COMPANY – Muhasebe News

Operating profits in Australia increased 10.6% in the fourth quarter of 2022

MuhasebeNews — Mon, 27 Feb 2023 07:20:10 +0000

Business Indicators, Australia

Current price estimates for the December quarter 2022 in Australia:

Company gross operating profits rose 10.6% seasonally adjusted
Wages and salaries rose 2.6% seasonally adjusted

Chain volume estimates for the December quarter 2022:

Inventories fell 0.2% seasonally adjusted

Comparison between company gross operating profits and gross operating surplus

Valuation changes have had an impact on the value of inventories held by Australian businesses this quarter. An Inventories Valuation Adjustment (IVA) is applied in the calculation of the Gross Operating Surplus of private non-financial corporations (GOS) estimate in the Australian National Accounts. The IVA for the December quarter 2022 is $2,495m which is $5,378m higher than the September quarter 2022 IVA of -$2,883m.

No adjustment is made to the Company Gross Operating Profits (CGOP) estimate in this publication and, as a result, users should exercise caution when comparing CGOP and GOS. It should be noted that there are other differences between the two series. In particular, changes are made to GOS when annual benchmarks are applied, and slightly different seasonal factors apply to the two series. Given this, while CGOP movements are an appropriate indicator for GOS, the two series will not have equivalent seasonally adjusted movements from quarter to quarter.

Suspension of trend series

The trend series attempts to measure underlying behaviour in business activity. In the short term, this measurement will be significantly affected by changes to regular patterns in spending due to the Coronavirus pandemic. If the trend estimates in this publication were to be calculated without fully accounting for this irregular event, they would likely provide a misleading view of underlying business activity.

It may be some time before the underlying trend in business activity can be accurately estimated. The Business Indicators trend series have therefore been suspended and will be reinstated when more certainty emerges in the underlying trend in business activity.

Source: Australian Bureau of Statistics
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

New record high in Austia’s job vacancies in 2022

MuhasebeNews — Tue, 14 Feb 2023 07:44:40 +0000

In 2022, Austriaʼs enterprises reported an average of 206 500 vacancies, 41.4 % more than in the previous year. As the results of Statistics Austriaʼs Job Vacancy Survey further show, the search duration of enterprises has also increased significantly and the share of vacancies in all available jobs has risen.

“In 2022, an average of 206 500 jobs in Austria were unfilled. The number of vacancies was thus not only 41.4 % above the previous year and 61.1 % above the pre-pandemic level of 2019, but also reached the highest value ever recorded. The job vacancy rate – thus, the share of vacancies in all available jobs – also rose to 4.8 %, further indicating shortages in labour supply. Most of the job offers were in the service sector last year. But the demand for personnel was also high in production,” says Statistics Austria Director General Tobias Thomas.

In the course of the year, the number of vacancies reached its annual high of 218 100 in the third quarter. 202 700 vacant positions were reported in the first quarter, 206 300 in the second and 198 800 in the fourth quarter. The job vacancy rate 2022, with its annual average of 4.8 % was by 1.2 percentage points higher than in the previous year 2021 and 1.7 percentage points above 2019. 63.6 % of all job offers were reported to the Public Employment Service (AMS).

Increase in job vacancies in all economic branches

All branches of the economy recorded by the Job Vacancy Survey reported more vacancies in 2022 than in the previous year. In the service sector there were 123 800 vacancies. This corresponds to an increase of 44.9 % compared to 2021 and of 62.5 % compared to 2019. 52 500 jobs were vacant in the manufacturing sector (+30.5 % in comparison to 2021 and +60.6 % in comparison to 2019) and 30 200 in the public sector (+47.9 % in comparison to 2021 and +56.4 % in comparison to 2019). Service and sales workers (21.8 %) as well as craft related trade workers (19.5 %) were sought after particularly frequent.

At 83.5 %, the majority of the vacancies were advertised as full-time positions.

36.4 % of all vacancies or 42.4 % of the vacant full-time positions had an expected gross monthly income of at least 2 400 euros. 37.6 % of the vacancies (full-time positions: 41.1 %) offered a salary of 1 700 to less than 2 400 euros and 15.1 % (full-time positions: 9.6 %) offered a salary of 1 000 to less than 1 700 euros. 9.8 % of all vacancies, or 5.9 % of full-time positions, paid less than 1 000 euros.

40.5 % of the vacancies requested a compulsory school leaving certificate or no minimum school qualification from applicants. 32.2 % were looking for employees with an apprenticeship certificate. 11.1 % of all vacancies required a matriculation examination and 10.3 % a higher education qualification.

Search duration increased markedly

The search duration also provides an indicator for tense situations on the job market. In 2019 and 2021, respectively, an average of 21.6 % and 20.6 % of all vacancies were advertised for less than one month. This was the case for only 11.9 % of the job offers in 2022 (see Table 2). 16.7 % of the vacancies had a search duration of at least six months (2019: 12.1 %; 2021: 12.9 %), and 27.9 % were permanent postings (2019:26.7 %; 2021: 21.6 %).

Source: statistics Austria
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Can we state the wage to be paid to joint stock company partners in return for their work in the company as an expense?

