Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise II A corporation engaging in production has the following data for the tax year: - Base tumover: 200 billion dongs - Total expenses allocated

image text in transcribed
Exercise II A corporation engaging in production has the following data for the tax year: - Base tumover: 200 billion dongs - Total expenses allocated for declared tumover. 170 billion dongs of which: - House rent expenses paid in advance for 5 year: 1.5 billion dongs; - Donation for scholarship to Haiphong University: 200 million dongs; - Life insurance foes for employees (the labor contracts and all other documents of the company are silent about this) paid to an insurance company: 400 million dongs; - PIT paid (Under labor contract, employees get net salary): 150 million dongs: - Uniform expense paid to employees in cash: 700 million dongs; The other expenses are deductible. Required: Calculate the CIT amount payable by this corporation for the tax year, given that: - All of the expenses have sufficient legitimate invoices or vouchers; - Bank payments are applicable to all purchase transactions of the company: - This company has 100 employees; - Standard CIT rate is applicable to this corporation; - There are no losses carried forward and no exemption applicable to this corporation: - The company is in its 5 th year of operation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Future Of Audit Keeping Capital Markets Efficient

Authors: Keith Houghton, Christine Jubb, Michael Kend, Juliana Ng

1st Edition

1921666501, 978-1921666506

More Books

Students also viewed these Accounting questions