Belmont Report

Ethics are an important aspect of doing any n’ everything in one’s life. Be it your daily routine tasks/chores or your job or business environment. We should keep our integrity intact by providing consistency in goods & service. Secondly we should also abide by the regulations and restrain from un-ethical practices during any phase of our businesses in a socially responsible manner so that we can inculcate a sound business environment with least implication and externalities towards the surroundings.Overview:The Belmont Report states the duties of the National Commission on Health about different types of business practices and the ethical issues involved. The report provides a guideline as to how to prevent issues which harm the elements of the environment (including animals). Following are some major targets of the report; ? The basic ethical principles that should be taken into consideration while conducting any type of biomedical and/or behavioral research which inv olves any human subjects. ? To develop the guidelines to be complied so as to assure the particular research study is being conducted in accordance with those principles.The commission was also directed to consider; ? The boundaries between biomedical and behavioral research and the accepted and routine practice of medicine, ? The role of assessment of risk-benefit criteria in the determination of the appropriateness of research involving human subjects, ? Appropriate guidelines for the selection of human subjects for participation in such research, & ? The nature and definition of informed consent in various research settings (Folkman, 2000). Nonetheless scientific research has often produced substantial benefits to the society.It has also raised some problematic ethical questions. Public awareness grew on these issues due to reported abuses of human subjects in certain biomedical experiments (Saunders, 2004). This involved the physicians and scientists who had conducted biomedical experiments on war prisoners. This led to the legislation being made about any type of research involving human subjects that it would be carried out in an ethical manner. Three traditionally accepted principals regarding the implications are; Respect for Persons:Respect for a person includes two ethical convictions i. e. the individuals should be treated as autonomous elements/agents and that people with diminished autonomy should be given protection. Beneficence: Respect for people as individuals isn’t enough. We should also be considering making efforts to secure the well being of individuals. Justice: No individual or group of individual should be denied justice with regard to their right to have it. The benefit therefore to all individuals should be given in a ‘just’ manner without any bias and/or discrimination. Conclusion:Thus the Belmont Report provides a complete and detailed guideline to direct the way how research is being conducted and experimentatio n been done on any of the human subjects and strictly attempts the organizations to abide by it. References 1. Saunders William L. (2004) Lethal experimentation on human beings: Roe's effect on bioethics: An article from: Fordham Urban Law Journal. 2. Engelhardt H. Tristram (1988) The Use of Human Beings in Research: With Special Reference to Clinical Trials: Springer. 3. Folkman Susan (2000) Ethics in Research With Human Participants: American Psychological Association.

Music and Tourism in Scotland Essay

Scottish Tourism bloomed in the 1990s due to major cultural changes in society. Scotland began to create a new identity through the use of media that promoted the social and cultural attributes of the country. Scotland’s home-grown artists were used as a voice at the forefront of the promotion of Scotland’s culture and heritage to world tourism. My essay will consider a range of issues surrounding the relationship between Scottish tourism and the development of Scottish music during the 1990s. It will consider the artists and songs that played a key role in the development of Scotland’s national identity through outlining particular advertising campaigns used to promote for Scottish tourism. My essay will also discuss the future plans for Scottish Tourism and how music will be part of them. Scottish Music and Scottish Tourism Tourism contributes an enormous part of the economy in Scotland – boasting a visitor spend of approximately  £4b per year. As a tourist destination, Scotland boasts idyllic opportunities for its visitors such as the hillwalking the Munro Mountains, fishing the River Tay, immersing in the history of Edinburgh or Stirling and admiring the cultural diversities of Glasgow. These opportunities are realised and exploited by Government body: Creative Scotland, which was set up in 1993 and is dedicated to supporting the promotion of culture in Scotland on both national and international levels. Creative Scotland support the current Scottish Governments Corporate Plan, which promises: ‘To focus Government and public services on creating a more successful country, with opportunities for all of Scotland to flourish, through increasing sustainable economic growth.’ Scotland has developed an exceedingly strong worldwide reputation for its diverse culture and is continuing to do so by championing music and the arts through large scale events and festivals such as Celtic Connections, a relatively new festival of traditional Scottish music which is exclusively held across a number of high-profile venues in Glasgow including the flagship Glasgow Royal Concert Hall which was opened as part of the cultural renaissance of Glasgow in 1990 with Glasgow becoming a European City of Culture in 1990. The formation of this festival alone has increased global interest from its multiple televised broadcasts on BBC and HD and a promotional tour to Chicago in 2012 during the Ryder Cup at the nearby Merdinah Country Club. Another notable festival is T in the Park which is sponsored by Scottish Brewery; Tennents. Established in Glasgow in 1993, the festival will celebrate its 20th anniversary in 2013 and showcases international artists with a focus on new and established Scottish acts such as Scottish Band; Travis, who gained international recognition through performing at the festival from 1994 as an unsigned band and subsequently becoming a headlining act of the festival in 2000. The festival moved to Perthshire in 1997 and politicians in the area were united to promote ‘A Soundtrack for Scotland’s Tourism’, linking traditional music and tourism and diversifying the tourist industry. The festival attracts 85,000 people from all over Britain and in some cases worldwide, to Fife, Scotland, the festival has become: ‘One of the most important and critically acclaimed music events on the international festival circuit.’ The festival has been televised on BBC and footage of the festival includes shots of the backdrop landscape of Kinross and Fife regions. Promoting Scottish Nationalism and Tourism with Music in Sports & Branding Branded produce from Scotland provided the tourism sector with an indirect source of advertising the heritage and culture of Scotland during the 1990s. Many advertising campaigns were televised; in particular for the alcohol industry, which used iconic songs synced with images of rural and urban Scottish landscapes which helped create an escapist image of Scotland. An example of this would be Tennents’ Lager, who used Dougie Maclean’s song Caledonia against the imagery of a grimy busy city with arrogant people compared to the contrasting escapist, social, warm and friendly atmosphere of a public house in Edinburgh The sense of nationalism and pride in the cultural diversity in Scotland went from strength to strength in the early 1990s. Scotland celebrated a period of excellence in sport on a global scale which also helped boost the number of visitors to the country. Although Scotland’s national football team failed to advance through the group stages of all the World Cup tournaments in the 1990s including Italy, USA and France respectively, Scotland’s national Rugby team celebrated international success, beating England 13-7 in the 1990 Five Nations Grand Slam. This event penned The Corries lament: ‘Flower of Scotland’ as the unofficial national anthem of Scotland, boosting the national pride and identity and has been used ever since at most sporting events. The song was written to: ‘Kindle a new awareness of what is being lost and what can be regained. Scotland’s resistance, not its defeat is stressed here.’ Another notable use of Scottish music for advertising Scottish Tourism is the 1997 television campaign which used The Silencers version of Wild Mountain Thyme, which is a traditional piece of music popularised by the particular advert which featured iconic scenes of Scotland’s rural landscapes, castles and activities such as travel, surfing and walking. The advert quoted Scottish Poet Norman MacCaig who wrote about Scotland: ‘Only men’s minds could have unmapped into abstraction such a territory.’ Another song of note which relates to a worldwide audience and captures the picturesque imagery of Scottish landscapes would be Runrig’s version of the traditional Scots Lament; ‘Loch Lomond’, which was voted as Scotland’s best song by a reader poll in Scottish publication The List in 2008, beating Dignity by Deacon Blue, Caledonia by Dougie MacLean and 500 Miles by the Proclaimers, all of whom are regarded as Scottish Nationalist artists with Pete Wishart, Keyboardist of Runrig being elected as an SNP MP at Westminster in 2001. Conclusion – The Future of Scottish Nationalism and Tourism Scotland’s culture and heritage will continue to grow in the tourism spotlight through the commitment of Creative Scotland and its relationship with VisitScotland which is evident from its goals: ‘Creative Scotland’s ambition is to see Scotland as one of the world’s most creative nations by 2020.’ An example of this commitment is apparent as 2012 is the ‘Year of Creative Scotland’ which continues the celebrations of Scottish culture and promotes it to the world through festivals such as the Sound Festival which will be held over October and November and aims to bring visitors to the North East areas of Scotland to enjoy alternative music of Scotland. The internet has increasingly become a major role in the promotion of Scotland’s live music events with internet website; www.visitscotland.co.uk, acting as the information and marketing gateway for prospective visitors to find information, link to external websites such as event homepages and furthermore, purchase event tickets directly with great ease. Glasgow will again become City Of Culture in 2014 and will host the Commonwealth Games and the Ryder Cup, which will be an ideal opportunity for sports and Scottish music to join forces once again.

