they are facing credit defaults, but they are facing financial hardship and struggling to make their commitments. People do not simply decide to not pay their bills,it is a result of some other circumstance that puts them into this situation. The various situations that may put you at risk are:
- Divorce
- Sickness or inability to work.
- Loss of a job
- Failed Business
In these situations there is usually a loss of an income, but in the case of divorce there is an emotionally devastating event that affects how a person operates in their everyday life. There may be a change in living situation for both parties with a breakdown in communication, a ripe situation to cause a credit default.
Over committed by high interest debts
Over the last few years many people have applied for and received loans they could barely afford. As first home buyers they may need to spend money on buying furniture and getting their house in order and hence get themselves into large amounts of unsecured, high interest debt. A combination of credit cards, personal loans and a loss of an income can be devastating for a dual income family. The loss of anincome in these circumstances can be from the birth of a baby, or a sickness, or loss of a job.
Being informed and knowing about the causes ofcredit defaults can help youto keep yourself from receiving a credit default.
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