Tuesday, 30 September 2014

Tax Amnesty 2015 - Update

The financial year end of Trinidad and Tobago is September 30. Thus each year we look forward to the Budget Statement which is usually read in early September, the plans we make to take advantage of the changes to the allowances or to the new benefits. This year  a Tax Amnesty was declared and having enjoyed the additional work which flowed with previous years' Tax Amnestys,  I am so happy that the Amnesty went into effect on the date the Budget Statement was read. The beauty of the early adoption of the Amnesty lies in the expectation that  all the prior years tax returns can be filed before the end of the calendar year, the taxes will have to be paid with the filing of the tax returns which will impact on the planning of the cash flows, however there is hope, that this benefit will be utilised by everyone...
Here are some links that will assist going forward as well

Payment Description slip
http://www.ird.gov.tt/uploadedfiles/Payment%20Description%20Slip1.pdf

Taxation forms 
These forms can be used by emolument earners and non emolument earners, and corporations which are further classified according to type of company, such as insurance, trade and manufacture.

Income Tax Return For Individuals
(FORM 400 ITR)
 2009 (Emolument Income Earner only 536KB)
 2009 (Non-Emolument Income Earner 828KB)
 2010 (Emolument Income Earner 2.36MB)
 2010 (Non-Emolument Income Earner 2.48MB)
 2011 (Emolument Income Earner 378KB)
 2011 (Non-Emolument Income Earner 762KB)
 2012 (Non-Emolument Income Earner 1137KB)
 2012 (Emolument Income Earner [440 EMO] 974KB)
 2013 (Non- Emolument Income Earner 2.15MB)
 2013 (Emolument Income Earner [440 EMO] 150KB)
 2014 (Non- Emolument Income Earner 223KB)
 2014 (Emolument Income Earner [440 EMO] 153KB)

(FORM 400 ITR and FORM 440 EMO Instructions)
 2009 (669KB)
 2010 (274KB)
 2011 (437KB)
 2012 (172KB)
 2013 (336KB)
 2014 (154KB)

Corporation Tax Return
(FORM 500 CTR)
 2007 (1.2MB)
 2008 (992KB)
 2009 (483KB)
 2010 (2.41MB)
 2011 (732KB)
 2012 (812KB)
 2013 (129KB)


(FORM 500 CTR Instructions)
 2008 (119KB)
 2009 (639KB)
 2010 (127KB)
 2011 (259KB)
 2012 (657KB)

Tax Return For Insurance Companies Only(FORM 600 INS)
 2008 (204KB )
 2009 (1053KB)
 2010 (87KB)
 2011 (96.2KB)
 2012 (99KB)
 2013 (96KB)


(FORM 600 INS Instructions)
 2008 (611KB)
 2009 (591KB)
 2010 (304KB)
 2011 (159KB)

TAX DECLARATION FORM
Tax Declaration Form


Income Tax Return For Partnerships,
Joint Ventures, Trusts and Estates of
Deceased Persons
(FORM 700 PAR)
 2007 (3087KB)
 2008 (360KB)
 2009 (112KB)
 2010 (2.38MB)
 2011 (699KB)
 2012 (872KB)
 2013 (216KB)


(FORM 700 PAR Instructions)
 2008 ( 99 KB)
 2009 (634KB)
 2010 (111KB)
 2011 (259KB)
 2012 (  61KB)

Petroleum Profits Tax Return
(FORM 200 PPT)
 2007 (296KB)
 2008 (344KB)
 2009 (344KB)
 2010 (805KB)
 2011 (804KB)
 2012 (829KB)

Supplemental Petroleum Tax Return
(FORM 200 SPT)
 2007 (93KB)
 2008 (235KB)
 2009 (274KB)
 2010 (281KB)
 2011 (1148KB)
 2012 (1183KB)
 2013 (1433KB)

http://www.ird.gov.tt/load_page.asp?ID=6

Applications to the Board of Inland Revenue

Here are some of the applications which can be made to the BIR


http://www.ird.gov.tt/load_page.asp?ID=63

Legislation and Tax laws

http://www.ird.gov.tt/load_page.asp?ID=58

Sunday, 8 June 2014

I've been reading: Using desired outcomes to guide (study) Strategy

I located this book and decided to purchase it as part of my develop myself  in a tertiary education environment or develop myself at a tertiary educational level. While the reasons for pursuing the study programmes which I am currently involved in (Certificate in Financial Planning and MBA- Heriot Watt) have been varied, every so often I come across something which offers so much potential that it is like a diamond before it has been carved or shaped. One of these diamonds is "Using desired outcomes to guide (study) Strategy" from Palgrave Study Skills "The Study Skills Handbook" by Stella Cottrell. Here are some excerpts from the page on this topic:

"Your reasons for studying and your desired outcomes can guide the way you proceed with your study, as in the following examples:

Outcome A: to learn about the subject
If learning about the subject is the most important outcome for you, hen reading around the subject and doing what interests you may be more important than following the curriculum.

