Human Genome Project Essays (1432 words) - Genomics, Biotechnology

Human Genome Project The Task at Hand Science is defined as knowledge based on observed facts and tested truths arranged in an orderly system. It has had an extreme effect on technology, which covers production, transportation, and even entertainment. In the past, though, science has always remained distant. However, with the birth of genetic engineering, science has become something that will deeply affect lives. Advancements are being made daily with genetic engineering: the Human Genome Project is nearly done, gene replacement therapy lies within reach, and cloning is on the horizon. Genetically altered foods have already become an important aspect of life with new and better varieties (Bier, 2001, p.65) and even the possibilities of solving world hunger. There is no doubt of the benefits that genetic engineering can offer society, but can scientists look that far ahead and truly say what is for the good of society? Does the world understand genetics enough to welcome the possibilities with open arms? Society often runs away or hides from problems, but with genetic engineering it cannot ignore the possible outcomes whether good or bad. Genetic engineering is clearly beneficial to all kinds of people, but it is possible that negative issues exist which could counteract any good results. In the near term, there are some very interesting and important issues that we all should consider as a society because they raise potentially profound moral and ethical questions (Bier, 2001, p. 70). Such issues are that of discrimination and the dangers and difficulty in making ethical decisions. It is societys duty to step back and view these issues before pursuing genetic research and heading down a destructive path. Since the origin of man, discrimination has found its way into every type of society through forms of sexism, racism, and religious and cultural prejudice. Throughout the years, though, society has worked to reduce such intolerances and give everyone equal rights. However, if genetic engineering is added to the scene, equal rights could possibly plummet into oblivion. Andrew Niccol accentuates such inequality in his movie Gattaca. In Gattaca, Vincent Freeman is a man who is born naturally instead of in a lab. Because of this he is labeled by the world as an invalid, and no employment, social position, or even love is possible for him except for those assigned specially to invalids. In order to obtain his dream job, Vincent must use anothers identity to pass as a valid. The fact that he must be a valid to acquire a decent job points out the possible outcome of discrimination in the employment world if genetic engineering would become a reality. Employers could obtain a sample of a per sons DNA and not give him/her the job solely based on genes. Like in Gattaca, there would become jobs for those genetically engineered: lawyers, doctors, and businessmen; and jobs for those naturally born: janitors, bus drivers, and garbage men. In short, equality of rights and opportunity would cease to exist. Discrimination, however, would not stop with employment. Prejudice would become an everyday event even in social life. If genetic engineering leads to pre-picking genes to prevent birth defects, how will we react to children we meet who have that disorder? (Baker, 2001). People will see the child and wonder why it was born. Parents will have the chance to choose whatever genes they see fit for their child, offering it the best of everything. Society, however, will then look down upon those children naturally born. If this type of genetic engineering becomes a common occurrence, society is bound to discriminate against those people with defects or even differences. Yet differences are not bad and can be seen as unique and characteristic of the person they belong to. Some people even say that genetic engineering would undermine the right of every person to be valued for his or her uniqueness (Baker, 2001). The argument is that upon entering this life, a person is given certain qualities and inequalities that make him/her unique to each other. These qualities shape experiences, which in turn shape lives. Even the obstacles a person faces are meant to mold him/her and add character. Genetic engineering, however, removes some of these obstacles. Like in Gattaca, people would conceivably