Air Pollution in Malaysia

In the fourteenth and fifteenth century, British tax assessors used ownership or occupancy of property to estimate a taxpayer’s ability to pay. In time the tax came to be regarded as a tax on the property itself. In the United Kingdom the tax developed into a system of rates based on the annual (rental) value of property. The growth of the property tax in America was closely related to economic and political conditions on the frontier. In pre-commercial agricultural areas the property tax was a feasible source of local government revenue and equal taxation of wealth was consistent with the prevailing equalitarian ideology. When the Revolutionary War began, the colonies had well-developed tax systems that made a war against the world’s leading military power thinkable. The tax structure varied from colony to colony, but five kinds of taxes were widely used. Capitation (poll) taxes were levied at a fixed rate on all adult males and sometimes on slaves. Property taxes were usually specific taxes levied at fixed rates on enumerated items, but sometimes items were taxed according to value. Faculty taxes were levied on the faculty or earning capacity of persons following certain trades or having certain skills. Tariffs (imposts) were levied on goods imported or exported and excises were levied on consumption goods, especially liquor. -1- During the war colonial tax rates increased several fold and taxation became a matter of heated debate and some violence. Settlers far from markets complained that taxing land on a per-acre basis was unfair and demanded that property taxation be based on value. In the southern colonies light land taxes and heavy poll taxes favored wealthy landowners. In some cases, changes in the tax system caused the wealthy to complain. In New York wealthy leaders saw the excess profits tax, which had been levied on war profits, as a dangerous example of leveling tendencies. Owners of intangible property in New Jersey saw the tax on intangible property in a similar light. By the end of the war, it was obvious that the concept of equality so eloquently stated in the Declaration of Independence had far-reaching implications. Wealthy leaders and ordinary men pondered the meaning of equality and asked its implications for taxation. The leaders often saw little connection among independence, political equality, and the tax system, but many ordinary men saw an opportunity to demand changes. MALAYSIA TAXATION The property tax is a compulsory contribution to be paid by the taxpayer, where the taxpayer in return will receive benefits from the local authorities in the form of tangible and intangible services, community facilities, infrastructures and development projects for their enjoyment . In the context of property tax, enforcement of the tax is intended as a tool to drive the development of areas administered by local authorities. Property tax imposed on the taxpayer is given back by local authorities in the form of services in their respective administrative areas. The imposition of property tax is related to the role of local authorities in developing the area and providing the necessary services and facilities. According to Section 127 to section 163 of the Local Government Act 1976, local authorities are empowered to impose property tax on property owners to carry out the functions and roles of local authorities as an organization which has autonomy over the local populace. The local authorities should ensure that the management of tax collection can be implemented effectively in the development process and services provided appropriately . -2- Local authorities have important responsibilities in carrying out their functions and roles, especially in property tax management to ensure the welfare and amenity of residents can be realized. If the local authority is weak and incompetent in handling the management of the property tax it would certainly affect the results of tax collection which is to be used as financing development projects and services provided. In addition, the arrears in property taxes will increase due to poor management and will burden the local authorities. This will have an impact on the quality of work and services performed. The prevalent issue of lower tax revenue in local authorities throughout the country continues to pose a very serious predicament. Complete procedures which have been established in the provisions of the Act will guide local authorities in managing the property tax but the property tax collection performance is still under unsatisfactory level. For example, according to the Economic Report of the Ministry of Finance, revenue of the collection performance in local authorities throughout the country showed a worrying decline in the rate of decrease of 11. 7% recorded in 2007 and 0. 3% in 2008. The implications of the tax reduction has resulted in a deficit spending of RM75 million and RM1,179 million in 2007 and 2008 due to the higher prevailing costs. Collection of property tax revenue statistics generally show the majority of Malaysian local authorities collect property tax of less than 70% of the total taxable amount, while for the collection of property tax arrears show only within 30%-50%. As an example, local authorities in the state of Johor and Kuala Lumpur City Hall (Dewan Bandar Raya Kuala Lumpur, DBKL) showed that the amount of property tax arrears recorded amounted to about RM168 million and RM435 million in 2009 and this is certainly an issue of concern. This depicts the overall situation of property tax performance of local authorities in Malaysia which is in a poor condition and has not reach a satisfactory level, where the country’s agenda has set the target and vision to encompass about 70% of communities in Malaysia will be living in municipal areas in the year of 2020. -3- TYPES OF PROPERTY TAX IN MALAYSIA Tax on property was introduced in 1974 under the Land Speculation Tax Act. This was subsequently replaced with the Real Property Gains Tax Act in November 1975. Although in existence since the mid-70s, the Government pro-actively adjusted the rates of the RPGT through the years to cater to the property market conditions. It’s natural for most people to react to the reintroduction of RPGT, having enjoyed full exemption for a few years previously, however, compared to the original rates of RPGT which range up to 30%, the recent hike of up to 10% is actually quite mild. There are several types of property tax in Malaysia and they are as follows . A) Assessment tax B) Quit rent C) Capital gain tax D) Inheritance tax E) Others tax A) ASSESSMENT TAX : Assessment tax is a type of local tax which is only applicable on the residential property. Rate of assessment tax is based on the yearly rental amount of the property on rent. This tax is assessed by the local authorities. Rules and regulations of the assessment tax are as follows : Usually assessment tax has a flat value of 6%. This assessment tax is to be paid in two installments. The scope of taxation are for a resident individual is assessable on income derived from sources in Malaysia and income received in Malaysia from outside Malaysia. W. e. f. Y/A 2004 income remitted into Malaysia from overseas by a resident individual, a trust body, a cooperative and a Hindu Joint Family is exempted from income tax. Second, for non-resident individual is assessable only on income derived from sources in Malaysia. -4- Third, for a resident company is assessable on income derived from Malaysia and ncome remitted to Malaysia from sources outside Malaysia. Starting Year of Assessment 1995 onwards only income derived from Malaysia are taxable. Banking, insurance, shipping and air transport businesses are taxed on world income scope. The Imputation Systems is applicable. Fourth, for a non-resident company is liable to Malaysian tax when it carries on a business through a permanent establishment in Malaysia and is assessable on income derived only from sources within Malay sia. There have two types of resident status : ) First, the resident status of individuals : For tax purposes, the tax residence status is determined by the duration of stay in Malaysia, and is not bound by reference to the nationality or citizenship. If a person stays in Malaysia for at least 182 days (not necessarily consecutive) in a calendar year, he would be treated as a resident. However, there are other conditions where the individual can be treated as a resident even if he stays for less than 182 days. An individual is resident in Malaysia in the basis year of assessment if he: is in Malaysia for not less than 182 days in the relevant basis year, is in Malaysia for a period of less than 182 days in the basis year and that period is linked to another period where he is continuously in Malaysia for not less than 182 days immediately before or after the relevant basis year. Where temporary absence occur, the period of temporary absence can be taken to form part of such period, where he is in Malaysia, immediately prior to or after the temporary absence, -5- is in Malaysia for not less than 90 days (need not be consecutive) in the asis year and is resident or has been in Malaysia for 90 days or more in 3 out of the 4 preceding years of assessment; or has not been in Malaysia in the relevant basis year but he is deemed to be resident in Malaysia in the relevant basis year if he is resident in Malaysia in the following basis year and also in the each of the 3 basis year immediately preceding the relevant basis year . Example 1: Resident Status John arrived in Malaysia on 1. 4. 2003 and stayed on until 15. 11. 2003 (total 229 days). Hence, John is resident for the year of assessment 2003 since he stayed in Malaysia for more than 182 days in the year 2003. ) Second, the resident status of companies : A company is deemed to be resident if at any time during a basis year for a Year of Assessment, the management and control of its business is exercised in Mala ysia. -6- B) QUIT RENT : Quit rent is also a type of local tax. Quit rent tax in imposes on all types of landed properties. This tax is payable annually. The rate of quit tax is 0. 003 to 0. 006 US dollars per square foot. Liability of this quit rent tax is usually figures less than 31 US dollars . Stamp duty for the transfer of the real property of RM 250,000 value is now halved. This new benefit on stamp duties was allowed on the 2008 budget. Stamp duty tax is one of the important Malaysia property taxes applicable within the country. For comparison, the stamp duties within the year 2007 and 2008 are given bellow. PRICE STAMP RM 250,000 RM 150,000 RM 350,000 STAMP DUTY IN 2007 RM 4,500 RM 2,000 RM 6,000 STAMP DUTY IN 2008 RM 2,250 (-50%) RM 1,000 (-50%) RM 6,000 (UNCHANGED) C) CAPITAL GAIN TAX : Capital gains tax is not applicable any type of income. Capital Gains tax was abolished on first April 2007. This relaxation also includes Malaysia real estate capital gains tax on all types of properties. Previously Capital Gains Tax was called Real Property Gains Tax and was applicable on the foreigners only. These Capital Gains Taxes had a direct value of 30% on all the income gains due to disposal of the property during period of five years. In this way RPGT becomes 5% thereafter. The 2012 Budget unveiled on 7 October 2011 included a revision of the Real -7- Property Gains Tax (RPGT) rate from the 5% to 10% as part of the Government’s efforts to curb property speculation. The increase was recently gazetted and took effect from 1 January 2012 onwards. Jennifer Chang studies the impact of this move on property purchasers. The rate of 10% applies to gains on properties held and disposed within two years while gains on properties held and disposed between two and five years will be levied a 5% RPGT rate and disposals after five years continue to be exempted from RPGT. RPGT is a form of capital gains tax that is chargeable on gains arising from the disposal of real property, which is defined as: †¢ Any land situated in Malaysia and any interest, option or other right in or over such land; †¢ Shares in a real property company. Anyone disposing of real property in Malaysia whether a resident or non-resident will be charged RPGT on the gains. D) INHERITANCE TAX Inheritance Tax is not assigned in Malaysia. E) OTHER TAXES VAT tax is not charged in Malaysia. On the other hand, government sale tax is charged. The value of 5% GST is assigned on all the hotel and restaurant bills. GST is also charged on other professional bills including lawyer’s bills. -8- INCOME CHARGEABLE TO TAX : ? Gains or profits from a business for whatever period of time carried on. ? Gains or profits from an employment. ? Dividends, Interests or Discounts. Rents, Royalties or Premiums. ? Pensions, annuities or other periodical payments not falling under any of the foregoing paragraphs. ? Gains or profits not falling under any of the foregoing paragraphs. ? Special classes of income. TAX EXEMPTIONS FOR INDIVIDUALS 1. Leave passages within Malaysia not exceeding three times on a year and one leave passage outside Malaysia not excee ding RM3000 2. Medical and dental benefit. 