Outcome B: to get a good grade
If your chief priority is getting a good grade, then it  is likely to be important that you"play the game" and find out exactly what is required.

Outcome C: just to get through
If  you have many other demands on your time or gaps in your education, you may have to limit yourself to conveying essentials. What is important is that you know how to find and use information to get you through - you can fill gaps in your knowledge later in life.

Each of the following statements precedes a short paragraph on the topic which can be used in a thought provoking way:

Stating your desired outcomes: This covers positive outcomes versus negative outcomes
Analyse desired outcomes in detail:
The following questions are based on an approach known as Neuro - Linguistic Programming (NLP). Some examples of questions are:

Are your desired outcomes "well formed"?
What are the implications of having these desired outcomes?
What are the potential gains?
What are the potential losses?
Visualise yourself in the future, having achieved the outcome"

I realised that the above approach, concept can be used in so many different scenarios such as where a person may be conducting training sessions for a company or where you are encouraging others in the art of journaling.

I did some more research on the publisher and I found that there are several publications which look like they  may make a good read and offer business development opportunities such as:

How to Write your Undergraduate Disssertation



Description: Examining each essential stage of research and writing a dissertation, this book teaches students across all disciplines how to generate ideas and develop them into original research projects. 
It clearly explains the best way of planning and conducting research using qualitative and quantitative techniques and primary and secondary material; enabling the student to successfully plan and write a clear and concise dissertation.
How to Write your Undergraduate DissertationContent:
PART I: EXAMINERS AND SUPERVISORS

PART II: GENERATING AND DEVELOPING ORIGINAL IDEAS
PART III: DECIDING ON YOUR PROJECT
PART IV: ORGANISING YOUR WORK
PART V: DOING YOUR RESEARCH
PART VI: PLANNING YOUR DISSERTATION
PART VII: ORGANISING YOUR THINKING
PART VIII: WRITING YOUR DISSERTATION
PART IX: PLAGIARISM, REFERENCING AND BIBLIOGRAPHIES
PART X: EDITING
e-book:
Students:  Want instant access to this book?  Rent a copy at CourseSmart today <How to Write your Undergraduate Dissertation ebook>

Lecturers:  Access a free inspection copy of this book quickly and easily 
at CourseSmart <How to Write your Undergraduate Dissertation ebook>



Presentation Skills for StudentsPresentation Skills for Students

Description:
A practical, useful guide for all students in further or higher education. Topics covered include speaking effectively in seminars and tutorials, delivering formal presentations and succeeding at a job interviews. Regular checklists and the friendly, down to earth style make this an ideal reference tool

Content:
Preface
Personal Development: Speaking to an Audience
Delivery and Non-verbal Communication and Nerves
Choosing and Using Visual Aids
Speaking as Part of Your Course
Speaking as Part of a Group
Speaking as a Student Representative
Speaking at Elections and Meetings
Job Searches and Job Interviews
Further Reading
Index

Critical Thinking Skills

Description:

The second edition of this leading guide helps students to develop reflective thinking skills, improve their critical analysis and construct arguments more effectively. Written by Stella Cottrell, leader in the field with over 1/2 million book sales to date, this text breaks down a complex subject into easily understood blocks, providing easy-to-follow, step-by-step explanations and practice activities to develop understanding and practise your skills at each stage.  Essential for students who are mystified by tutor comments such as 'more critical analysis needed', this is an invaluable tool for anyone wishing to develop advanced skills in this area and learn to apply them to tasks such as reading, writing and note-taking. 
Critical Thinking Skills
Content:

Introduction
Glossary 
Acknowledgements
What is Critical Thinking?
How Well Do You Think? Develop Your Thinking Skills
What's Their Point? Identifying Arguments
Is it an Argument? Argument and Non-Argument
How Well Do They Say It? Clarity, Consistency and Structure
Reading Between the Lines: Recognising Underlying Assumptions and Implicit Arguments
Does it Add Up? Identifying Flaws in the Argument
Where's the Proof? Finding and Evaluating Sources of Evidence
Critical Reading and Note-Making: Critical Selection, Interpretation and Noting of Source Material
Critical, Analytical Writing: Critical Thinking When Writing
Where's the Analysis? Evaluating Critical Writing
Critical Reflection
Texts for Activities 
Practice Activities on Longer Texts
Appendix 
Bibliography
Index

The Work Based Learning Student Handbook.