Research Paper on Measurement in Financial Recording

Research Paper on Measurement in Financial Recording Measurement in Financial Recording research paper: In the recent past there has been a strong a desire and need for reforms in the manner in which accounting of financial instruments and statements is done. This has come as a result of a number of developments in the market. These developments have mainly been characterised by diverse financial innovations, which have blurred the establishment of a clear distinction between the existing financial instruments. Consequently, this has contributed to developing markets for those instruments that have been traditionally considered as non tradable and illiquid (Enria et al, 2004). There has also been evident disappearance of the rationale of the existing diverse accounting treatment that is related to securities, banking and insurance services. This is because they all cover and serve similar economic function. There have been two major approaches which have been recommended in the previous decade as being essential in line with measurements in financial accounting. The first recommendation is anchored on methods of valuation in accordance to past transaction which is referred to as Historical Cost analysis. Second argument is based on the current existing market value, which is referred to as Fair Value Accounting. The Historical based approach has been a fundamental part of America’s accounting systems. Through this approach, assets are always presented on a balance sheet, in terms of their value at the time when they were being acquired, which is essentially the use of purchase cost. However, in this era where there is intense usage of financial instruments that are highly complicated, the majority of stakeholders are questioning the appropriateness of Historical cost accounting. This has also been fostered by the adoption of strategies for risk management which makes former prices to be obsolete. We are now compelled to come to the conclusion that, replacing the historical cost accounting with a current cost system, will lead financial reporting into being more accurate. This brings on board the adoption of Fair Valuation as being most appropriate financial accounting tool. Recent developments are evident from modifications made by the Financial Accounting Standards Board (FASB), on the Generally Accepted Accounting Principles (GAAP). These changes involve rapid modernisation of these principles in an effort to make financial statements more meaningful to industrial standard bearers, hence brings forward the essence of fair value in financial accounting to all c ooperate organisations (Enria et al, 2004). The releasing of statement 133 by FASB is meant to account for derivative instruments and diverse hedging activities. It requires an entity which will recognise all existing derivatives as being either assets or liabilities in the financial statement, and measure the instruments at a considerable fair value. This shades light on the paramount importance of developing techniques that will be used to refine measuring of fair value in all financial instruments. The valuation of major financial assets or liabilities must be based on cost or prices, which reflects on market assessment in the present conditions and values on the future of the cash flow, which is covered in financial instruments (Rezaee, 2001). FASB has clearly stated its goals for a fair market valuation. The board noted that it is fully committed to work diligently so as to resolve in a timely way, the contradictory practical and conceptual issues which are related to meaningful determination of fair values and portfolios in financial instruments. Most critics argue that, accounting through historical cost is highly reliable, due to the fact that it is based on transactions that have been historically documented, hence rarely subjected to any debate. Moreover, most observers will determine the original cost by confirming the documented facts in original purchase transaction. Nevertheless, this is not applicable in the current market situation where fairness in value is the basis of cooperate and industrial development. For financial statements to be useful, they must have reliability and relevance. However, these qualities always conflict one another. These differences have come out more clearly in the middle of a meltdown in international financial stability, and also the increasing use of fair valuation accounting on balance sheet to effectively value liabilities and assets. Although recording assets at Historical Cost may be considered reliable, recording of such assets at their fair value will still not be an effective and reliable indicator of the asset’s true value several years age. It still can be highly reliable but have little resemblance to the present market value of the asset. This has made the International Accounting standards Board (IASB), the FASB, and SEC to question the suitability of historical cost accounting, and develop preference for fair market valuation which is based on GAAP. Several drawbacks have been attributed to the extensive use and implementation of fair valuation in the Cooperate and business world. The first drawback focuses on expected increased income volatility with the adoption of fair valuation (Barth, 2009). For a long time, there has been heated argument that volatility has the potential to provide accurate and relevant information, and should be fully respected in financial statements. However, relying exclusively on fair value, especially on assets which are not commonly traded in liquid secondary market, will run the risk in which the information being disclosed covers artificial volatility that is supported by fluctuation in the value of the financial market. The role of banks and other cooperate groups in the transformation of maturity and liquidity acts as a second limitation of fair valuation. Banks jointly provide loan and deposit services, which puts them in a central position to establish liquidity on demand and also support all the needs of the major components of the financial sector. It is however argued that attempting to bring fair valuation into loans, does not recognize the positive and permanent future of banking that comes in through its significant contribution to bridging the asymmetries in information between borrowers and the lenders. In terms of advantages, the major aspect of fair value accounting is the development of a wide and improved scope in corrective action and market discipline. This accounting system would essentially lead to greater insight into the profile of the bank in terms of risks (Shortridge, Schroeder, Wagoner, 2006). It will also move many items that are out of the balance sheet into the balance sheet. If uninsured depositors, debt holders and shareholders are able to identify deterioration in the bank’s safety and its soundness, they will benefit efficiently in the financial stability that the world always crave for. Looking at the opposite side with regards to the cost of the bank, it is important to analyse its role in the transformation of maturity and liquidity. In most cases, banks take advantage of the tools that have been provided by innovations in the financial sector and consequently, rely on instruments that are more sophisticated to be able to perform their function in liquidity transformation. This means that fair value accounting will result to increasing the marketability of current assets that are illiquid. From time immemorial, financial reporting has evolved with stewardship being the main objective in accounting. In this financial reporting contemporary era, stewardship and provision of information that is useful in making decisions is viewed as being the major objectives for reporting. Barth outlines IASB and FASB pronouncement in the context of advancing their converged conceptual financial reporting framework, in which the boards agree that stewardship and accountability should not be different or separate objectives during financial reporting in business firms. However, the framework has to acknowledge that information in terms of business finance should be useful for credit, investment and decision on resource allocation (Enria et al, 2004). It is essential to determine if firms that have more asymmetric timely earning, have financial accounting information that is useful in terms of value, and whether firms that have more non-equity stakeholders who are strongly influential, have financial accounting information that is more useful in terms of value. From this perspective non-equity stakeholders incur higher transaction costs during diversifying of unsystematic risks as compare to equity stakeholders (Barth, 2009). As risks related to stewardship are part of the unsystematic problems, the demand for accounting information related to stewardship increases with the influential power of non-equity stakeholders. Many critics have called for substantial reforms in fair value accounting to be suspended, due to the fact that, it is perceived to be the major contributory factor to the severe financial crisis evident in 2008. Political interference from the European Commission and the U.S congress resulted to standard setter in accounting to considerably relax the rules. However, if a clear analysis is carried out, we will come to the realisation that Fair values played a limited role in the statements of banks income and their regulatory capital ratio, with the exception of only a few banks that have large trading positions. This means claiming that fair value accounting supported the crisis is a notion that is largely unfounded. In conclusion, the debate that surrounds fair value accounting and historical accounting is not on the vague of ending soon. However, it is important to realise and acknowledge the significance of fair value in developing an efficient and accurate system, which will effectively represent financial information. This will also include information on economical transaction that comes in handy for boards of directors, investors and analysts.