3. Retirement gratuity The full amount of gratuity received by an employee on retirement from employment is exempt if: i. He retires due to ill health; ii. He is an employee in the public sector who has opted for optional retirement or on termination of a contract of employment; or iii. If he retires at the age of 55 or at the compulsory age of retirement under any written law provided that he has been in the service of the same employer or with companies in the same group, for at least 10 years -9- 4. Compensation For loss Of Employment Compensation payment received by an employee for the loss of employment is exempt from tax at a sum of RM6, 000 per completed year of service with the same employer or with companies in the same group. However, the compensation payment received by an employee will be fully exempted from tax if the loss of employment is due to ill health. The tax exemption of RM6,000 per completed year of service is not given in respect of the compensation received by a director (not being a service director) of a controlled company. 5. Pensions Pensions received by an individual are exempt under the following conditions: I. He retires at the age of 55 or at the compulsory age of retirement under any written law; or II. He retires due to ill health For an employee in the public sector who elects for optional retirement, his pension will be taxed until he attains the age of 55 or the compulsory age of retirement under any written law. Where an individual receives more than one pension, the exemption is restricted to the highest pension received by him 6. Death gratuities. 7. Scholarships. 8. Income of an individual resident in Malaysia in respect of his appearances in cultural performances approved by the Minister. 10 9. Interests An individual resident in Malaysia is exempt from tax in espect of the interest received from the following savings or investments:- i. Interest that accrues in respect of any savings deposited with Bank Simpanan Nasional (BSN). ii. Interest or bonus which accrues in respect of money deposited with Bank Simpanan Nasional under the Save as You Earn scheme. iii. Interest which accrues on savings deposits of up to RM100, 000 with a registered cooperative society, Bank Pertan ian Malaysia, Malaysia Building Society Berhad, Borneo Housing Mortgage Finance Bhd, or with any other institution approved by the Minister of Finance. v. Bonus which accrues in respect of money deposits in any savings account with Lembaga Tabung Haji. v. Interest which accrues on savings deposits of up to RM100,000 with a bank or finance company licensed under the Banking and Financial Institutions Act 1989 (BAFIA 1989). vi. Interest which accrues in respect of any fixed deposits account (including negotiable certificates of deposits) of up to RM100,000 for a period not exceeding twelve months with Bank Pertanian Malaysia, Bank Kerjasama Rakyat Malaysia Bhg. Bank Simpanan Nasional, Borneo Housing Mortgage Finance Bhd. , Malaysia Building Society Bhd. , or a Bank of finance company licensed under BAFIA 1989. 11 vii. Interest which accrues in respect of any fixed deposit account (including negotiable certificates of deposits) for a period exceeding twelve months with Bank Pertanian Malaysia, Bank Kerjasama Rakyat Malaysia Bhd. , Bank Simpanan Nasional, Borneo Housing Mortgage Finance Bhd. , Malaysia Building Society Bhd. , or a bank or finance company licensed under BAFIA 1989. viii. Gains or profits which accrues on deposits of up to RM100,000 in respect of money deposited in any savings account under the interest-Free Banking Scheme (IFBS) with a bank or finance company licensed under BAFIA 1989 or the Islamic Banking Act 1983, Bank Kerjasama Rakyat and Bank Simpanan Nasional. ix. Gains or profits which accrues in respects of money deposited in any investment account of up to RM100,000 for a period not exceeding twelve months with a bank or finance company licensed under BAFIA 1989 or the Islamic Banking Act 1983, Bank Kerjasama Rakyat and Bank Simpanan Nasional. x. Gains or profits which accrue in respect of money deposited in any investment account for a period of twelve month of more under the interest Free Banking Scheme with a bank or finance company licensed under BAFIA 1989 or the Islamic Banking Act 1983. xi. Gains or profits which accrue in respect of money deposits in any investment account under the interest Free Banking Scheme of up to RM100,000for a period of twelve months or more with Bank Kerjasama Rakyat and Bank Simpanan Nasional. 12 xii. Interest from securities or bonds issued or guaranteed by the Malaysian Government. xiii. Interest from debenture (other than convertible loan stock) approved by the Securities Commission. xiv. Interest earned from Bon Simpanan Malaysia issued by the Bank Negara Malaysia. xv. Interest earned from the Merdeka Bonds issued by the Bank Negara Malaysia (effective year of assessment 2004). xvi. Interest earned from a unit trust which is derived from Malaysia and paid or credited by any bank or financial institution licensed under the Banking and Financial Institution Act 1989 (BAFIA 1989) or the Islamic Banking Act 1983. 10. Dividends The following dividends are exempt formed tax: I. Dividends received from exempt accounts of companies. II. Dividends received from cooperative societies. III. Dividends received from a unit trust approved by the Minister of Finance such as Amanah Saham Bumiputra. IV. Dividends received from a unit trust approved by the Minister of Finance where 90% or more of the investment is in government securities. 13 11. Royalties An individual resident in Malaysia is exempt from tax in respect of royalties are as follows: Types of Services/ Amount per annum art works payment for to be exempted (RM) i. Artistic work (other than original paintings) 6,000 ii. Recording discs or tapes 6,000 iii. Translation upon request by any agency a) of the Ministry of Education or Attomey b) General Chambers 12,000 iv. Literary work or original painting 20,000 v. Musical composition 20,000 vi. Cultural performances Approval by Minister However, the exemption does not apply to paragraph (iii), (v) and (vi), if the payment received forms part of his emoluments in the exercise of the individuals official duties. 12. Income Remitted from Outside Malaysia With effect from the year of assessment 2004, income derived from outside Malaysia and received in Malaysia by resident individual is exempted from tax. 3. Fees or Honorarium for Expert Services With effect from the year of assessment 2004, fees or honorarium received by an individual in respect of services provided for purposes of validation, moderation or accreditation of franchised education programs in higher educational institutions is exempted. The services provided by an individual concerned have to be verified and acknowledged by the Lembaga Akreditasi Negara (LAN). However, the exemption does not apply if the payment received forms part of his emoluments in the exercise of his official duties. 14 14. Income Derived from Research Findings With effect from the year of assessment 2004, income received by an individual from the commercialization of the scientific research finding is given tax exemption of 50% on the statutory income in the basis year for a year of assessment for 5 years from the date the payment is made. The individual scientist who received the said payment must be a citizen and a resident in Malaysia. The commercialized research findings must be verified by the Ministry of Science, Technology and Environment. NOTIFICATION OF CHARGEABILITY TO TAX If an individual is taxable and has never received any income tax return form before, he has a duty to notify chargeability to the nearest LHDNM office and request for an Income Tax Return Form. If an individual already has an income tax file but has not receive an income tax return form by 31st March, he must immediately request for the said form from the LHDNM office which issued his last income tax return form. A taxpayer could also download an income tax return form from the LHDNM website http://www. hasil. rg. my. He must then complete and submit the return to the LHDNM office using the address where his income tax file is situated. In the case of a foreigner employed in this country he must give notice of chargeability to the nearest LHDNM office within 2 months of arrival in Malaysia. 15 FILING OF TAX RETURN The completed and signed Income Tax Return is substituted to LHDNM office before or by the required date, and the completed tax retu rn should be sent to the address of LHDNM office indicated on the said form. NON-RESIDENT CITIZEN RELIEF 1. Non-Resident Citizen Relief shall be allowed to an individual who is a citizen but not resident for the basis year for a year of assessment by reason of his employment (in the public services or the services of a statutory authority) which is exercised outside Malaysia 2. An individual who is claiming relief under this provision, should make his claim in the prescribed form and should furnish such further particulars as may be required by the LHDNM. TEMPORARY VISITORS PROFESSIONAL VISIT PASS All non-residents entering Malaysia using professional visit passes (excluding public entertainers) are categorized as temporary visitors. A sponsor for a temporary visitor is required to submit a letter of notification from the LHDNM to the Immigration Department when applying for a professional visit pass. The sponsor should make a written application to the LHDNM providing personal details of the temporary visitor and also submit a copy of the contract / offer letter or other relevant documents. The application for the letter of notification has to be made to: Director, Inland Revenue Board of Malaysia, Non-Resident Branch, Unit 11 (NR/IV),10th 11th Floor, Block 11, Government Office Complex, Jalan Duta, 50600 Kuala Lumpur . 16 IMPUTATION SYSTEM The income tax chargeable on a resident company is credited into a tax account which can be utilized to frank payment of dividends to shareholders. Income tax paid by a company is imputed to the shareholders by means of imputation credits attached to dividends. Where the franking of payment of dividends exceeds the tax credit available in the tax account, the deficit become s a debt due which is payable by the company upon requisition. The imputation system does not apply to a non-resident company and such companies are not subject to dividend franking. WHY MALAYSIA’S GOVERNMENT IMPOSE PROPERTY TAX ? MALAYSIA’ We take RPGT as one of property tax that government imposed in Malaysia . There are many reasons why RPGT is imposed . One of the more significant reasons why the government imposes this tax is to curb property speculation to avoid property bubbles forming . From time to time, the government may decide to increase or decrease RPGT to suit their agenda e. g. they could reduce RPGT to encourage investments (this actually happened between 1 April 2007 – 31 December 2009 where property transactions during this period were exempted from RPGT to spur investments) . The other obvious reason is that RPGT is a source of revenue for the government to develop the nation . WHO PAY THE PROPERTY TAX 1) Resident in Malaysia 2) Non-Resident who live in Malaysia and have assets 3) Companies that operating in Malaysia 17 TREND OF PROPERTY TAX IN MALAYSIA Diagram below shows the trends of the property tax in Malaysia from 1974 up to 2012 . Due to amendment that are made in the budget 2013, there are changes that are happening in the RPGT rate where there is an increase in the amounts of tax eing imposed . This changes that are made are due to the facts to reduce the factor of speculation that are making the price of land and houses to increase rapidly . 18 IMPACTS OF RPGT According to property consultant and analysts, the hike increase of Real Property Gains Tax (RPGT) in the budget 2013 will have very little impact . The increase of RPGT from 10% to 15% will barely give any impacts on the speculation even though the reason for the increase of tax are f or the purpose of solving speculation on houses . Reason as to why there barely any impact or little impact from the increase on RPGT tax rate are due to the facts that, the time taken for houses to be completed upon buying are 2 to 3 years and when the house are finish and ready to be live in or sold, its already 4 or 5 years and the rate of RPGT tax are already little as the periods of RPGT tax covers are only up to 6 years maximize . Taking that into consideration plus the fact that the price of houses are keep on rising, the impact that RPGT are very little . CONCLUSION The property tax in Malaysia can be consider as in the testing period as it just currently being reimposed . Which means that, the current rate of RPGT will change in the near future due to the rising trends of property in Malaysia especially in the housing sectors . The RPGT tax rate can be consider as a tool to reduce speculation of property in the short run,where as, in the long run the impacts that it will have is going to be very little . 19 REFERENCE 1. http://www. ipbre. com/countryProfile/Malaysia/Taxes/ 2. https://docs. google. com/viewer? a=vq=cache:Dj8b9BrRMAIJ:www. harteredaccountants. com. my/resources_assessment. pdf+hl=engl=mypid=blsrci d=ADGEESh8gp__2jEbPCrYONnp3AqFbAij_CBwdwbrQy0Re1bdAGCyoE oeKD7wS88c5AVLJLyDrzOuoYBPANEFQ3XpK5lBTfXQpXTfuDkNuwpD i_r2aMZxYDY0cBbZfKHS5o15HuPCjosig=AHIEtbRFB6TA8WHt5oQfy w1Y-pQs3k0smw 3. http://www. iproperty. com. my/news/5061/real-property-gains-tax-rpgt-the-propertyowner 4. http://savemoney. my/real-property-gains-tax-in-malaysia/ 5. www. iproperty. com. my/news/4258/real-property-gains-tax-gradual-impact 6. thestar. com. my/news/story. asp? file=/2012/9/29/budget/12101379sec=budget 20 APPENDIX 21 22 23

