3. Admiral Markets AS is an Estonian investment firm. In 2020 it earned 0.5m of profit. In February 2021 it paid 0.5m out as dividends, and it also bought a Rolex watch (for 20,000 ) which one of its shareholders is using. The corporate tax rate is 20%.

3.1. How much corporate tax is due from Admiral Markets AS and when?

3.2. Would something change if Admiral Markets AS were located in Sweden (which has a classical tax system, and a tax rate of 21.4%)?

3.3. Would something change still if Admiral Market was located in Sweden (which has a classical tax system, and a tax rate of 21.4%), but had earned a loss of 0.4m in 2019, and that loss had not been used or set off by anyone?