Two methods of determining ABO and Rh groups Essay

Two methods of determining ABO and Rh groups - Essay Example The paper tells that because of Rh and ABO, it is important to be able to chemically identify the different blood types. In the ABO blood group system there are two types of marker that are present on the blood cells. These are type A and type B. If an individual has neither of these markers then they are considered to be type O. Individuals can be of blood type A, B, O or AB, as they inherit one type of marker from each parent. The human body does not produce antibodies for the markers that it contains, but does so for the ones that are not present. This is because the immune system sees the foreign marker as an invader and consequently defends itself against it. Thus, a person with type AB blood does not have antibodies against either A or B markers, and can consequently receive blood from any blood type. However, they also cannot give to any other blood type. In contrast, someone with type O blood can donate blood to any blood type as no antibodies will be raised, and but can rece ive blood only from other type O donors. Another factor that is present in the blood of humans is known as the Rh or rhesus system. This was first discovered through immunization of rabbits with blood that had been obtained from rhesus monkeys. It was found that the antibodies in the rabbit caused the blood to cogulate. Although the Rh system contains around 50 different antigens, five of which are considered to be the most important (D, C, c, E and e), and of these the D antigen is the most relevant. It is often thought to be the most polymorphic blood group system in humans. ... Secondly, the study used antibody screening on two plasma samples to determine the presence of antibodies. Materials and Methods Tube Grouping: Rh (D) and ABO antigens in unknown samples Four agglutinin reagents were to used in this experiment, Anti-A, Anti-B, Anti-A,B and Anti-D Alpha. These reagents react directly with the antigens present in red blood by making the cells clump together. Thus, they could be used to determine the blood type of each of the four patients. Sixteen clean test tubes were taken and labelled with patient name (Patient 1, 2, 3 or 4) and one of the four reagents so that for each patient there was a total of four tubes, each labelled with the name of a different reagent. Two drops of the labelled reagent were added to each tube. For each of the four patients, the cell sample was inverted several times to ensure the cells were thoroughly mixed, and then one drop of cells was placed in each of four test tubes for that patient. The cells were incubated at room t emperature for 15 minutes and then examined for agglutination. Ortho ABD and Reverse Cassettes: Rh (D) and ABO antigens in unknown samples For this section of the experiment, the same four patient samples were used. The samples were inverted to mix them and then they were loaded into the cassettes. One cassette was used for each patient and these were labelled. Each cassette had four marked wells, A, B, D and control. In each well 10 Â µl of the respective patient sample was placed. The cassettes were then placed in the Ortho Centrifuge and spun for five minutes, and then the results read. Antibody Screening An Ortho Poly AHG cassette was provided. This had six wells that contained Poly Specific Anti – Human Globulin. Three antibody-screening cells

Music Appreciation (concert report) Essay Example | Topics and Well Written Essays - 1250 words

Music Appreciation (concert report) - Essay Example 2, "Air" from Orchestra Suite No.3 in D Major, BWV 1068, Serenade for strings in C Major, Op. 48, Serenade No. 13 in G Major, KV 525, â€Å"Eine klein Nachtmusik†, and Concerto No. 4 in F minor, Op.8, RV 297, â€Å"L’inverno†. The composers of the pieces are Gustav Holst, J. S. Bach, Pyotr Ilyich Tchaikovsky, W. A. Mozart, and Antonio Vivaldi respectively. W. A. Mozart composed this piece on 10th August 1787. He was a prominent writer who composed many songs in Italian but composed this one in his native German. This probably suggests that it must be a personal piece. This is one of the finest copies that he wrote as special- occasion music. He composed these works mainly for princely or wedding ceremonies for wealthy merchants. The piece has four movements, which includes Allegro, Romanza, Menuetto and Rondo. This piece is a string quartet as it is a chamber that consists of first and second violins, viola and cello. The string orchestra performs it. It consists of four movements, which makes the concert appealing to the audience. The various movements take different forms to express different themes hence developing a sense of variety. Repetition of exposition with the subjects that are in the same key is conventional. The texture of the piece is polyphonic since it is a combination of both monophonic and homophonic. The melody of the piece is satisfying since the notes keep on changing depending on the moods that the various movements express. The composer develops the piece by beginning with a D major, touching on C main and returns to G crucial for recapitulation. A crucial key dominates the four movements of the piece which modulate from one key to another. The piece does not have a beat that one can tap the foot to it. The reason is that different movements have different beats. A triple beat, however, dominates the piece. It is not much rhythmic in comparison with the other pieces due to the changes that take place for every movement. The dynamics

Middle-Range Theory Application Assignment Research Paper

Middle-Range Theory Application Assignment - Research Paper Example This paper focuses on the Tidal Model of Mental Health Recovery (Barker, 2001) which is considered as the first model for recovery developed by nurses and practitioners (Brookes, 2006). Over the past decades, psychiatry was mainly focused on the things that were done to the patients, and not with them. Mental illness was contained in order to significantly reduce the disturbances; however, by the end of the 20th century, the belief that professionals can sort out psychiatric problems was dramatically declining (Davidson & Strauss, 1992). With this, the concept of recovery as well as it focus on values had been highlighted, which has driven Barker (2001) to come up with the Tidal Model of Mental Health Recovery.   The philosophy behind this approach was initially driven by research about what individuals need for mental health care. The theorist was encouraged to establish a theory focusing on values as a component of recovery-focused practice, due to the fact that traditional scientific approaches have not been able to address all mental health issues, especially recovery. Generally, the Tidal approach places emphasis on how professionals and practitioners can mo dify care to work with each individual’s needs as well as his story and experiences so the person can be capable of paving the way for recovery (Buchanan-Barker & Barker, 2008). The person plays the main role in the recovery process, though a practitioner can help release the potential for recovery of the individual. The Tidal model is the first model of mental health recovery based on research that has also been developed by nurses as well as the support of individuals who have used or have been using psychiatric services (Brookes, 2006). Numerous approaches on recovery often put emphasis on self-management with which people are helped so they can manage their symptoms and develop plans in order to achieve

