Partnership In Construction Industry And Tax Audit

Legality of partnershipsPartnerships are a form of joint-venture between private individuals and legal entities which is obliged to know, execute and act in compliance with the requirements of the Law “On VAT”, the Law “On income tax”, the Law “On collection of social and health insurance contributions”, and the Law “On local tax system” in order to be able to exercise a temporary joint activity for profit purposes.Legal requirements for partnerships function in the same way as for all other taxpayers subject to the above-mentioned laws and they are not exempted unless such exemption for partnerships is the result of an inter-governmental agreement, ratified by their respective parliaments.Partnerships of investors and owners in constructionInvestors or owners of a construction project often have difficulty to finance their project due to the lack of sufficient capital, human resources or technical equipment to implement it. By establishing a joint-venture as a union of private individuals and legal entities to exercise a temporary, joint and for-profit activity, construction project investors and owners often manage to overcome difficulties and accomplish their goals. Although not separate legal entities, such joint-ventures have their advantages and disadvantages. However, they are necessary for construction investors and their quality development.Partnerships of construction contractorsConstruction projects may be implemented by joint ventures of contractors, which are considered partnerships from the perspective the Law “On income tax”. Usually partnerships are created for a specific purpose (project, contract, work) and a limited period of time. Partnerships created for implementing similar construction projects are registered and subject to the same laws that apply to partnerships of investors and owners.In cooperation with interest groups and other public administration institutions, at the end of each year the Ministry of Finances presents instructions and rules relative to changes in taxes administered by tax authorities.In order to gain juridical capacity, a partnership between two or more private individuals or legal entities, which can register with the tax administration without a decision from the NRC, will simply complete the required steps described in the Law “On tax procedures”.Partnerships have the obligation to prepare financial balance sheets presenting financial indicators of their activity. Although they may not be registered as entities with special juridical capacity, according to fiscal legislation, they are obliged to declare closure of their activity and complete relevant closure procedures with the Tax Office, and simultaneously with the NRC, which has issued the certificate for exercising their activity.Auditing Investors’ partnershipsDuring audits of partnerships created for financing construction projects, it is important to take into consideration issues relative to creation, activity and liquidation of partnerships. Each partner brings individual resources in a partnership and can be compensated in different ways. Auditors should get acquainted with plenty of specific information, especially information made known to the partners by the Administrative Council. Such information specifically relates to:- Fairness of information provided to partners;
– Management report;
– Contracted construction project;
– Respect of equality between partners based on their contribution;
– Movement of partnership members;
– Modification of partnership accounting presentation and assessment;
– Irregularities, errors and violations identified;Review of fairness of information provided to partners is made:- On one hand, by reviewing the Administrative Council management report and annexes, whether they are mandatory or not, and;
– On the other hand, by checking all documents on partnership’s financial situation and accounting that are addressed to partners.
Audit of a partnership’s balance sheet is conducted in the same way as described above.Auditing contractor partnershipsTax auditors auditing partnerships created for implementing construction projects should be aware of the specific issues relative to their creation, activity and liquidation. Each partner brings individual resources into the partnership and can be compensated in different ways. Parties should be considered independently.Such perspective often leads to potential questions and problems, such as:- What resources (fixed assets, capital, services, etc.) has each party contributed into the partnership?
– What is the value and basis of property each of them has contributed?
– Which of the partnership members has more active contributions?
– Which are the partnership profit, loss and distribution rates?
– Have there been changes in the property structure inside the partnership?
– Has the partnership distributed liquidities?
– What type of property has been distributed and who are the beneficiaries?
– How is the construction company compensated for its work (in Lek, capital growth, etc.)?
– How does the construction company allocate direct costs in the partnership project?
– What impact does project implementation have on the contract between parties?Audit of a partnership’s balance sheet and its activity declarations is similar to audits of other juridical forms exercising similar activity, despite their form of organization.Requests for information from partnershipsAccording to these construction industrial notes, the history of partnership incomes is very important in calculating their tax obligations and conducting transparent tax audits and assessments, in compliance with the specific legislation for this sector. Incomes indicate the tendency of transactions.- Costs incurred (deductible or non-deductible) are another important factor for crosschecking the situation of economic activity. Such costs have already been explained in details in the fiscal legislation.
– It is important to have an understanding of labor force in terms of its distribution by types of activity, its share in production and evasion, in terms of zones and employment rates, etc.
– Actives of an economic activity are another significant criterion for the activity of a partnership.
– Loans and obligations of a particular economic activity observed at the moment of tax audits represent a substantial indicator in terms of the assessment of their activity progress and potential abuses with obligations. A breakdown of this group (partners’ accounts, 1-year loans, etc) reveals analytic indicators and shows the importance of the above criterion.All the above would be insufficient to complete the framework of information on partnerships. In any case, the situation should be carefully studied in advance and this can help to frame the questions to be answered.