Persuasive argument Essay Example | Topics and Well Written Essays - 1250 words

Persuasive argument - Essay Example Rawls therefore tends to believe that enforcing a universal law within this diverse nature of the society is unworkable and hence raises two main fundamental issues: legitimacy and stability. In his view therefore democracy is based on justice in a liberal society since it promotes and provides for basic human rights that determine justice. In the view of Rawls, the use of unified law is not legitimate in a democratic society and hence it is not practical for a liberal society to work or function correctly while they are unified by one law and when they claim democracy. He also argues that in a democratic system, the political power is always based on the people and hence the legitimate use of the coercive political power is misplaced. The people here are viewed as a collective body. In this perspective we can not that Rawls is putting more emphasis on the will of the people and not on the political representatives in delivering justice. In fact, this argument can be interpreted to mean that the political power is not based on the individuals but on the people as a collective body. Rawls argument is that we cannot deliver justice to the people with just imposing on law to the people. This is because it is not legitimate for the democratic system to put all its citizens to follow just one law since the citizens themselves will always inevitably hold different views. In this perspective it would not function well and hence justice would only be delivered to certain few individuals who hold the same views or close views to the ones imposed by the law. The rest with diverse views would always conflict with the law enforcement agencies and it is not desirable. The issue of stability on the other hand puts the issue of democracy and political power from the receiving end. In this way, an individual would not obey the law if it is imposed on him or her by the individuals or a collective body with different values and beliefs to his or her own. He therefore argues that lack of willingness by the citizens of a particular society to obey the law is the main cause of inst ability in that social order. According to the Rawls’s ‘liberal principle of legitimacy† can only be used in such way that all citizens would be expected to endorse the law. In this regard, the use of political power must therefore fulfill the requirements of the citizens or the criterion that is necessary for reciprocity. The set of laws must be accepted reasonably by the citizens in this perspective, it is important to realize that the power of the people prevails in determine the success of particular law. The societal fundamental arrangements with regard to politics must be universally and freely accepted by the people and no just because they are minor or not informed about such laws. In this way of argument, Rawls believe that the people whom the law has coerced have to accept the law freely. This is important since it serve to address the problems of legitimacy. In this context, Rawls is giving light to his argument. It does not mean that justice delivered to the diverse composition o the society have to capture all the views oif the people. However, the coerced people should freely accept the law even though they are against their conception and not because the laws have been imposed on them. In this way, Rawls explains the first section that the power is based on the citizens. This explains why we cannot deliver justice in a non democratic society since the majority rule would prevail against the minor groups in the society or larger groups. But since

Decision Making Method Essay Example | Topics and Well Written Essays - 1000 words

Decision Making Method - Essay Example An advantage of the benefit-cost framework is that it leads to a positive or negative (or zero) number for each program or practice evaluated and, therefore, does not require knowledge of a cost-effectiveness cutoff level to decide whether a particular practice should be undertaken. Finally, a limitation of both approaches is that the benefits and costs to individual members of society need to be aggregated. If the equitable distribution benefits and costs across individuals or groups are of concern, a single cost-effectiveness measure will not do. However, as economists are wont to argue, over large numbers of programs and practices the inequities are likely to even themselves out and, with some exceptions, may reasonably be ignored. The main steps in this model include (1) identification of main problems and possible solutions to these problems, (2) analysis of financial costs and financial benefits of proposed programs, (3) selection of the best decision. The first step is a search for alternative solution. The first solution is to buy computers for the training classroom. The second solution is to use company's computers located in different department. The third alternative is to rent a training classroom (in college or university) for the training program. When generating alternative methods for solving the problem, decision makers must determine whether the decision problem should be solved by a single individual or by a group of individuals. Groups usually take more time to make decisions than do individuals; however, group decision methods allow for the pooling of information from many difference sources, which can be particularly beneficial when dealing with ill-structured problems requiring the synthesis of novel solutions. In this case, the decision to find the best solution will involve employees and management. In many situations, members of a group tend to develop an illusion of invulnerability that may encourage excessive optimism and risk taking. Another result of groupthink is that members of a group who express opposing views may be pressured by other group members and ostracized if they resist (Stacey, 1996). The second step is analysis of financial costs and financial benefits of both programs. If we assume that one computer costs $1,250 and the training room needs 10 computers, the company should invest $12,500 in new equipment. Also, installation and cabling will cost $2,500, and support software - $6,500, and 1 server - $2,000. The second solution is to use company's computers located in different department will help to save money spent on new equipment but will cost company the value of time lost from work. It is important to note that to value life years and quality of life in dollars, the traditional approach is to use the annual earnings of a worker as a measure of the value of a productive year of life. The rationale is that society, including the individual in question, would lose potential consumption of goods and services in proportion to lost productivity. Once benefits and costs have been somehow expressed in dollar terms, net benefits are derived as the difference between the two. If the company follows the second approach it will save some money during the first training period. If we assume that the training on software tools takes 10 weeks (2 hours per day (5 working

Medical in the Middle Ages Essay Example | Topics and Well Written Essays - 1000 words

Medical in the Middle Ages - Essay Example It was in Salerno, for example, that much work was done by academics and others, supported and sponsored by the Church, to articulate for a new age the traits of Hippocratic medicine as a tradition. It is the results of this and other contemporaneous work which exerted great influence on physicians, healers and other medical practitioners until as late as the 19th century (Porter 1998, p. 13).2 Opportunities for a medical education were scarce at the beginning of the High Middle Ages. So-called cathedral universities that offered medical education, such as that of Chartres in France, were an exception. One reason for this seems to be that, because universities during this period generally offered a broad education in the humanities that did not have as a specific objective a curriculum designed to produce professional physicians, the education one could expect differed substantially in nature and content from that which was developed in Salerno from the 11th century onwards (Nutton 1995, p.139). The earliest Salernitan texts used for teaching purposes were the product of many variables, such as the influence of Arab medical knowledge imported into southern Italy by Arab settlers who maintained contact with Byzantium and northern Africa, which combined to infuse a new and more speculative view into medieval medical thought (Nutton 1995, pp.140). Medical education and professional training in the Late Middle Ages was greatly influenced and accelerated by a narrowed focus on medical learning as a discipline, which was adopted by university educators from about 1250 onwards (Nutton 1995, pp. 142-159). One work in particular, Articella, revived interest in and pursuit of the Galenic medical tradition, which built on the earlier Hippocratic works, and for the first time gave university medical educators and practitioners a 'sacred text' by which a physician's professionalism and knowledge could be measured and benchmarked based on his expert comprehension, understanding and application of the series of books that comprised the contents of the Articella compendium (Nutton 1995, p. 142). By holding to an assumption that all disease stems from natural as opposed to supernatural causes, physicians and healers throughout the medieval period, following the Hippocratics who established the tradition long before them during the Hellenic period, appealed to human nature itself for specific natural causes. It is for this reason that the treatise in the Corpus that elaborates the main tenets of Hippocratic medicine most ardently and succinctly is On the Nature of Man (Jones 1923, Volume IV). Medieval medical practitioners, in adopting and using these ideas, sustained the essence of Hippocratic thought by seeking to explain the nature of the human body by direct observation of it followed by systematic analysis of this observation. Medieval physicians and other medical practitioners used the precepts presented in the Hippocratic treatise, On the Nature of Man, to treat their patients (Nutton 1995, pp. 175-183). It is in this text that the theory of the four humors is discussed in detail, relating that the human body is comprised of blood, phlegm, yellow bile, and black bile

Why do you think it is important to manage know-who and stimulating Essay

Why do you think it is important to manage know-who and stimulating connection between people - Essay Example The primary function of knowhow companies and organizations is to furnish complicated, non-stereotypical and nonconventional, and creative solutions (Charan, 2007). So, its gets utterly important to manage knowhow as the primary asset of such organizations is their knowhow capital and not some unwieldy production process or their financial assets. This calls for a unique management approach that places individuals at the center and specializes in connecting people to give way to compatible, stress free and culturally harmonized teams (Charan, 2007). It is also vital to manage knowhow because knowhow only becomes profitable when it is tagged to a positive business idea (Sveiby & Lloyd, 1989). Human networking plays a pivotal role in the knowhow organizations as fostering relationships with suppliers, customers and compatible and likeminded organizations ensure a prompt risk management and streamline the flow of information that constitutes the raw material of a knowhow company (Sveiby & Lloyd, 1989). There is no denying the fact that knowhow also requires financial capital to succeed. Proper management of knowhow and stimulating connections between people promotes a coordinated cooperation between the people owning knowhow capital and the stakeholders representing financial capital (Sveiby & Lloyd, 1989).