Risk Assessment Approaches To Constructing Road

Risk Assessment Approaches To Constructing Road As an employer you have a business objective as well as a moral and legal obligation to provide and maintain a safe and healthy workplace that is, as far as reasonably practicable, free from risk and hazards. In doing so employers conducts risk assessment, this is intended to determine the potential harm to workers and other persons in the workplace, and implement control measures to eliminate these risks or to reduce them to a tolerable level. The most important element in the risk management cycle is risk assessment usually comprises of a combination of risk identification and risk evaluation techniques which make it also the most complex element of the risk management cycle. Evolving out of this were two parts in conducting risk assessment they being quantitative and qualitative. Quantitative Assessment was the more complex of the two as it depending on the collection and analysis of a great deal of data use to calculate probability and potential loss. This dependence of accuracy of data also acts as an Achilles heel for the process because of the share difficulty associated with data collection. However qualitative risk assessment is regarded as the lesser of two evils and is the most commonly used approach to risk analysis. This is due to the fact that probability data is not required thus making the process more attractive to safety practitioners and industries that are new to safety. Because there is no need for great amounts of historical data, companies that are newly expose to safety use this method simply because there is no data to collect. This paper discusses the different techniques to risk assessment, then describing the reasonable approach which can include both qualitative and quantitative approaches within a civil construction company. Company Overview Tee Pavers Limited is a local independent civil construction company locating at the southern part of Trinidad which has been in operation for the past 25 years. They have a workforce of over 120 skilled workers and a fleet of excavating, landscaping and asphalt paving machinery numbering in the hundreds. The company entertains government contracts for road construction and rehabilitation, they currently have a fully operating asphalt plant where they supply asphalt to several private and public companies throughout the country. Despite the number of years in operation the company was only recently introduced to Health and Safety as part of the compliance requirement of the OSH Act 2004 (Amended 2006). Figure 1 outline the detail process of road construction. Is simple and straightforward. Just what is needed in a safety- new company such as Tee Pavers Limited Can be complex and require suitable explanations. This process would not be well received at Tee Pavers Limited a company that is now being exposed to safety practices. The Calculation of frequency of risk to worker is largely judgmental and does not require extensive data. This proves to be effective due to the fact that techniques such as JSA and PHA focus on job task in identifying hazards and workers can participate. Calculation of frequency of risk to workers requires extensive, appropriate data that may not be relatively available. Thus as in the case with Tee Pavers where prior projects was done by gut feelings see that safety was never a concern. It provides estimation of risk levels to workers to particular fault and hazards. This is a simple process that could be understood by all workers. Provides numerical assessment of the level of risk. It is best carried out by an experienced team of people throughout the assessment which may include operators, supervisor and long standing workers. A team approach is best needed for the hazard identification stage. Techniques like FEMA and FTA usually need to be done by just a specialist to ensure consistency of logic. Processes and results are deriving objectively, easily supported. Process results are subjective and may not be repeatable. It requires structure logic to identify controls, protection and mitigation measures to support decision made by analyst. This was evident that Tee Paver workers were resistant to change. Logic is implied with quantitative, but requires explanation to support safety case arguments. Does not readily lend itself to assessment of combinations of failures leading to a hazard on the road. Assessment of combinations of failure is implied in techniques like FTA and ETA. Risk analysis of all hazards and consequences not readily achievable since it is largely judgmental. Risk analysis of hazards and consequences easily achievable. Appropriate at early stages before the start of new project when identifying major hazards and risk. The use of the PHA is ideal for Tees Paver road construction process. Mainly appropriate at the later stages of the project when details of design and intended operation are known and data is available to support the assessment. Evaluation of Risk Analysis of the Road Construction Process Taking into consideration the five steps risk assessment process (Health and Safety Executives) will determine the type of risk assessment techniques needed qualitative or quantitative. Table 2 shows all the various risk assessment that can be consider in the road construction process. However due the nature of the organization and past safety culture I believe that qualitative assessment Job Safety Analysis (JSA) and Preliminary hazard analysis (PHA) would be a more effective with comparison to the quantitative approaches like FEMA and ETA which is too intense in terms of complexity, dependence on historical data and time consuming which does not sit well with this type of business that strives on spontaneous contracts. Simplicity best describes Tees Pavers road construction process; therefore the qualitative approach is ideal in identifying basic hazard and risk. During the early stages of operation and the details of the project is identified PHA can be used. This process encourages participation and so the Project manager, Engineer, Supervisors and the Health Safety Environmental personnel all work together to identify the major hazards, and rank them according to severity with the aim of implementing preventative measures. The potential hazards identified during the phase 2 processes (Asphalt Paving). When laying the asphalt base the main hazardous events would be unprotected physical contact with the hot asphalt. The probability of a person getting burn from the hot asphalt is medium to high and the severity of injuries will also be medium to high. Therefore putting preventative measures in place would be easier, for instance; having workers wear insulated PPE thus reducing the risk factor. This type of assessment is effective because it deals with the hazards and risks before the commencement of the projects and the fact that a wide array of employees are included means that effective preventive measures can be put in place. Some might argue that some of the hazard and risk may be overlooked since it is done before the project starts but in Tee Pavers case this process never changes, the worker are experience and thus the accident or incident rate is close minimum. Feasibility Safety is inevitable. The Occupational Safety and Health Act, 2004 (amended 2006) states that every employer must conduct a suitable and sufficient risk assessment. In complying with the OSH Act the safety official can achieve a two prong approach by introducing task based assessment (a form of qualitative assessment). This allows every worker irrespective of educational background to participate thus fostering awareness. Appendix 1 shows a simple effective JSA for asphalt laying road works which has deemed suitable and sufficient meeting all the requirements stated in TTS 620: 2008. Appropriateness When you look at the culture of the workforce that predominates Tee Pavers you get the sense of being expose to the 1980s ones again. Workers with the average age of 46, limited educational qualification (some even partial illiterates), most of them originate from areas within 10 square miles of each other and the general sense of simply coming to work to do an honest day job without concern for safety ills driven by the competitive nature of individually pleasing the boss. Taking that into consideration one can only select the qualitative approach considering conducting risk assessments. Initially introducing safety measures must be done in simple steps even thought safety is becoming mandatory the intension is to encourage the worker to buy into it not to view it as a hindrance or a threat. Conclusion Tee Pavers is undoubtedly a prime example of a company that would greatly benefit from qualitative assessment. Some of these benefits include complying with legislation fulfilling the requirements of every employer providing a workplace that is free from risk. I my view conducting qualitative risk assessments over a period of time prepares a company for the more detailed, accurate and more complex quantitative approach. The workers who were once naive with regards to safety and health would now be coached into maturity. This would prove to be a welcomed combination when companies would be venturing toward greater horizons. However the stark reality is its all about money. With legislation playing a bigger part in the world of safety company now know that in order to be viewed as an attractive commodity they must show some level of compliance to these safety laws thus a concerted interest in the employment and establishment of safety department within these companies. These departments are mandated to establish safety guideline and assessments for projects (existing and proposed). The companies know that they will be audited and that successful audit would indicate compliance thus making them more marketable for new contracts. As distasteful as it sounds it is a reality that we face every day with existing and emerging companies competing for government contracts.

