Debt and taxes: an electronics company recovers from a near disaster
Dynascan Corp, an electronics firm with a 1985 net worth of approximately $30 million, experienced a $16 million loss in 1984, followed by a break-even year in 1985, both of which contributed to its 1985 negative cash flow position. Negative cash flow forced the company to increase borrowings and letters of credit arrangements such that potential financial ruin was being faced during 1985. Dynascan recovered financially by: liquidating inventories, filing tax returns early to accelerate receipt of the $7.5 million in refunds expected, and collecting on accounts receivable more aggressively. Dynascan's sales, earnings, debt levels, current ratios, stock prices, and other financial statistics are analyzed for fiscal years 1981 through 1985. Negotiated agreements with banks providing financing to Dynascan are also discussed. Dynascan projects that its net profit for 1986 will be $6 million.
Publication Name: Cashflow Magazine
Compliance costs of corporate income taxation in Singapore
Size effect is a predominant feature of tax compliance expenses of public-listed corporations in Singapore. This effect is even more noticeable when absolute measures of costs are employed compared to when cost/sales turnover is applied. The Inland Revenue Authority of Singapore's attempt to simplify the tax system was only beneficial to corporations with sales turnover of more than $500 million. Most of the reduction in tax compliance expenses was due to a computational portion of the compliance costs.
Publication Name: Journal of Business Finance and Accounting
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