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Company X, founded in year N5 under an investment project engaged in Exercise 9 Laichau province, has the following data in tax year N :

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Company X, founded in year N5 under an investment project engaged in Exercise 9 Laichau province, has the following data in tax year N : Gross sales of goods exclusive of VAT: VND95,000,000,000, of which 1. Turnover report VND5,000,000,000 is value of goods returns. These goods returns then were sold at lower price and were paid VND4,000,000,000. 2. Expense report total declared expense: VND 87,000,000,000 of which: . Salaries and remuncration expense payable: VND 15,000,000,000 of which VND500,000,000 with list of laborers hired to do irregular work signed by the director of the company but without labor contract; VND1,000,000,000 was not actually paid to employees. - Donation to the Student Union of Hanoi City: VND100,000,000. - Donation for housing to the poor: VND200,000,000. - Interest expense paid to a commercial bank: VND2,000,000,000. - Interest expense paid to employees of the company at the rate of 15% per year: VND 1,500,000,000 The rest expenses except for the above expenses are deductible. 3. Other incomes - Income received after paying tax at source at the tax rate of 10 percent from an overseas investment: VND 900,000,000. - Income received from a scientific contract: VND300,000,000. 4. Relevant information - Laichau is a province in difficult socio-economic localities. - This company started to sell product in year N4 and earned income from production in year N3. - The country from where the company received income for investment has not yet signed double taxation agreement with Vietnam. - The base interest rate announced by the State bank of Vietnam is 8% per - All purchase transactions are supported with legitimate invoices except for annum. those stated otherwise. - Bank payments are applicable to all purchase transactions of the company. TAXATION - A University Textbook - This company was given a scientific research activities license, Required: Calculate income tax payable by this company for the tax year N

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