The Shifting of Pangea :: essays research papers

The Shifting of Pangea Have you ever noticed that a map of the world looks like a puzzle and the continents look like the pieces that would fit together to complete the puzzle.   Ã‚  Ã‚  Ã‚  Ã‚  In 1912, Alfred Wegener, a German scientist and an adventurer, came up with a theory that the continents had once been part of a â€Å"supercontinent†. Wegener proposed that, over 200 million years, what he called Pangea had separated and became individual pieces. Pangea means â€Å"all lands† in Greek, and that is what Pangea was, a very large landmass when all of the continents were connected. When Wegener first proposed this idea in 1912, people did not buy into this theory. One of the problems that Wegener faced was that he believed that the continents had drifted apart, but he couldn’t explain how they had drifted apart. Another problem was that there was a theory already in place called the â€Å"Contraction Theory†. This theory stated that the Earth was once a molten ball and in the process of cooling, the surface cracked and folded up on itself. One of the problems with this theory was that it suggests that all mountain ranges w ere the same age, and this could not be true. Wegner’s explanation was that continents shifted and these shifting plates would collide, encounter resistance from one another, compress, then fold upwards to form mountains near the edges of the plates.   Ã‚  Ã‚  Ã‚  Ã‚  Eons ago India and an ancient ocean called the Tethys Ocean sat on a tectonic plate. This place was shifting northward towards Asia at a rate of 10 centimeters per year. The ocean got progressively smaller unit about 55 million years ago when it collided with Asia. There was no more ocean left of lubricate the subduction and so the plates formed the High Plateau of Tibet and the Himalayan Mountains.   Ã‚  Ã‚  Ã‚  Ã‚  Evidence that Pangea may have existed can be found in land animals, vegetation, mountains, and the climate. Fossils and plants that are the same, can be found on different continents, across oceans. Assuming that the land was once connected, animals could have walked across the large land mass and not have to swim. For example, the mesosauras (a land animal) could not have traveled from South America to Africa because of the Atlantic Ocean. Yet, there are fossils of this animal on both continents. Another example is there are trees in South America, Africa, India, Australia, and Antarctica that are of the same origin.