MuhasebeNews — Mon, 06 Apr 2020 12:30:11 +0000

Two members of the board of whom we paid net daily allowance in the amount of 3.500 TL, since they are management members in a joint stock company with 5 partners, left the membership of the board of directors. They will continue to work as the unit manager in the company. How should we make the payment to them?

It is obligatory for the wages paid from these companies in return for all kinds of services, to joint-stock partners and limited-liability partners and limited partners to be subjected to tax withholding and it is possible to state these an expense, since these are the payments within the scope of the 61st Article of the Income Tax Law.

According to the Article 61 of the Income Tax Law, with its meaning in the law of obligations, labor law and social security law, the wages of the board of directors, which are not considered as service fee but are considered as counsel fees, are considered as wages, and thus they are subject to tax withholding on the Income Tax tariff, and pursuant to the Article 40 of the Income Tax Law, these are accepted as the expenses to be deducted from the commercial income by considering them as the wage paid to the employee.

Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

When we transfer the revenue obtained from our companies abroad to Turkey, how do our partners or company tax this revenue?

MuhasebeNews — Thu, 16 Jan 2020 11:00:06 +0000

When we transfer the revenue obtained from our companies abroad to Turkey, how do our partners or company tax this revenue?

What will be the profit taxation rate, when the revenue obtained from our company located in the UK, and the relevant amount is transferred to the accounts of the company or person in Turkey?

The tax is calculated by combining with incomes in Turkey for the revenues and incomes obtained from companies or entities in Turkey. Taxes paid abroad, if any, are deducted from the calculated taxes. 15% income tax withholding is applied in profit distribution.

What are the transactions to be carried out when the shareholders of equity companies transfer their shares?

MuhasebeNews — Wed, 17 Jul 2019 14:16:15 +0000

What are the transactions to be carried out when the shareholders of equity companies transfer their shares?

Is it possible to transfer the shares of an incorporated company to shareholders or non-shareholders when necessary? What are the transactions to be carried out?

It is possible to transfer the shares of an equity company to the shareholders or third parties. For transactions that are subject to permission in accordance with the special provisions and law, the transfer may take place by getting the permissions.

However, share transfers in the trade registry are not subject to registration and therefore, they are not registered. The decisions taken through declaration for transactions that are subject to registration such as changing into a single share, changing the single share or changing into multiple shares from a single share are registered.

Is there a difference between the taxation of a foreign-capitalized company and a domestic one?

MuhasebeNews — Wed, 10 Jul 2019 15:09:50 +0000

Is there a difference between the taxation of a foreign-capitalized company and a domestic one?

I will establish a foreign-capitalized company.
How does the taxation procedure work for Multiple Network Marketing system (the sales model of companies such as avon, amway, herbalife)?

There isn’t any difference in the taxation of the company you mentioned.
There isn’t any application as a taxation model. Full taxpayer companies that are established in Turkey are subject to taxation in accordance with Corporate Law and VAT Law.

Are foreign companies which open a branch in Turkey subject to corporate tax?

MuhasebeNews — Wed, 03 Jul 2019 12:51:00 +0000

Are foreign companies which open a branch in Turkey subject to corporate tax?

A company which is based in a foreign country wants to open a branch in Turkey.
Is it possible for its representative in Turkey to be a foreigner?
Since the company will make sales in Turkey, would it be subject to corporate tax?
Also, is it supposed to notarize the books?

The branch to be opened in Turkey will be subject to corporate tax as a ‘’limited taxpayer.’’
All notifications and declarations must be submitted.
In accordance with the Tax Procedure Law (TPL), commercial books must be notarized before the business starts.
The representative in Turkey must be ‘’a resident’’ in Turkey regardless of their nationality.

Can we backdate to assign a manager in limited companies?

MuhasebeNews — Fri, 26 Apr 2019 15:10:22 +0000

Can we backdate to assign a manager in limited companies?

I’ve just realized that term of office of the manager of our limited company who is also the only partner ended on November, 2018. Can we make a decision stating that we agreed ‘to assign a manager for 20 years following the termination of his/her term of office’?

It is not right to backdate in this case. It is only possible to make a decision today to give the power of representation to the manager by assigning him/her for a definite period. Although the term of office of the manager has ended, there is no problem as the responsibilities of managers continue until a new one is selected.

Is VAT applied on the invoice prepared while delivering goods to a foreign company?

MuhasebeNews — Mon, 08 Apr 2019 14:00:03 +0000

A retail company will deliver the goods in Turkey and issue the invoice for the foreign company. Are there any special cases for the preparation of the invoice according to VAT Law or Tax Procedure Law? Or is it possible to deliver the goods by preparing a regular invoice?

VAT is applied on the invoice as it is prepared in Turkey.

Can we increase the attendance fee with the decision of board of directors of a joint stock company?

MuhasebeNews — Thu, 28 Mar 2019 15:22:18 +0000

We are paying attendance fee to our board members with the decision of the general assembly. We want to increase the amount. Can we increase the attendance fee with the decision of he board of directors?

The general assembly is entitled to pay and decide on the attendance fee of the board members of a joint stock company. Therefore, it is only under the authorization of the general assembly to pay, designate and increase the attendance fee. The Board of Directors of the joint stock company is not authorized to pay, increase on decrease the attendance fee.