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DC Field | Value | Language |
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dc.date.accessioned | 2019-12-23T11:48:30Z | - |
dc.date.available | 2019-12-23T11:48:30Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | Casha, A. (2019). Accounting for income tax revenue by the Maltese Government (Master's dissertation). | en_GB |
dc.identifier.uri | https://www.um.edu.mt/library/oar/handle/123456789/49884 | - |
dc.description | M.ACCTY. | en_GB |
dc.description.abstract | Purpose: This study examines the accounting and reporting of income tax revenue by the Government of Malta on both the current cash basis and the prospective accrual basis. In the case of accruals, the point of recognition of income tax revenue and the implications for the valuation of income tax receivables are examined and analysed. Since tax revenue arises from a nonexchange transaction, the benefits and challenges of introducing IPSAS 23 for the Government of Malta are evaluated. Design: A qualitative research approach is used, and semi-structured interviews were carried out with high-ranking officials from the Treasury Department, a Government Revenue Department, the NAO, the NSO and practitioners from the Big Four Audit Firms. Furthermore, the IPSASB‟s Consultation Paper on Revenue and non-Exchange Expenses issued in 2017 together with the responses, were analysed for issues concerning tax revenue. Findings: Although the Maltese Government currently uses a cash-based system to report income tax revenue, the revenue department still operates a system that records arrears of revenue. The research findings support the view that accrual accounting would provide a better picture of the Government‟s finances. However, users of IPSAS 23 are experiencing many problems, especially due to the lack of guidance on the distinction between exchange and non-exchange transactions and on the identification of the taxable event. These issues were also mentioned by respondents to the Consultation Paper, and so, these issues shall be taken into account by the IPSASB when it updates IPSAS 23. Conclusion: Given the fact that income tax revenue accounts for the majority of the Government‟s revenue, the process for recognising and recording income tax revenue and receivables is very important. However, ultimately, one has to consider the ability of the Government to collect that amount of tax revenue. Thus, the Government has to devote effort not only to acknowledge the amounts of collectable income tax but more importantly, to actually collect all the tax due. Value: This dissertation should be valuable for the Maltese Treasury, especially when adopting IPSAS 23 for the Government of Malta. This study analyses revenue recognition under both cash and accrual basis. | en_GB |
dc.language.iso | en | en_GB |
dc.rights | info:eu-repo/semantics/restrictedAccess | en_GB |
dc.subject | Finance, Public -- Malta -- Accounting | en_GB |
dc.subject | Income tax -- Malta | en_GB |
dc.subject | Accrual basis accounting -- Malta | en_GB |
dc.title | Accounting for income tax revenue by the Maltese Government | en_GB |
dc.type | masterThesis | en_GB |
dc.rights.holder | The copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder. | en_GB |
dc.publisher.institution | University of Malta | en_GB |
dc.publisher.department | Faculty of Economics, Management and Accountancy. Department of Accountancy | en_GB |
dc.description.reviewed | N/A | en_GB |
dc.contributor.creator | Casha, Angele | - |
Appears in Collections: | Dissertations - FacEma - 2019 Dissertations - FacEMAAcc - 2019 |
Files in This Item:
File | Description | Size | Format | |
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19MACC031.pdf Restricted Access | 1.41 MB | Adobe PDF | View/Open Request a copy |
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