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A company had the following transaction during the tax period: 1) Turnover from sale of food in the country - 1,250 thousand tenge. 2) Turnovers
A company had the following transaction during the tax period: 1) Turnover from sale of food in the country - 1,250 thousand tenge. 2) Turnovers from exporting office supplies - 1,500 thousand tenge. 3) Turnovers from sale of medicine in the country - 890 thousand tenge. 4) When organized advertisement campaign, the company gifted goods that had cost 100,000 tenge (1000 tenge per unit). 5) The cost of the raw material received from suppliers was 1,100 thousand tenge 6) The company paid 500 thousand tenge for bills related to transportation expenses 7) During the reporting period, the company acquired a car for 2,300 thousand tenge and equipment for 890 thousand tenge. 8) The company imported equipment. The cost of the equipment was 12 thousand USD. The transportations expenses were 3 thousand USD. The company used import VAT offsetting method (under this method a company shall accrue VAT but not pay it). Customs rate was 15%. The rate for customs processing was 0.1% Exchange rates: When customs declaration was provided 421 tenge per USD When goods were sold - 410 tenge/ USD This taxpayer used proportioned method for accounting of VAT input. All suppliers were VAT payers. All transactions did not include VAT, except transactions related to acquisition of PPE items. Required: Determine the amount of allowable input A) 958 thousand tenge B) 885 thousand tenge C) No correct choice D) 1.200 thousand tende 1 of 65648 words LX Russian TO FOCUS A company had the following transaction during the tax period: 1) Turnover from sale of food in the country - 1,250 thousand tenge. 2) Turnovers from exporting office supplies - 1,500 thousand tenge. 3) Turnovers from sale of medicine in the country - 890 thousand tenge. 4) When organized advertisement campaign, the company gifted goods that had cost 100,000 tenge (1000 tenge per unit). 5) The cost of the raw material received from suppliers was 1,100 thousand tenge 6) The company paid 500 thousand tenge for bills related to transportation expenses 7) During the reporting period, the company acquired a car for 2,300 thousand tenge and equipment for 890 thousand tenge. 8) The company imported equipment. The cost of the equipment was 12 thousand USD. The transportations expenses were 3 thousand USD. The company used import VAT offsetting method (under this method a company shall accrue VAT but not pay it). Customs rate was 15%. The rate for customs processing was 0.1% Exchange rates: When customs declaration was provided 421 tenge per USD When goods were sold - 410 tenge/ USD This taxpayer used proportioned method for accounting of VAT input. All suppliers were VAT payers. All transactions did not include VAT, except transactions related to acquisition of PPE items. Required: Determine the amount of allowable input A) 958 thousand tenge B) 885 thousand tenge C) No correct choice D) 1.200 thousand tende 1 of 65648 words LX Russian TO FOCUS
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