Question
A tax audit was completed in a Company and the following differences were revealed for the month of June between declared and payable amounts: Tax
A tax audit was completed in a Company and the following differences were revealed for the month of June between declared and payable amounts:
Tax | Declared by Company | Payable by Law |
VAT | 5,300 | 3,500 |
CIT | 3,800 | 5,250 |
PIT | 8,000 | 8,380 |
Import Tax | 2,500 | 3,130 |
Additionally, following results were revealed from Stocktaking conducted by Tax Authority:
Title | Factual (Real) Amount | Accounted Amount | Market price for 1 unit (GEL) |
Table | 18 | 25 | 200 |
Chair | 33 | 27 | 100 |
Drawer | 5 | 12 | 800 |
Tasks:
1. Determine additionally assessed taxes and fines for each tax (For tax audit).
2. Determine the total additional amount assessed (tax principals+fine) from the tax audit.
3. Determine total results of tax stocktaking (total shortage and total surplus in GEL).
4. Determine fines from tax stocktaking (for surplus and for shortage).
5. Determine additionally assessed taxes and fines from tax stocktaking.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
1 Deter mine additionally assessed taxes and fines for each tax For tax audit ANS WER V AT 1 800 G E...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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