Corporate Income Tax (Total mark = 5%)

The Dragon Production Company (hereinafter referred to as the "Company"), a VAT payer, is engaged in the production and sale of its own products on the local market and for export, as well as provides installation work. The following information applies to 2022 (all amounts without VAT):

1) income from the sale of finished products amounted to 570 million tenge; income from the provision of installation work amounted to 8.9 million tenge;

2) Income from the sale of non-installed equipment amounted to 2.5 million tenge, the initial cost is 2 million tenge.

3) The company has obligations to pay 2 loans:

a) a loan (from an unrelated party, a financial organization) in the amount of 15 million tenge, -remuneration under the contract is 18% per annum;

b) a loan (from an unrelated party, a financial institution) in the amount of 10 million tenge received for the construction of a production warehouse, under the contract is 15% per annum:

The remuneration for both loans must be paid at the end of each month and the repayment schedules of the Company have not been violated for the 2d loan, and the remuneration of the 1st loan for December was actually paid in the first days of next year.

Construction work in the current year was carried out for 5 months,

4) Expenses related to the income-generating activities (except for remuneration deductions) amounted to 350 million tenge and all supporting documents are available.

5) Advance payments on CIT amounted to 40.4 million tenge.

Required:

Determine

1. Total Annual Income for FY 2022

2. The amount of remuneration deductible for CIT purposes and the total deductions.

3. The amount of the calculated CIT and CIT payable.

4. Specify the deadline for submitting the corporate income tax return.

5. Specify the deadline for paying the CIT to the budget.

for kazakhstan