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The tax charge in the Statement of Profit or Loss of a company often bears little resemblance to the profit before tax figure multiplied by the tax rate

The tax charge in the Statement of Profit or Loss of a company often bears little resemblance
to the profit before tax figure multiplied by the tax rate
FI6111:Research Methods in Finance 1 – Autumn, 2015
Assignment Submission: 5pm Friday, 20th November 2015 (end of Week 11)
The tax charge in the Statement of Profit or Loss of a company often bears little resemblance
to the profit before tax figure multiplied by the tax rate. This is because there is a difference
in the computation of accounting profits and taxable profits. Therefore, company financial
statements usually report an “effective” tax rate which is calculated by dividing the taxation
by the profit before tax figure, see example below.
In your assigned groups1
, submit a report, using information from the most recent financial
returns for 100 companies of your choice, indicating the effective tax rate. Your report should
highlight some differences across the companies and reasons for these differences. Your
analysis may consider (but is not restricted to) company size, sector or location. (Please
include workings in appendix.)
A good report will justify the use of the data, the choice of companies and present relevant
table(s) and graph(s).
The objective of this project is:
o to communicate effectively and clearly in a written format using a quantitative
and qualitative approach; and
o to demonstrate your ability to identify, analyse and present data.
To get a good grade, you will need to demonstrate a good level of competency in the
analysis, interpretation and presentation of financial data.
? You will need to use tables and graphs to illustrate your points.
? All sources must be referenced and may be checked in Turnitin.
? Use UL’s Cite it Right for referencing details.
Accessing data is a critical part of this assignment. Useful sources e.g.:
Annual reports, Bloomberg, DataStream, CSO, Eurostat, FAME, Kompass,
TaxFind, FED.
The final written report should be between 1,500 and 2,000 words (1.5 line spacing, font 12
Times New Roman). All tables and graphs should be sequentially numbered, have a heading,
source and mentioned in the text.
Please submit a hard copy in the box marked FI6111 Research Methods in Finance on
Level 3, KBS. On the title page of your report include the name and student number of each
person in the group.
Students will be penalised 10% per day if submitted after the deadline. The assignment is
worth 25% of module grade.
Groups are listed on PDF document.
Page 2 of 2
Please staple the top left hand corner of your report (do not use binding or folders etc.)
No need for colour printing.
With company accounts you will not see expenses broken down like below which is for
illustration purpose. They will appear as ‘operating expenses’.
Company Accounts
Statement of Profit or Loss for Company A
€ €
Sales 1,074,000
Cost of sales 395,000
Gross profit 679,000
Other income
R & D grants 10,000
Discounts received 4,000 14,000
Operating expenses
Salaries 120,000
Insurance 30,000
Depreciation 25,000
Entertainment expenses 2,000
Other 400,000 577,000
Profit before tax 116,000
Taxation 16,625
Profit after tax 132,625
Note 1:
116,000 12.50% 14,500
Effective tax rate 16,625
116,000 14.33%
Note 2: Revenue Approach

Accounting profit 116,000
Less R & D grant -10,000
Depreciation 25,000
Entertainment expenses 2,000
Taxable profit 133,000
Tax expense 12.50% 16,625

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