Edite Essay Example | Topics and Well Written Essays - 250 words

Edite - Essay Example ce increase is in keeping with the rising costs of printing, along with the expenses related to paying textbook writers, graphic designers and fact-checkers. But students, parents and even colleges and professors say that those are all just excuses being made by large publishing houses who want to â€Å"gouge us,† as one student put it (Bruno 6D). They want lower priced books – or at least more affordable options and fewer instances of books being revised and republished every two to three years. The federal government has even involved itself in the issue by passing a recent law that forces publishers to tell professors how much required texts will cost their students, and colleges must inform students during class registration what books they will need to purchase for each course. The best and most fair solution for everyone when it comes to textbook pricing is to move away from physical printed and bound books to electronic and downloadable texts. Publishers have every right to make money, but students should have the ability to save themselves money wherever possible while working towards their diplomas. Students today spend a lot of time and effort when it comes to buying textbooks. Once their class booklists are in hand, the students have a few options as to where to buy their books. There’s the school bookstore, which will usually carry new and used copies of required books, and will buy back some books from previous purchases. Students may also look for their books online, at sites like Amazon.com or eFollet.com, which often offer a larger selection of used copies than the campus bookstore and often at a lower price (Bernard B5). Yet there are a lot of roadblocks when it comes to finding a cheaper, used copy of a textbook. According to a national survey conducted by the Public Interest Research Groups (PIRG) of required college texts, the books are revised and issued as new editions â€Å"every three to four years regardless of changes to subject†

Leading an Engineering Project Team Essay Example | Topics and Well Written Essays - 1500 words

Leading an Engineering Project Team - Essay Example The skill to motivate is an essential component of that. A personal leadership experience is used in this essay to discuss the various components of leadership (e.g. communication, rational thinking, leadership styles, etc.) that are integral to leading project teams. Leadership and Communication The author has recently been assigned to an engineering project in Dubai as an electrical supervisor. He belongs to a team of contractor whose job was to assemble and commission an 800-ton crane project. One of his responsibilities as an electrical supervisor is getting the electrical works done from shipyard supervisors and electricians through efficient communication. Since the workers who carry out the tasks of the project usually have almost all the information, managers must gain their opinions or feedback to enhance decision making, confidence, efficiency, processes, and, eventually, organisational productivity, strength, and sustainability. As mentioned by Walker (2010), upward commun ication â€Å"has to be constantly fostered and reinforced, so that people see it’s something that’s valued† (p. 98). Project leaders must evaluate the formal communication system to determine where there are problems in communication that could detrimentally impact the organisation’s general wellbeing. ... Some of the members feel anxious when talking to their supervisors. In order to resolve such issues, employees must be persuaded to assess and understand both procedures and outcomes. Self-evaluation and feedback from other members of the team and supervisors would be very useful (Bass & Bass 2009, 313). It must be stressed to the members that an attention to abilities is the integral component of enhancing communication with their supervisors. Successful outcomes rely on the skills of the members of the team. Everybody recognises the need for managers to possess the abilities to communicate with employees. Yet, many employees ignore the value of abilities when communicating with their manager. Since the engineering project is big but fairly simple, the traditional communication approach may be useful. This model is highly applicable to teams working with a project supervisor. Downward communication is simple and fast. But upward communication could provide more benefits to projects composed of only a few teams (Bass & Bass 2009, 453). The decision-making process could be hastened by the electrical supervisor provided that the other members of the team are ‘properly behaved.’ An upward communication strategy could be used by the electrical supervisor to the project’s advantage since he and the other members of the team were all from the same country, sharing a common language. Leading Successful Teams Project leadership has to be realistic and concentrate on performance outcomes. Even though project leaders still carry out numerous roles, such as making schedules of work activities, discussing work allocation, etc., they function more as mentors, guides, and coordinators. Project leaders

Abuse in the Movie Unleashed Research Paper Example | Topics and Well Written Essays - 1750 words

Abuse in the Movie Unleashed - Research Paper Example The research paper "Abuse in the Movie Unleashed" talks about the abuse within the film "Unleashed" particularly the kind of abuse with the utter disregard of the rights and needs of a fellow human being. The film Danny the Dog also released as Unleashed is a stark and compelling reminder of the segments of society that promote and condone abuse for their own selfish ends, and how victims are treated. These sordid details are often never brought to light as they are shameful to civilized societies, yet they persist in secrecy either with or without the support of corrupt officials and criminals. Fighting to the death is common in Taiwan, Bangkok, Vietnam and many other nations where this illicit sport draws crowds yearning to see one human being inflict punishment on another till he gives up, is maimed for life or worse still, loses his life just to please the organizers, his manager and a bloodthirsty crowd who are looking for cheap thrills but should clearly know better. All such a ctivity is illegal and punishable by Law in all civilized cities of the world. Originally released as Danny the Dog, French director Louis Letterier’s action thriller starring Jet Li in the lead role was his first experiment with the action thriller genre. He was originally interested in music but began his foray into films by studying at the Tisch School of the Arts at New York University. Louis has gone out to direct such action thrillers as the Transporter & Transporter 2, The Hulk, and the Titans.