Research Paper on Tax Incentives in Singapore

1. INTRODUCTION 1. Tax Incentives for Investments in Singapore Tax incentives have been an integral part of Singapore's economic development strategy since the 1960s. For more than 30 years, tax incentives have been used to attract investments and create jobs. Now we are the focal point for foreign investments, research and development and services in Asia. Over the years the government has introduced a wide range of tax incentives for a balanced economic growth of the various business sectors. This paper analyses how these incentives play a part in attracting foreign capital inflows to enhance the financial and industrial sectors in Singapore and their effectiveness in achieving our goals. 2. Purpose The purpose of this research is to gain an understanding of the tax incentives scene in Singapore, how it works and it effectiveness in achieving our aim of being a vibrant and robust global hub of knowledge-driven economy. 3. Our Research Questions for this Study As part of our research, the following questions were asked to direct us on our study: †¢ What are the tax incentives available under the ITA, EEIA and DTA to attract foreign capital inflows? †¢ How effective are these tax incentives? 4. Methodology We derived our information from books, online journals and other internet resources. 2. BACKGROUND 1. The Birth of the Income Tax Act, EEIA and DTA From a small fishing island to a cosmopolitan country within a span of 44 years is what Singapore has become today, with per capita GDP equal to that of the leading nations of Western Europe (Central Intelligence Agency, 2008)[1]. As a small island with limited, or rather, no resources to depend on, we have simply taken the world by surprise through the phenomenal economic growth that has taken place in a short period of time (Fordham, 1992)[2]. Our only resources are fish and deepwater sea and despite all the limitations that we were faced with, we have secured a place in the world map as the leading financial, educational, services, manufacturing and research and development hub. Then, â€Å"what is the clandestine of our achievements? † is the question that arises in all our minds. After being separated from Malaya, the government’s ambitious plans for the country to be industrially developed seemed too far-fetched especially with no natural resources to call its own (Fordham, 1992). It did not, however, relent to the fact that achieving its goals is uncertain now with its given economic state. Its leaders knew at that time Singapore needs to promote investment in new industries so that its goals can be achieved. Being under developed and with no achievements or resources to call its own, it was a palpable fact that Singapore had to make radical changes to attract foreign investors,. This is when tax incentives were spotted as a viable option to magnetize foreign capital inflows. The pre-existing Income Tax Act (1948) was evaluated to see how tax incentives could be integrated to accomplish these aspirations. Along with this, in 1967, the Economic Expansion Incentives Act (EEIA) was first introduced to solidify the expansion and development programs that were being carried out by the Economic Development Board (Fordham, 1992). In early 1960s, Singapore recognised the need for a dynamic manufacturing sector and export policies to draw MNCs so that we could be used as a production base to export goods worldwide. As a result of these aims, EEIA was introduced to grant tax benefits to manufacturing companies setting up production in pioneer areas in Singapore (Fordham, 1992). The development of international trade and multi national corporations has increased the issue of double taxation. As a company or individual looking beyond your own country for business opportunities and investments they would naturally be concerned with the problem of double taxation. Consequently they would seek to structure your operations at a minimum tax cost. This is where DTAs or tax treaties come into play 2. Incentives Available under ITA to Attract Foreign Capital Inflows Singapore has always been maintaining a competitive tax rate by being the lowest among the developed countries. Its purpose is to create an encouraging business environment for economic expansion (Tan, 1996). According to GuideMeSingapore, 2008, a web portal providing one-stop information on Singapore’s business environment to entrepreneurs, commented that â€Å"Singapore is often cited as the leading example of countries that continues to reduce corporate income tax rates and introduce various tax incentives to attract and keep global investments†. This is obvious in the frequent lowering of corporate tax rates since 1987. In 1989 the corporate income tax was reduced to 33 percent from 40 percent to follow the worldwide trend of lowering corporate taxes. The corporate tax rate was further lowered in 1990 to 31 percent to encourage multi-national companies (MNCs) to locate their treasury and financial operations here (Tan, 1996). From then on, corporate tax rate has been gradually decreasing. In 2004 corporate tax rate was reduced to 20 percent and with the release of the 2009 budget speech, corporate taxes will be cut to 17 percent in 2010. The aim of these reductions is to help businesses to curb operational costs so that Singapore can gain a competitive edge in continuing to attract high-tech and high value-added investments (Liu, 2007). From our research we found that there are several tax incentives in place to pull foreign investments to Singapore (IRAS, 2008) and we will be focusing on those that are relevant to our study. 1. DEDUCTION FOR EXPENSES ON RESEARCH AND DEVELOPMENT PROJECT (R) This incentive was introduced in 2003 to allow company to deduct a second round of qualifying expenses from its income in addition to the automatic first deduction allowed under section 14D. Further amendments[3] were made in 2008 to entitle companies for an automatic 50 percent tax allowance (PWC, 2008). This R allowance can be used to offset against the company’s chargeable income for the next 3 years (i. e. 2009 to 2013) to motivate companies to carry out more R projects. This is coupled with meeting our aim to be a research and development hub in the global arena (MOF, 2008). After the introduction of the tax incentive, total R expenditure increased from $3. 4 billion to $4. 6 billion in 2005 (Lai, 2007)[4]. Majority of the R spending was contributed by the private sector, whose gross expenditure on R (GERD) increased by 1. 2 percent. By the end of 2005, GERD was at 2. 4 percent of GDP. Singapore had surpassed the EU-15’s[5] and the Organisation for Economic Co-operation and Development’s (OECD) averages of 1. percent and 2. 3 percent respectively (Lai, 2007). The increase in figures shows the effectiveness of the tax incentive program. According to the report, this figure is still lower compared to U. S (2. 7 percent) and Japan (3. 0 percent). Considering the fact that these countries are bigger in land and population size, our achievement is still commendable. 