The Work-Based Learning Student HandbookDescription:

This book will help work-based students to successfully navigate academia. It is a hands-on guide for learners, helping them to get the most out of their university experience. Real-life case studies and useful activities are embedded throughout, illuminating the routes to university qualifications based on workplace activity.

Contents:

Introduction
Adapting to HE: Academic Skills 
Make your Learning Count
Learning to Learn: Practical Advice for Work-Based Learners
Making the Most of your Assessment Opportunities: Thinking Beyond the Grade
Work-based Projects
Support for Work-based Learning Students 
Online Support for Work-based Learning
Foundation Degrees 
Appendices 
Index 
e-Learning Skills

e-Learning Skills

Description:
Including new material on blogs, wikis, podcasts and e-portfolios, the second edition reflects the increasing number of e-learning courses.  This practical, flexible text helps students enhance and develop their existing skills whether they are a distance learner, or at an institution which has e-learning integrated into their programmes.

Contents

What is e-Learning
Traditional Skills
Computer Skills
Learning Environments
e-Learning skills
Developing Skills
e-Portfolios
Communication Skills
Group and Co-operative Learning
Further Information and Resources
Appendix 1: Assessing Your Learning Skills
Appendix 2: Tips for the Successful e-Learner
Appendix 3: Assessing Your ICT Skills
Appendix 4: Main Sources of Dissatisfaction
Appendix 5: Referencing electronic sources
Glossary
Index

Here is the link to the site in case any of the above is of interest to you... I may be doing some shopping in the near future.
http://www.palgrave.com/skills4study/studyskills/general.asp




Tuesday, 27 May 2014

Developing Oneself ~202

Over a period of time, I have been writing about development of oneself, the reasons for development, the different approaches or  as some would say the "quick and the dirty". In real life terms, the development covered the Heriot Watt MBA via an approved learning partner, the Certificate in Financial Planning through a local Business School which is affiliated with a leading university, International Financial Reporting Standards to name a few...
One of my recent interests is Pinterest which I resisted for a long time, rationalising the delay as I was too interested in technology, I had just learnt about Facebook, this was just another fad to  I was not constant nor steady in my likes. Well to counter all those self defeating thoughts I started with a few Boards which were devoted to me, and then I added Boards on religion likening everything religious to History and Science Fiction so that I would question things pr encourage the questioning of things. That side did not last as the fairytale and historical romance reader part of me started adding castles from all over the world. The side of me which wanted to use Pinterest as a developmental tool for the company where I worked started adding pins on Classroom Management, Music, and other areas which I justified as being essential to the Undergradute programmes which are offered where I work... .. http://www.pinterest.com/jnab2001/  Of course all of these Boards were  in serious competiition to the activities which are going on around the world so that I happily viewed the photos of Pope Francis visiting Israel, I read the document and the article titled
"Common Declaration signed by Pope Francis and the Ecumenical Patriarch Bartholomew" with interest and a sense of awe, having read so many novels about the Vatican and never dreaming that they actually signed agreements and I continued to work on developing my skills with Pinterest. However just in case you take long to adapt fully and completely to new things, here are some photos nd links to articles   ....http://www.news.va/en/news/common-declaration-signed-by-pope-francis-and-the  














http://www.news.va/en/news/pope-francis-his-legacy-of-ecumenical-and-interfai

http://www.news.va/en/news/a-very-eventful-day-in-bethlehem-and-jerusalem


http://www.news.va/en/sites/pilgrimage-holy-land


Tuesday, 18 March 2014

Surviving exams 101

Last week I had my first exam in the MBA- Heriot Watt which I am "reading" for via an approved partner. I had deferred the attempt from last December for various reasons. Now I was determined to attempt the exam, just for the experience as I did not believe that I could amass enough technical knowledge, or write 3 "good enough" essays to pass. I was not aiming for excellence, just not failure.....  So having survived the attempt, here are some things which I learn't along the way and after the exam:

1.  Know and understand the pass mark for the question(s) and for the paper on the whole
     Knowing the  grades and the marks as listed below is step one in the process. The second step is to have a plan of how the attempt the questions so as to gain the most marks, either number 1, 2, 3 in that order or number 2,3,1 or number 2,1,3. This is especially important when there are different combinations of marks in each question and each question may contribute to a different weight of the marks in the paper. This is something that you will learn and decide upon as each person is different and the layout for each exam may be different. See the info below for a start to the assessment:

Results are issued by EBS approximately 6 weeks after the relevant diet. You will receive both a grade and a percentage, as follows:
X for 80% or above.
A for 65% to 79%.
B for 50% to 64%.
C for 45% to 49% (fail).
D for less than 45% (fail).


http://www.ebsglobal.net/programmes/examinations


2.    Timing is important.
       Prior to the exam, this meant working out the number of minutes which would be spent on each question. On the day of the exam, this translated into allocating, not only the number of minutes for the question, but the start and end time for each question in the order in which it was chosen to be attempted. Writing down the start and end times at the top of each page of the question was a visual reminder of the start and stop time and this freed up my mind to focus on the important things. More importantly, sticking to the schedule meant that I gave myself the best opportunity to gain the most marks possible, since it is easier to earn marks on a new question, than to try to increase the marks on the existing question. I can go back if there is time to spare, however each question contributes so much to the whole and no more.
       