I.T and Hauhaus Essay Example for Free

I.T and Hauhaus Essay As they are the competitor within the market, the retailing strategies to be used are similar. Therefore, it is easier to collect and compare the financial data and draw out the conclusion to see which company would be worthier to invest. The report covers the company and industry background, ratio analysis, future forecast of two companies’ performance. 2)Company Background Bauhaus (0483, HK) Bauhaus was found in 1991. It has been listed on HKEX stock market since 2005. There are more than 200 retails store and over corners and point of sales in Hong Kong, Macau ,mainland China and Taiwan,. Apart from selling different foreign brand, liked Cheap Monday, G-Star, EVISU etc, Bauhaus also building the local brand liked Salad, T Tough Jeansmith and 80/20. It is a leading retail store in selling casual wear, especially for jeans item. There are 234 Bauhaus shops in Asia. Using the wholesale strategy, Bauhaus can expand the business from Asia to Western country. In the future, it may diversify its product line like launch more foreign brand to increase its competiveness. I. T (0999, HK) I. T was found in November of 1988. It has been listed on HKEX stock market since 2005. The Group has an extensive self managed retail network extending to nearly 450 stores across Greater China with staff around 4,800. The brands are well accepted in Thailand, Saudi Arabia, Australia, the Philippines and France. More stores will be opened in these places in the future. The feature of I. T retail store is group several brands in a sizable retail location. It owns a number of in-house brands liked 5CM, fingercroxx and X-large, as well as distributing European and Japanese designer’s brands such as French Connection and A Bathing Ape Comme des Garcons, DG, etc. 3)Industry Outlook Hong Kong is one of the fashion hubs in Asia. There are a wind variety of local and international fashion brand locate there flagship store in Hong Kong. The competitive is dynamic and incentive. Hong Kong consumers are willing to spend money on fashion and clothing. As the purchasing power of is high, so the demand of fashion product is huge. According to CIA THE WORLD FACTBOOK, this entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. From this result, Hong Kong is ranking to 37 after compared to 227 countries in the year of 2010. According to the information from Asia Case Research Centre (ACRC), it shows that retail is the 2nd largest sector in the service industry that accounted for 85. 7% of Hong Kongs GDP. Also, The Census and Statistics Department (C;SD) indicate that the value of total retail sales in October 2011, provisionally estimated at $34. 2 billion, increased by 23. 1% over a year earlier. Analyzed by broad type of retail outlet and comparing October 2011 with October 2010, wearing apparel increase 14. 6%; footwear, allied products and other clothing accessories increase 11. 3%. This data proofs that the demand of fashion items is huge and purchasing power in this region is relatively high. Besides, tourists come to Hong Kong are increasing each year; they bring with high purchase power in fashion items, especially those Chinese tourists. According to the statistics released by the Immigration Department, about 800,000 to 900,000 Mainland visitors travel to Hong Kong monthly. It shows that Hong Kong’s market has a huge potential development chance. According the data of Hong Kong government, the sales revenue of retailing business has a growth during April of 20010 to Feb of 2011. It is because the economic environment is better than past year. Hong Kongs GDP fell in 2009 as a result of the global financial crisis, but a recovery began in third quarter 2009, and the economy grew nearly 6. 8% in 2010. In addition, China’s economy growth fast, the performance of its economy growth is greater than the other country. And Hong Kong’s economy is influenced by China very much. In the future, we can see that Hong Kong’s retailing business will growth rapidly. It seems a great chance to develop the retail business; however, there are some risks on the growth of fashion retail business in Hong Kong. Nowadays, Globalization is a hot topic of the world, more and more foreign brands enter in Hong Kong market, such as GAP, Forever 21, Zara, HM and Monki, etc which provide good price and trendy design merchandises. They regarded Hong Kong as the stepping stones to go into the China market. With more branding in Hong Kong, the competition between them is becoming more intensive and serious. Therefore, the local fashion retailers have to build up their competitive advantages to withstand the impact from those foreign brands. Also, because of the inflation of Hong Kong and China, the cost of the materials, labor and transportation is getting higher. Garment manufacturing is a labor intensive activity. The cost of garment is mainly from the increasing labor cost and transportation cost. In order to deal with, the retailer probably need to order more amount of quantity each time to achieve the economy of scale, so the cost will be lower. Furthermore, as we know that Hong Kong’s rental price of shop is the first three expensive in the world. The rental price has been increasing rapidly in the recent years. From 2010 to 2011, the rental price was increased more than ten percent. So, rental price of the store is a core cost of any business, especially fashion retailer as it needs a large space for displaying and storing the products. The rental cost affects the profit of the fashion retailers. To conclude, Hong Kong fashion retail market is still positive. There are many great opportunity for Hong Kong fashion retail to expand its business. However, there are some uncertainty need to be pay attention, such as the entrance of foreign brands and the unstable rental cost. So, the local fashion industry needs to create a competitive strategy to deal with. For example, local fashion retailers can use the attractive marketing strategy, liked collaboration with other brands, provide excellent customer services and building great brand image. 4)Ratio analysis i) Test for profitability I. T (in HKD 000)Bauhaus (in HKD 000)* a)Return on Equity (Net income / Average stockholders’ equity)416945/[(1843212+1477723)/2] =25. 1%25. 1% b)Profit margins (Net income/ Net Sales)416945/3834422 =10. 9%11. 4% ii)Test for liquidity I. TBauhaus c)Current Ratio Current Asset/ Current liabilities1873282/1012495 1. 85%3. 3 d)Quick Ratio (Current Assets- Inventory)/ Current liabilities(1873282-736717)/1012495 =1. 1%1. 7 e)Inventory Turnover Cost of goods sold/ Average Inventory1405482/[(736717+394520)/2] 2. 52. 0 iii)Test for Solvency and equity position I. TBauhaus f)Debt/Equity Ratio Total liabilities/ Total stockholders’ equity(1012495+429852)/1843282 0. 78(149 7+126461)/494938 0. 26 iv) Market test I. TBauhaus g)Price/Earnings ratio Current Market Price per Share/ Earning per Share4. 88/0. 33 =14. 82. 98/0. 32 =9. 3 h)Dividend Yield Ratio Dividends per share/ Market price per share0. 146/4. 8 =3. 0%0. 177/2. 98 =5. 9% *Quote from annual report* Two financial reports announced in different date- Bauhaus- For the year ended 31 March 2011 I. T—for the year ended 28 February 2011 i )Test for Profitability Profitability is a primary measure of the overall success of the company. This is a class of ratios that are used to assess a business’s ability that generate earnings compared to its expenses and other relevant costs incurred. To determine rather the company is valuable for investing or not which need to get high profitability when compared with competitor’s company. However, in fashion industry, the sales revenue is seasonal. For example, the sales revenue is much higher during Christmas and Chinese New Year in Hong Kong. So, we should not compare the retailers fourth-quarter profit margin with the profit margin from the same period a year before because it would be far more informative. a)Returns on Equity This ratio indicating how much income was earned for every dollar invested by the stockholders. ROE can reflect if they have used the money that invested in the company to generate much more income. If the ROE is low, it shows that the returns of the investors will not be high. And the company doesn’t utilize the resources that they have invested. Two companies have a similar result of this ratio. Both two companies can generate about 20% of income using stockholders’ equity. It is because retail store is not very high investment to enter the market; it has higher ROE when compare to other industry liked Construction Company. In order to measure the company is worth to investing on; ROE ratio should not be lower than 15%. So, two companies are worth to invest on. b)Profit margin Profit margin is an indicator of a companys pricing strategies and how well it controls costs. It is calculated by finding the net profit as a percentage of the revenue. A low profit margin indicates a low margin of safety: higher risk that a decline in sales will erase profits and result in a net loss, or a negative margin. The higher profit margin means that the company has a higher ability to generate profit. I. T’s result is 10. 9%, it is lower than Bauhaus 11. 4%. I. T should minimize the expense. Bauhaus has a higher profit margin in 2010/2011. It shows that they have put effort to maximize the profit. Since compared with last year (10. 5%), it has been increased. i) Test for liquidly It is a class of financial metrics that is used to determine a companys ability to pay off its short-terms debts obligations. A companys ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts frequently use the liquidity ratios to determine whether a company will be able to continue as a going con cern. c) Current ratio This ratio measures the ability of the company to pay current debts as they become due. It is the important ratio that we can identify if the company has a good cash flow. If the debts recalled but the company does not have enough money to pay it, the company may be asked to bankrupt. On the other hand, current ratio should be in appropriate level. Ratio is too high means the company did not fully utilize the current assets to generate the profit. Bauhaus have a higher current ratio than I. T, it means Bauhaus’ ability of returning the debts is greater than I. T. It can more utilize current assets to generate more income. It shows that they have $3. 3current assets for returning $1 of current liabilities. Investor need to concern the ability of a company that utilizes the current asset. I. T has a lower Current ratio than Bauhaus. However, it is enough ability for them to returning the current liabilities when they are recalled. And it shows that I. T has better utilization of the assets to generate profit. It shows that they have $1. 85 current assets for returning $1 of current liabilities. d) Quick Ratio Quick Ratio is similar with the current ratio with no consideration on the inventory factor. It is more representatives to measuring rather the company can return the current liabilities immediately. The quick assets included Cash, Accounts receivable etc. These assets can return into cash in short time. Inventory will not be counted in this ratio as it may need longer time to return into cash and a risk of cannot be sold. It is a very important ratio for fashion industry, since the trends cycle of clothing is fast, the product may be in today, but out day tomorrow. So, fashion retailer should not keep too many inventories. Bauhaus have a higher in Quick ratio, however, compared with the current ratio, it is a great variation on two ratios. It means that the inventory tied up its current assets. It is not a good issue on a fashion company. They need to bare the risk on high discount of the product when the product is outdated. It will be high losses on the revenue. They can minimize the inventory through different method, liked big sale, buy one get one free and so on. Although the quick ratio f I. T is lower than Bauhaus, it is enough to returning the debts when all the current debts are recalled. e) Inventory Turnover This ratio measure how quick of a company sells their inventory. Higher inventory turnover lead to shorter cycle on inventory. Since inventory is not easily being sold out and transform into cash in a short period, fashion retailer should not hold too much inventory. Since fashion items are easily faded out. If the company store too much stock, the risk of the inventory cannot be sold out will be increase. Also, the expenses of storing will be occurred. Once the inventory is outdated, the company needs to sell it in a large mark down price. The profit of the company will be affected Since Bauhaus have a lower level on inventory, its inventory turnover will much slower than I. T. It may tie up the capital if the inventory cannot be sold. So, company should reduce the level of inventory. I. T has a greater performance on inventory turnover. It shows that they have shorter cycle on inventory. So that it is much easier transforming inventory into cash. iii) Test for Solvency and equity position It’s a set of ratio that to test the company can be able to meet it long-term repayment responsibility. It provides a measurement of company can continue to meet its debt obligations. f) Debt/ equity Ratio This ratio measure a companys financial leverage calculated by dividing its total liabilities by stockholders equity. It indicates what proportion of equity and debt the company is using to finance its assets. I. T’s result is 0. 33, shows that $0. 33 liabilities that exists for each $1 invested by the owners. It is a very low value. Bauhaus’s result is 0. 21, which is lower than I. T. In the Balance Sheet, we can find out that Bauhaus did not ask for the long term debts from the third party. It shows that they don’t have the interest burden. The result shows that two companies is not using the debt financing to acquire the financial resources, liked selling bonds, bills or notes to the investors. Debt financing is much higher risk than equity financing. As these two companies is listed company, they would like use the equity financing to raise money. And the equity financing method is more safety and no regular interest burden. v) Market Test Market test relate the current market price of share of stock to an indicator of the return that might accrue to the investor. It based on the share markets perception of the company. It can let the investor to know if the company is worth to invest. g) PE Ratio Current Market Price per Share/ Earning per Share This ratio measure the re lationship between the current market price of the stock and its earnings per share. The higher the ratio, the higher the perceived quality of the earnings by the share market. It also shows the future growth of company. If the P/E ratio is too high, it means that the value of the company is overstated. And it is not a good choice to investing on that company. I. T have a higher PE ratio than Bauhaus it means that the quality of the earnings by the share market is higher. It is more worth to invest h) Dividends Yield ratio This ratio measures the dividend-paying performance of different investment alternatives. The higher of result, the better performance. Bauhaus have a higher result, it shows that they have higher dividend-paying performance. If the investor wants to put the money into low risk and long term investment. They can choose this company. 5)Limitation on analyses of ratio Since two financial reports is announce in different ended date. The result may not be accurate. The fashion retail industry turnover is seasonal, like The Chinese New Year of 2011 was in February so the sales turnover must be high in that moment. After that, the turnover will be drop. So, these two companies will in different sales turnover rate. 6)Forecast of the company’s future prospects This part can be divided in to two parts, the 5 years income statement analysis and potential risk of the company. a)I. T The diagram shows that turnover have been increased gradually during 2007 to 2011. Although 2008-2009’s local economy is in down turn, the company still can strive to increase of turnover. It is predict that the company will probably maintain the increment since the economy situation is recovering and the local residents will spend more money on clothing items. The diagram shows that I. T had undergone a decrease on profit in year 2009 due the poor economy situation. And they suffered decrease of financial income. And the operating expense was higher than 2008. After 2009, there was a great improvement on profit. It has six times more profit comparing during 2010and nine times during 2011. It is predict that the company will probably maintain the increment of the profit if it can keep the level of expenses. However, there are some risks have been raised. The operating cost is increasing during these 5 years. Since the rental price is much higher in the recent years. They should adapt different strategy in order to keep the cost in the low level. Another risk is that I. T needs to pay attention that is the exchange issue. Since I. T sources many merchandises from different countries and the foreign exchange is unstable. For example, Japan YEN is much higher exchange rate. However, I. T’s buying office purchase many Japanese fashion brand products. So the cost and price of the merchandises will be impacted by the exchange rate. To deal with risk management, I. T embed a risk alert culture throughout the Group, the Internal Audit Department has implemented an annual internal control risk self-assessment to allow major business units to identify and analyze the risks underlying the achievement of business objectives and to determine a basis for how such identified risks to be managed and mitigated. In the coming future, I. T should pay more attention on risk management in order to prevent suffering from the economy situation and to have a greater growth. Bauhaus Bauhaus also have a gradual increase of turnover during 2007-2011. The increment from 2009 to 2010 was slowly. It may because of the economy situation was still not recovered yet. However, there was a sharply increment from 2010 to 2011. It is predict that, the turnover will be increased faster. Bauhaus also suffered a decrease of financial income in 2009. After 2009, there was an improvement on profit growth. However, the improvement is less than I. T. The diagram shows that the profit properly tends to be increased. Bauhaus also face the foreign currency risk and operation cost increment risk. The Group continuously monitors its foreign exchange position and, when necessary, will hedge foreign exchange exposure arising from contractual commitments in sourcing apparel from overseas suppliers. Generally, the Group introduces conservative strategies on its financial risk management. In the future, Bauhaus will have a great growth. However, in the fashion business market, the information is run fast, the risk is always happen. The company should build up a risk management system to minimize the risk of company operation. 7)Conclusion The financial performance of both Bauhaus and I. T compared in this report is great. And the prediction of their future growth is positive. Thereby, two companies are worth to be invested. The above ratios show that Bauhaus have a better performance than I. T. For the investor that can undergo low risk, so the investment on Bauhaus is more preferable. It is because the company growth and financial debt position is better, and it has a higher dividend yield, and they keep on paying the dividends in last 5 years. For the investor who wants to have higher return, I. T will be a good choice. It is because the PE ratio is lower, so the company still has a great improvement and the share price probably being increased. It’s good for the investor that purchasing the stock in low price and then sold them in higher price.

