The ACCA has done the collected the data and below is the list of ACCA June 2011 Exam Passing Rate (worldwide):-
F1 - 70%;
F2 - 57%;
F3 - 55%;
F4 - 55%;
F5 - 37%;
F6 - 51%;
F7 - 38%;
F8 - 40%;
F9 – 38%;
P1 - 52%;
P2 - 50%;
P3 - 47%;
P4 - 30%;
P5 - 35%;
P6 - 45%;
P7 - 31%
via PQ Mag
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The Securities Commission is investigating on these matters.
The Star reveals it now. Written by Kang Beng Hoe, who is an executive director of Taxand Malaysia Sdn Bhd, a member firm of Taxand, the first global organisation of independent tax firms.
It is logical because if you could afford to purchase hefty or luxury items, then you must not be underpaying your taxes! Here's what he said about the method being used to determine your net worth.
The basic net worth formula looks at a person's increase in net worth over a year. To this is added expenses, which are not tax deductible, including living expenses. The result is income for the year, which should have been reported. Compare this with what was reported and the taxman would have a figure, which represents understated income.
The preparation of a net worth statement is laborious and time consuming. Expect detailed line-by-line examination of bank statements, financial statements to creditors and other relevant documents evidencing asset purchases or other spending. Safe deposit boxes are not safe hiding places as these could be sealed off pending examination of their contents.
Defences put up range from the typical to the bizarre:
(1) Cash at start of the statement period had been claimed to have been hidden in mattresses, shoeboxes and garden sheds, etc.
(2) Monies were borrowed from relatives, friends and business associates.
(3) Assets were jointly owned by the spouse before the start of the enquiry period, or the taxpayer is the owner in name only and that the real owner may not be under investigation.
(4) Net worth increases were due to gifts, inheritances, insurance proceeds and even gambling or lottery winnings.
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