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v2.4.0.6
INCOME TAXES
12 Months Ended
Sep. 30, 2011
INCOME TAXES  
INCOME TAXES

NOTE 10 – INCOME TAXES

 

USA

 

The Company and its subsidiaries are subject to incomes taxes on an entity basis on income arising in, or derived from, the tax jurisdiction in which they operate. As the Company had no income generated in the United States, there was no tax expense or tax liability due to the Internal Revenue Service of the United States as of September 30, 2011 or 2010.

 

British Virgin Islands

 

The Company’s subsidiary was incorporated in the British Virgin Islands and is not subject to income taxes under the current laws of the British Virgin Islands.

 

Gibraltar

 

The Company has a registered office in Gibraltar and accordingly has to pay an annual flat rate corporate tax. The amount of tax paid in the years ended September 30, 2011 and 2010 was $1,100 and $0.

 

Guinea

 

The Company’s subsidiary, Land & Resources of Guinea SA, was incorporated in Guinea, West Africa and is not subject to income taxes under the current laws of Guinea.

 

 

 

 

 

 

Inception

 

 

 

 

 

 

(August 9, 2010)

 

 

 

Year ended

 

 

through

 

 

 

September 30, 2011

 

 

September 30, 2010

 

 

 

 

 

 

 

 

Income Tax Expenses:

 

 

 

 

 

 

 

 

Current tax

 

1,100

 

 

-

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,100

 

 

$

-

 

 

Any interest and penalties related to taxes, which the Company has none for the periods presented, would be booked in the financial statements as income tax expense.