Caso Scott and Sons Company Essay Example for Free

Caso Scott and Sons Company Essay O. M. Scott and Sons Company is a business in the lawn care and garden product industry. Currently, the company is reviewing the results of 1961 and preparing plans for the 1962 selling season. Sales were increasing and so is net income except for the year 1960 to 1961. he company is facing a good economy as evidenced by the increase in sales. Industry is investing in research and development of products. Competitors are slowly entering the market. O. M. Scott and Sons Company is a business in the lawn care and garden product industry. Currently, the company is reviewing the results of 1961 and preparing plans for the 1962 selling season. Sales were increasing and so is net income except for the year 1960 to 1961. Presently, the company is using a combination of traditional seasonal dating plan and trust receipt plan to encourage and enable as many dealers as possible to be well stocked in advance of seasonal sales peaks. Also, this combination was used to retain security interest in merchandise shipped. Documents the organizational changes that took place at O. M. Scott Sons Co. in response to their leveraged buyout. Provides the opportunity for students to discuss the effects of high leverage on management decision making, and the differences between operating as a small subsidiary of a large conglomerate and as a free-standing company. Focuses on the role of the LBO sponsor in the management of the company, the role of restrictive debt covenants, and the effect of changes in the compensation system at the company. See more at: http://www. iesep. com/es/o-m-scott-sons-co-leveraged-buyout-13961. html#sthash. U5XhTQSy. dpuf Presently, the company is using a combination of traditional seasonal dating plan and trust receipt plan to encourage and enable as many dealers as possible to be well stocked in advance of seasonal sales peaks. Also, this combination was used to retain security interest in merchandise shipped. Documents the organizational changes that took place at O. M. Scott Sons Co. in response to their leveraged buyout. Provides the opportunity for students to discuss the effects of high leverage on management decision making, and the differences between operating as a small subsidiary of a large conglomerate and as a free-standing company. Focuses on the role of the LBO sponsor in the management of the company, the role of restrictive debt covenants, and the effect of changes in the compensation system at the company. See more at: http://www. iesep. com/es/o-m-scott-sons-co-leveraged-buyout-13961. html#sthash. U5XhTQSy. dpuf he company is facing a good economy as evidenced by the increase in sales. Industry is investing in research and development of products. Competitors are slowly entering the market. O. M. Scott and Sons Company is a business in the lawn care and garden product industry. Currently, the company is reviewing the results of 1961 and preparing plans for the 1962 selling season. Sales were increasing and so is net income except for the year 1960 to 1961. Presently, the company is using a combination of traditional seasonal dating plan and trust receipt plan to encourage and enable as many dealers as possible to be well stocked in advance of seasonal sales peaks. Also, this combination was used to retain security interest in merchandise shipped. Documents the organizational changes that took place at O. M. Scott Sons Co. in response to their leveraged buyout. Provides the opportunity for students to discuss the effects of high leverage on management decision making, and the differences between operating as a small subsidiary of a large conglomerate and as a free-standing company. Focuses on the role of the LBO sponsor in the management of the company, the role of restrictive debt covenants, and the effect of changes in the compensation system at the company. See more at: http://www. iesep. com/es/o-m-scott-sons-co-leveraged-buyout-13961. html#sthash. U5XhTQSy. dpuf he company is facing a good economy as evidenced by the increase in sales. Industry is investing in research and development of products. Competitors are slowly entering the market. O. M. Scott and Sons Company is a business in the lawn care and garden product industry. Currently, the company is reviewing the results of 1961 and preparing plans for the 1962 selling season. Sales were increasing and so is net income except for the year 1960 to 1961. Presently, the company is using a combination of traditional seasonal dating plan and trust receipt plan to encourage and enable as many dealers as possible to be well stocked in advance of seasonal sales peaks. Also, this combination was used to retain security interest in merchandise shipped. Documents the organizational changes that took place at O. M. Scott Sons Co. in response to their leveraged buyout. Provides the opportunity for students to discuss the effects of high leverage on management decision making, and the differences between operating as a small subsidiary of a large conglomerate and as a free-standing company. Focuses on the role of the LBO sponsor in the management of the company, the role of restrictive debt covenants, and the effect of changes in the compensation system at the company. See more at: http://www. iesep. com/es/o-m-scott-sons-co-leveraged-buyout-13961. html#sthash. U5XhTQSy. dpuf