2. CONCESSIONARY RATE OF TAX FOR APPROVED HEADQUARTERS PROGRAM The purpose Headquarters Program was to encourage multinationals to base their main back offices in Singapore. This was to be achieved through reduced tax rate which is applied primarily to large-scale multinational corporations that relocate the management and headquarters functions of their subsidiaries and affiliates from other countries to Singapore. Section 43E of Income Tax Act provides that companies with their substantial operations located here can qualify for a 10 percent concessionary rate of tax (IRAS, 2008). This tax incentive has pulled and is continuing to pull foreign venture capitalists who provide the foreign capital infows. One such company is Societe Generale who received the OHQ award in January 2000. Besides this, Legg Mason Asset Management, Deutsche Asset Management, Merrill Lynch Mercury Asset Management and Zurich Scudder Investments are a few that were named in the MAS publication on New Initiatives for Enhancing Financial Sector Expertise, 2001. The motive for large-scale multinationals to relocate in Singapore is not only because of our highly advanced infrastructure, telecommunication and information facilities. It is also due to the support and encouragement that our government has been continuously offering through such tax incentives. 3. CONCESSIONARY RATE OF TAX FOR FINANCE AND TREASURY CENTRE (FTC) Foreign and Treasury Centre was introduced with the aim to entice foreign corporations to use Singapore as a base for conducting treasury management activities for related companies in the region. Under this scheme, foreign companies can enjoy a 10 percent concessionary tax rate from fee income from FTC subsidiaries, related companies and associates for provision of FTC services. According to Mr. Lee Chuan Teck, Executive Director for Financial Markets Strategy in MAS, by 2006 a total of 600 companies had chosen Singapore as their focal point to operate their financial services (MAS, 2006). According to the Survey on Corporate Risk Management Practices, 75 percent of the foreign MNCs cited EDB’s incentives as a reason for relocating their treasury centres in Singapore (Craig, 1997). This tells us the success of this incentive. 4. CONCESSIONARY RATE OF TAX FOR FINANCIAL SECTOR INCENTIVES (FSI) The FSI scheme offers a concessionary tax rate of 5% for qualifying high growth and high value-added activities and 10% for mature but tax-sensitive activities. The FSI is a measure designed to invite the front and back offices of multinational financial groups to Singapore so as to meet our overall goal to be a leading centre for competence in knowledge-driven activities and a choice location for company headquarters with responsibilities for product and capability charters (Geeta, 2002). Singapore’s vision is to be a pre-eminent financial centre in Asia. Technopreneurship 21 is the initiative that the government launched to achieve this goal. FSI plays a key role in attracting foreign multinationals to start-up their financial services in Singapore so that its dream of becoming a financial hub in the international arena can materialize. How far have been successful in this attempt is the question that we should be asking. As at 2005, 24 foreign full service licensees, 35 wholesale licensees and 46 offshore licensees operated in Singapore. Statistics provided by EDB (Embassy, 2006) for 2005 shows that foreign financial institution J. P Morgan Securities Asia, U. S. based MNC, had assets totalling up to US$14. 5 billion in Singapore. Singapore Department of Statistics reported that the financial and insurance services sector had generated US$49,223 of Foreign Direct Investments in 2003. That is 34 percent of the total FDI for that year (Embassy, 2006). 5. APPROVED GLOBAL TRADING COMPANY Global Trading Company was launched to facilitate and develop international trading activities. The GTP is a merger of the Approved Oil Trader (AOT) and the Approved International Trader (AIT) programmes. The programme encourages global trading companies to use Singapore as their regional or global base to conduct activities along the total trade value-add chain from procurement to distribution, in order to expand into the region and beyond (IEsingapore, 2009). Over the years, the programme has attracted a vibrant cluster of global trading companies to hub their strategic business functions in Singapore. These companies are key players in their respective industries such as oil trading, petrochemicals, agri-commodities and metals (IEsingapore, 2009). Minister for Trade and Industry, Mr Lim Hng Kiang announced in his speech during the Global Trader Networking Cocktail 2008 that in 2007, offshore trade by companies under IE Singapore’s Global Trader Programme, GTP, grew more than 30% to reach over US$465 billion. These companies employed over 7,000 staff and contributed S$7. 8 billion worth of total business spending. Much of the spending was in shipping, freight management and storage services, lending further testimony to Singapore’s strengths as a logistics and auxiliary services hub. From a modest start of 25 companies in 1989, there are currently more than 230 companies under the GTP (MTI, 2008) . 3. Incentives Available under EEIA Tax incentives available under EEIA are discussed below (IRAS, 2008). 1. PIONEER INDUSTRIES INCENTIVES The first aim of Pioneer Industries was to attract capital from both local and foreign companies who invest in new industries in Singapore. This incentive was introduced to draw investment in innovative areas to enhance Singapore’s industrial development (Fordham, 1992). Companies which qualified for PI were given a full tax exemption on qualifying profits for a period of time ranging from 5 years to 15 years. Implementation of this incentive saw a surge in the number of manufacturing industries that were set up here. By 1997, petroleum industries and electronics industries were dominating the Pioneer Manufacturing Establishments. MNCs like Exxon, Shell Sumitomo, Seagate, Hewlett-Packard and Compaq were already located here then contributing a total of S$117,104 million of foreign equity investment in Singapore (H H, 1997). As at 2004, the qualifying activities include services such as medical, publishing, education, automated warehousing facilities, exhibition and conference, financial, venture capital fund activity and so on (H H, 1997). 2. DEVELOPMENT AND EXPANSION INCENTIVE (DEI) This incentive is granted mainly to manufacturing and service industries that are engaged in capital investment to upgrade or modernize production capacity. The purpose of this incentive is to encourage greater growth and attract more companies to move into higher value-added activities. Under this scheme, eligible companies are entitled to preferential corporate tax rates for qualifying profits above a pre-determined base for a specific period (SPRING Singapore, 2008). According to the statistics collated by Ministry for Trade and Industry, the total investment by foreign companies in Singapore in development projects increased from$6,608 in 1997 to $17,187 in 2007. 