3.    Technical knowledge matters
       Most of my revision took place over a relatively short period of time which included the the four days of Carnival, Ash Wednesday  and the remaining days to the exam which was on a Monday morning after Carnival. Thus after a weekend of writing essays and not being happy with the results, on Ash Wednesday and Thursday I started learning or relearning.  Luckily, my text came in soft copy or PDF and I had slides from the lectures, which I had not printed. So I started reading and selecting the information which I wanted to retain/study indepth for printing. Thus if the slide was the preferred source based on the time of the day, that was read and printed. If the summaries in the book were to be relearn't, then those were printed. I kept reminding myself that I had time. Paper clips were handy, for keeping chapters together and  so were plastic cases for easy storage of information for transporting. I had  to learn and relearn and I had to be patient with myself.

4.    Review past papers and model answers
       Prior to my review period, I had printed the questions and both the examiner's solution and the student's solution for all of the questions which were available. There was to be no cheating... For me to have a reasonable chance I had to put my thoughts on paper and  see where I agreed or disagree with both parties as well as develop my writing skills and the discipline of putting a reasonable response in the time required. If I did enough  questions from the papers cold turkey, to an estimate of the time that I would have in the exam, I could develop enough "thinking on the spot" experience to function on the day fairly competently.

5.     Practice, practice, practice
         Yes, I wrote some more essays! I re read the papers which I had written, so that I could refresh my knowledge of  the topics which were covered previously, the style of questions, where was I with my thinking, identify where I needed to fine tune the concepts, add more "technical phrases", where  was I strong or weak due to a natural bias. 
       Remember this is a tertiary level exam and if the response seems to be too simple for the question which is asked, then ask yourself, what else can be added that is relevant, how do I add knowledge which will add value should this be a real life situation which is placed in front of me. This was particularly applicable in relation to a buying situation, where there is a straight rebuy, a modified rebuy, a new task buy, a buying centre, the composition of  the team of a buying centre, the working of the buying centre as it relates to an upstream or downstream entity in an industry. The application of the concept was where the practical experience, knowledge and imagination helped. Of course I could be wrong in my thinking and in what I think the examiner or marker is looking for.

6.      Understand your strengths and weaknesses
          The writing of the essays helped me to understand, that I would veer towards market development over market penetration (see Ansoff's Product Market Matrix) just as  I would veer towards geographic and demographic analysis, to name a few.... I would leap to the use of/ the benefits of earnings and a marketing strategy geared towards foreign currencies, rather than start with the models which we had to learn and apply. Whether any other student was inclined towards using  foreign currencies in their marketing strategy, that was key to my marketing strategy, I was weak without a foreign market/ foreign currency to consider. 
I also had to learn when to let go and take a break, get some rest, have family time, so that I was functional after the exam as life had to go on.

7. Hope for the best
    Hope for the best characterises so many things:, such as if you are optimistic, chances are you will see the opportunities rather than the pit falls and you will be able to write creatively, you will be refreshed rather than tired and weary. There are so many things that you can control and so many things that you have to experience, that you have to leave room for opportunity to work for you.

8    Conduct a post mortem
       After the exam, I have conducted several post mortems and I have realised  things as follows:
  • I may not have this opportunity again for the exam to occur so close to Carnival as this timing will not occur for awhile. This impacted on the number of days which I took as vacation.   Also this will mean that I have to start preparing earlier for the next exam so as to improve on the things which I learn't as well as learn new things.
  • A minor diet is followed by a major diet, where there will be more persons sitting the exams. So this can impact on both the type of question as well as the scoring in a particular exam.
  • The core subjects tend to be offered in the minor diets and not every core subject will be offered in each minor diet, so I will have to chose my classes wisely in case I need to defer my exams as another lecturer pointed out.
  • Go ahead and start another course, as some of the information in the other module will feed into the knowledge  for the exam which you are preparing to sit.
  • Work out how many marks which you think that you could have earned easily or not. This meant having a worst case and  a reasonable case.  There was no best case, just to be pessimistic...
  • Try to memorise as many models and applications as possible in case you have to resit..
  • Try to keep calm in the period when you are awaiting results as stress uses energy.
Thank you.