Doing Business Across Culture and Boundaries

Doing Business Across Culture and Boundaries 1.0. INTRODUCTION Almost every country in the world, among other things governments are the centre of taking in to accounts macroeconomic conditions. By doing so the country will in turn into economic wellbeing and giving more opportunities to the citizens. As far as daily money-making activities are concerned, laws, rules and institutional measures are given attention. These measures can be applied through the small as well medium sized companies in the course of their life circle. Until very recently, however, there were no globally available indicator sets for monitoring these microeconomic factors and analyzing their relevance (The International Bank for Reconstruction and Development / The World Bank, 2008). As also acknowledged in The International Bank for Reconstruction and Development / The World Bank, 2008, doing businessand the standard cost model initially developed and applied in the Netherlands are, for the present, the only standard tools used across a broad range of jurisdictions to me asure the impact of government rule-making on business activity. Therefore the government can be benefited on business but the most important thing taking into account in achieving specified target, its environment must be improved. 1.1. FEATURES OF DOING BUSINESS As far as small as well as medium size enterprises are concerned, in doing business either domestic or abroad, some features are appropriate in both. These features which grant a quantitative measures of regulations including for starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. In addition to that a fundamental premise of Doing Business is that economic activity requires good rules. These include rules that establish and clarify property rights and reduce the costs of resolving disputes, rules that increase the predictability of economic interactions and rules that provide contractual partners with core protections against abuse. While these regulations always intended to be efficient in such a way that, it will be very easy in the implementation as well accessible for those who need to use them. However rules and regulations are differing from one country to another. Such that for those countries having burdensome regulation resulted to have large number of informal sectors and unemployment, as well as economic slowdown. From this stand many countries recently have smooth business start-up. Taking the example from Azerbaijan from the graph below, in 2004 introduce the maximum time for the registration procedure and it took 122 days for starting business. As far as time goes on, in 2007 and 2008 government set up a one-stop shop. This resulted to reduce the time by 87% for registration up to 16 days. In addition to that easier set up business mostly can encourage not only higher output among the existing firms in the market but also increase the per capital income. Alternatively as of the case in the figure below the by reducing entry cost will lower the output production of the firm. This may due to the fact that many firms are encouraged to enter in to that particular market. Thus it seems that the prices of goods reduced, and finally per capita were goes down from 14.4% in 2004 and 3.2% in 2008. In view of that, doing business does not measure all aspects of the business environment that matter to firms or investors—or all factors that affect competitiveness. It does not, for example, measure security, macroeconomic stability, and corruption, labor skills of the population, the underlying strength of institutions or the quality of infrastructure. Nor does it focus on regulations specific to foreign investment. Doing Business does not cover all regulations, or all regulatory goals, in any economy. As economies and technology advance, more areas of economic activity are being regulated (The International Bank for Reconstruction and Development / The World Bank, 2008). 2.0. REASONS FOR ENTERPRISES GOING GLOBAL The majority of enterprises try to move and doing their businesses to outside countries by going global for the different reasons. At the same time in order to remain to the lead in the competitions, mass of the enterprises usually implement both reactive and defensive approach so as to increase their competitions strength. While others few take either reactive or defensive in achieve the same functions. From these reasons the enterprises usually move faster as possible to safe and sound a tough position in either developed or rising markets with their goods adapted specifically for the customer demand of those particular markets. However nearly all global markets are drawing enterprises together with new assets or resource investments with good encouragements. Among of the reactive or defensive reasons for doing business globally first trade barriers; because of the burden for the restrictions such as tariffs, quotas, policy of by-local and others that create manufacturing and exporting of goods too expensive, encourage many enterprises move from exporting their goods in a foreign country so as to avoid such troubles. Second, customer demands; based on customers demand, enterprises follow this opportunity for effective operations, product assurance and reliability, as well as logistical problem solutions. This will in turn to the most of the customers ask for foreign suppliers to stay and supply in a local market in order to enhance the flow of the production. On the other side enterprises follow that request to both catch-up and avoid losing the business. Third, globalization of the competitors; in this aspects companies are aware that if they leave companies overseas too long without challenge or competition, their investments or foreign operations in the world market may be so solid that competition will be difficult. Therefore, they try to act quickly. Lastly, regulations and restrictions; most companies home government may have regulations and restrictions that are so inconvenient and expensive, thus limiting the expansion, encroaching in the companies profits, and making their costs uncontrollable. Hence the reason for the companies moving to different market environment with few foreign restrictive operations. Apart from above reactive or defensive reasons, other proactive or aggressive reasons including growth opportunities, economies of scale, incentives and resource assess and cost savings. 3.0. CHALLENGES IN DOING BUSINESS Because of the globalization nowadays many things become easier and the world is so much busy. Such that, it takes a few hours travel away by plane and for example the factories shipping materials from one place to another around the globe. Which promote the production and the relationship also is increased more widely. So far the business is developing so fast, while the market is growing internationally and it reached the point where all businesses are as a global business, particularly if we consider the amount of goods coming from different corners of the world. Among other things in generally, the complex and difficult thing in dealing and manage the business globally is that, looking for the right person who fit with the right skills. This is because, things like strategic orientation, customer focus and market knowledge is very hard task in dealing with business. Situation like this for instance Mr Rick Wang, the managing director of Retail Co Inc., the master franchisee for the Athletes Foot in China, faced when he was the first move in opening the first store on the Huaihai Road in Shanghai during the year of 1998. While team leadership, change the leadership and staff development are the simplest issues. Therefore experience, IQ and EQ are three element capabilities in business; low EQ is the most impact determiner of collapse. But many people are hired according to their IQ and simply excited as the case of EQ (emotional intelligence). Here again, doing business as well as dealing with people and even market outside your border which almost in connect with risks, is something very complicated and it needs to learn some lessons to avoid them. According to http://smallbusiness.dnb.com/sales/international-trade/740-1.html, there are various techniques that can help business persons in reducing certain number of risks in doing business globally which include: Do plenty of homework. You should learn your target country ´s credit and accounting practices, cultural nuances and export restrictions. Treat all suppliers the same. Take the same disciplined approach to bargaining with foreign merchants as you do with domestic suppliers. Resist goods you don ´t want and keep from being overcharged for items you like. Deal in goods within your own specialty and know your bottom line — the highest amount you can afford to pay and the lowest price you can reasonably accept. Hire a freight forwarder. Using a freight forwarder to handle packing and customs-clearing paperwork will reduce shipping costs. Purchase insurance. Generally speaking, the importer and purchaser take legal possession of the goods when they leave the factory, whether or not they actually arrive. Most small importers or exporters buy all risk insurance, and many smaller dealers buy insurance from the freight forwarders or shippers. Indeed, there are not only motives to get into and benefits from global markets, but also risks drown in locating companies in certain countries. Each country may have its potentials and woes that are associated with doing business. Where also in acknowledge to http://EzineArticles.com/?expert=Sidney_Okolo some of the risks in international business are: Strategic Risk: The ability of a firm to make a strategic decision in order to respond to the forces that are a source of risk which impact the competiveness of a firm like bargaining power of suppliers and consumers. Operational Risk: This is caused by the assets and financial capital that aid in the day-to-day business operations. Such as breakdown of machineries, shortfall of the goods and services, lack of perfect logistic and inventory will lead to inefficiency of production. Political Risk: The political actions and instability as well things like governments policies, economic conditions, security factors, may make it difficult for companies to operate efficiently and cannot effectively operate to its full capacity in order to maximize profit. Technological Risk: Lack of security in electronic transactions, the cost of developing new technology, and the fact that these new technology may fail, and when all of these are coupled with the outdated existing technology, the result may create a dangerous effect in doing business in the international arena. Environmental Risk: Air, water, and environmental pollution may affect the health of the citizens, and lead to public outcry of the citizens. These problems may also lead to damaging the reputation of the companies that do business in that area. Economic Risk: This comes from the inability of a country to meet its financial obligations. The changing of foreign-investment or/and domestic fiscal or monetary policies. The effect of exchange-rate and interest rate make it difficult to conduct international business. Financial Risk: This area is affected by the currency exchange rate, government flexibility in allowing the firms to repatriate profits or funds outside the country. The devaluation and inflation will also impact the firms ability to operate at an efficient capacity and still be stable. 4.0. MINIMIZING CHALLENGES IN DOING BUSINESS ACROSS CUTURE AND BOUNDARIES What manager should do? Good management skills and negotiating capabilities are the most important things when dealing with business across culture and boundaries. Countries are differing in cultures, beliefs and rituals which can create difficulties. Therefore managers need to learn those differences one by one in order to conduct a successful negotiation efficiently and effectively for the sake of profit making among them are: Cross-cultural negotiations require careful preparation in order to stay ahead and take advantage of the other party. To avoid problems, managers need to be aware of the issues like cultural differences, language, beliefs, behaviors, family environment, differences in time, work habits, and religion. Different regions have different negotiating styles. So, when managers familiarize themselves with these important negotiating tactics, they may understand the negotiating styles of their counterparts. Also building relationships; managers should look for strategic partners not only are familiar with cultures, behaviors, and languages but also can trust, respect, and be comfortable working with. Shared information; a focus group of businessmen and women is recommended in order to discuss the issues that matter to each party. In this capacity, playing role reversal prior to attending the session is recommended. Usually, questions are asked by both parties to address their concerns, the issues that matter to them, and answers are provided by both parties in response to those issues and concerns. In capitalist countries, such as the United States of America, companies use direct approach in negotiations, while in other countries, an indirect approach is used (http://ezinearticles.com/?Doing-Business-Across-Cultures-and-Bordersid=1148192). Therefore in order to be successful Companies should learn how to adapt to each environment. 5.0. CONCLUSION Part of the business growth is exporting goods to abroad, even if it can create a number of challenges. Indeed the company should first find the help from expert who understand the set of laws of export and import as well as shipping methods and regulations in foreign countries. On the other hand means for goods transportation, best shipping rates, examine the necessary documents from foreign destinations are necessary. However on a certain situation, the benefits can exceed the risks. Therefore, companies should take an assessment for that risk in each country together with intellectual property, human resource and ownership restrictions before undertaking in to any of the countries. References http://knowledge.wharton.upenn.edu/articlepdf/1067.pdf?CFID=12268397CFTOKEN=33278808jsessionid=a8308ad6936126c2ccc6777c1f285d5a7a41 http://EzineArticles.com/?expert=Sidney_Okolo http://smallbusiness.dnb.com/sales/international-trade/740-1.html http://ezinearticles.com/?Doing-Business-Across-Cultures-and-Bordersid=1148192

Fate In Macbeth :: essays research papers

In Macbeth, Shakespeare shows how the witches’ prophecies, Lady Macbeth’s desire for power, and Macbeth’s yearning to be king, affect the fate of the play. In Act I, the witches’ chant show how Shakespeare gives the fate of Macbeth, “Thane of Glamis';, ';Thane of Cawdor';, “that shalt be King hereafter';.( Act 1 scene 3, lines 48-50) He has no other choice, but to believe them because there first two predictions were true. They call him the Thane of Glamis, which he is at the present time. Then they call him Thane of Cawdor, which he finds out shortly after that he is the new Thane of Cawdor. Lastly they call him King hereafter, which he realizes is his fate. Macbeth sees this fate in his eyes to be very unlikely and almost impossible because of the current circumstances. His reaction to the witches is “stands not within the prospect of belief';( Act 1 scene 3, line 74), which tells the reader that the witches’ prophecies are a far reach from reality. Macbeth begins to think if he ever had the chance to become king that it would be a great honor that he would accept, “If chance will have me King, why, chance may crown me';.(Act 1 scene 3, line 143) The prophecy of Banquo’s son having power in the future effects the actions of Macbeth later in the play too. The thought that Banquo’s child might take over the thrown from Macbeth makes him feel the need to get rid of him. Fleance, Banquo’s son, gets scared as his father is being killed and flees, “Fly, good Fleance, fly, fly, fly!';.( Act3 scene 3, line 18) After his talk with the witches Macbeth starts to think about their predictions, and how he will have to kill the king. This frightens Macbeth to think about killing his great king, so he decides to let fate lead him into the future.   Ã‚  Ã‚  Ã‚  Ã‚  Lady Macbeth actions play a huge role in the fate of play by pushing him into killing the king. The instant she reads the letter from her husband that explains the prophecies Lady Macbeth wants to make her husband kill the king, “to catch the nearest way. Thou wouldst be great';(Act 1 scene 5, line 13). This shows the evil ways of Lady Macbeth and her selfishness. She does not care if her husband would be in danger when trying to kill Duncan, but what she would be able to do if she were queen.