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(c) Explain the term ‘target costing’ and how it may be applied by GWCC. Briefly discuss any potential
limitations in its application. (8 marks)
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(b) state the rules relating to the award of liquidated damages; (6 marks)
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In relation to the Property Law of China:
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(b) state the forms to establish the right to use the land for construction; (3 marks)
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(b) Draft a report as at today’s date advising Cutlass Inc on its proposed activities. The report should cover the
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(i) The rate at which the profits of Cutlass Inc will be taxed. This section of the report should explain:
– the company’s residency position and what Ben and Amy would have to do in order for the company
to be regarded as resident in the UK under the double tax treaty;
– the meaning of the term ‘permanent establishment’ and the implications of Cutlass Inc having a
permanent establishment in Sharpenia;
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