3. OVERSEAS ENTERPRISE INCENTIVE (OEI) OEI was put in place to encourage local businesses to invest in a venture company, technology investment company or overseas investment company. OEI provides tax exemption on the qualifying income. Overseas investment should result in new business opportunities, activities as well as new technology to be introduced in Singapore. For instance DBS Bank, Bakerzin and Charles and Keith are a few prominent local bred companies which have ventured overseas. DBS Bank, Singapore’s local bank, has ventured into countries like Thailand, Hong Kong, India, Japan, U. S and many more (IESingapore, 2008). Bakerzin has franchises in KL, Jakarta, Shanghai and US while Charles and Keith had ventured into the Middle East and Asia Pacific markets (IESingapore, 2008). . Effect of DTA in attracting foreign capital inflows According to the Inland Revenue Authority of Singapore, we have 59 Double Taxation Agreements with various countries. These treaties were signed to relieve taxpayers from the burden of double taxation when they repatriate their earnings to their home country. These treaties aim to offer relief from double taxation, either by way of tax credit, tax exemption or a reduced tax rate. These reduced rates and exemptions vary among countries and specific items of income. Treaty provisions generally are reciprocal (apply to both treaty countries). Only Singapore tax residents and tax residents of the treaty country can enjoy the benefits of a DTA. Signing of these treaties has resulted in increased foreign investments from countries such as Europe, U. S. and Japan. In 1996 the total foreign investments was $125,274. The major investors then were Japan, Europe and U. S. In 2006 the investments rose to $363,935 and the major players are Japan, Europe, U. S, European Union and South and Central America and the Caribbean. 3. CONCLUSION Policies have been the driving force for a small nation like Singapore to achieve so much within a short period of time. With no natural resources, foreign capital inflows in the form of foreign direct investments has played major part in shaping our nation to what it is today. With less to offer, tax incentives are one of the key reasons that had attracted many foreign companies creating a pool of foreign capital inflows. Our research on the various tax incentives has showed us that, indeed, they were effective enough to attract foreign companies to locate here with their technology and know-how. The early years efforts to industrialize our economy paid off and that had enabled us to improve our air and seaport facilities, telecommunication, information technology, warehousing and logistics facilities. Tax incentives have been working in the background and today these are some of our achievements (www. sedb. govs. sg): Now as we move towards being knowledge based economy with technopreneurial goals, our tax incentives have been further enhanced through the R deductions and allowing more activities to be qualified under the Pioneer Industries. Thus in our opinion, the tax incentives offered under ITA, EEIA and DTA have been effective in attracting foreign capital inflows which have shaped our country thus far. BIBILIOGRAPHY Agency, C. I. (2008). Central Intelligence Agency. Retrieved March 28, 2009, from CIA: www. cia. gov Craig, F. (1997). Survey of Coporate Risk Management Practices 1997. Retrieved April 3, 2009, from Singapore Foreign Exchange Market Committee: http://www. sfemc. org/annual_report/Tansformation_AR_1997_-b. pdf D. J. (1996, December). Learning from Singapore: Road to Non-agonised Budgeting. Asian Journal of Public Administration . E. o. (2006, January). Singapore Investment Climate Report. Retrieved April 3, 2009, from http://singapore. usembassy. gov: http://singapore. usembassy. gov/uploads/images/HiMDAFJ23iuXGl0Th5mNsA/InvestClimate2006. pdf Fordham, M. (1992). Tax Incentives for Investment & Expansion (2 ed. ). Longman Singapore Publishers (Pte) Ltd. G. H. (2002). Singapore as an Investing Ground: A Review. Retrieved April 2009, from www. excelsol. com. sg: http://www. xcelsol. com/env/envsg. pdf GuideMeSingapore. (2008, April 14). Singapore Corporate Income Tax Guide. (GuideMeSingapore, Editor, & Janus Corporate Solutions 2006) Retrieved March 28, 2009, from GuideMeSingapore: http://www. guidemesingapore. com/corporate-taxation/c321-corporate-taxation-system-overview. htm H H, A. T. (1997, August 27). Official Efforts to Attract FDI: Case of Singapore's EDB. Retrieved April 4, 2009, from National University o f Singapore: http://www. fas. nus. edu. sg/ecs/pub/wp/previous/AHTAN2. pdf IEsingapore. (2009). Global Trader Program. Retrieved April 2, 2009, from IE Singapore: http://www. iesingapore. gov. sg/wps/portal/AssistanceProgrammes/FinancialIncentives/GTP IRAS. (2008, February 14). Applying for Tax Incentives. Retrieved April 2, 2009, from Inland Revenue Authority of Singapore: http://www. iras. gov. sg/irasHome/page04. aspx? id=1746 L. D. (2007, March). Growth of Research and Development in Singapore: 2000 – 2005. Retrieved April 2, 2009, from Singapore Statistics Department: http://www. singstat. gov. sg/pubn/papers/economy/ssnmar07-pg1-7. df L. Y. (2007). Nanyang Technological University. Retrieved April 2, 2009, from ScienceDirect. com: http://www3. ntu. edu. sg/home/ayuliu/2007%20JPM%20LYH%20-%20Facing%20the%20challenge. pdf MAS. (2006). SPEECH ON REGIONAL TREASURY CENTRES IN SINGAPORE BY. Retrieved April 3, 2009, from Monetary Authority of Singapore: http://www. mas. gov. sg/news_room/statements/2006/Speech_on_Regional_Treasury_Centres_in_Singapore. html MOF. (2008). L iberalization of R&D Tax Deduction. Retrieved March 28, 2009, from Ministry of Finance: http://www. gpolitics. net/budget2008/annexb-2. pdf MTI. (2008, May 25). Global Trader Networking Cocktail 2008 Speech By Minister Lim Hng Kiang. Retrieved April 3, 2009, from Ministry for Trade and Industry: http://app. mti. gov. sg/default. asp? id=148&articleID=13861 PWC. (2008, November). IRAS issues a circular on research and development (R&D) tax measures . Retrieved April 2, 2009, from PricewaterhouseCoopers International Limited: http://www. pwc. com/extweb/manissue. nsf/docid/6D2E3517BF8BE91DCA25753C00373526 T. T. (1996). Corporate Income Tax in Singapore: Issues and Future Directions. In M. G. Asher, & a. Tyabji (Eds. ), Fiscal System of Singapore (p. 196). Pagesetters Services Pte Ltd. ———————– [1] CIA – The World factbook – https://www. cia. gov/library/publications/the-world-factbook/geos/sn. html. [2] Fordham, Margaret BA Durham â€Å"Tax Incentives for Investment and Expansion 2/E 1992 [3] Based on the IRAS circular, definition of R&D was amended to incorporate the requirements that the R&D study must be systematic, investigative and experimental. R&D project must involve novelty or technical risk and be undertaken with the object of acquiring new knowledge or using the results of the study for the production or improvement of materials, devices, products, produce or processes. The list of specifically excluded activities in the definition of R&D has also been expanded so that routine modifications, cosmetic modifications or stylistic changes, as well as the development of software that is not intended for sale, lease or license to third parties are excluded. However, an exception is introduced for research in the social sciences and humanities and for software development that is undertaken wholly or mainly to support a qualifying R&D project. In these cases, the expenditure can be included as part of the qualifying R&D project expenditure. More information is available at http://www. pwc. com/extweb/manissue. nsf/docid/6D2E3517BF8BE91DCA25753C00373526 [4] The National R&D Survey is attached as Annex 2 [5] The European Union-15 comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and United Kingdom.

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