General Scope of Health Care Administration

It will not be wrong if we say that this is challenging time for health care administration. Increase in world’s population, high rate of diseases and increased pollution has over loaded the facilities and it is a real test of administrators.To cater for such a rush there is a terrible need of professional administration staff, who can handle the ongoing situation efficiently. This high demand of professionals has made this filed a lucrative one; therefore more people are rushing towards institutes in order to gain knowledge and degrees related to health care management or administration.MBA in Health Care Administration is the most popular masters degree program these days. An effective MBA program in this field should offer following training parameters.• How and where it is to be delivered?
• Who can provide these services?
• How it is financed?The above mentioned parameters are the basics upon which the complete MBA in Health Care Administration is normally planned.With a rapid increase in health facilities all around the globe, administrators are required in following setups.• Hospitals and Clinics
• Mental Hospitals
• Public Health Organization
• Rehabilitation Centers
• Health Consulting Facilities
• Nursing Homes
• Children Hospitals
• PharmaciesMBA in Health Administration is a full of opportunities degree. According to a careful survey more than 1 million people are connected to this profession all around the United States of America. They are serving as department heads and chief executives of several health organizations.In fact, health care organizations are in need of dedicated, professional and effective administrators who can understand their problems and concerns as a doctor. Keeping this particular point of view this special MBA program has been designed.

MBA in Health Care Management

The health industry is at a booming pace now days. In case you want to have a future in this related industry then it becomes very essential for you to choose an apt course that can make things work for you. For instance, if you decide to do MBA in Health Management then you must pursue your course after understanding the relevance and importance of that course in enhancing your professional life. Apart from this, there are various other facts that you need to keep in mind before going for any specific health care education.Why seeking for health and well being education?Well, this is for all the courses, whenever you choose to go for any higher education you must be clear in your mind that why do you want to do this and what can you gain out of it. If you are clear with this, you will concentrate more on your education and will aim for a better future. If we talk about specifically for this health care field, then it has dual benefits. Firstly, immense monetary gain and secondly you are in a way helping people through your work.Career opportunities• Professional outlook: Being a graduate you may practice your skills and by the time you your MBA or any other health care management degree, you can easily look forward to a lucrative and responsible career ahead. Apart from this, if you are not interested in hard core health service then once you pursue MBA in this particular field you may even opt to become a financial manager or administrator for that matter.• Monetary prospects: As far as your annual income is concerned, pursuing a career in this field can really prove to be lucrative and money making for you.Degree SpecificationsThe course material vary from one institution to another thus, there is no specific detail on what all will you learn out of it. There are various types of courses addressing students requirement such as full time, part time, distance, executive or evening courses. All these courses in Health care Management try to fulfill the objective of the student. Health System Management, Health Information Technology, Law and Ethics in Health management, Managerial Communications, Financial Management, etc. are few relevant course materials that are taught to sharpen the skills of the students in this particular course.The degree of MBA in this field makes you capable of handling the responsibilities, keeps you updated with the technology and imparts knowledge to grow you as an individual and as a professional.