Question
HP Company applies calendar tax year, has 30 employees, had following information for the tax year 2020 (Unit: million VND): 1. Turnover: 300,000 2. Expenses:
HP Company applies calendar tax year, has 30 employees, had following information for the tax year 2020 (Unit: million VND):
1. Turnover: 300,000
2. Expenses: 250,000. In which: - Uniform expenses: 170 - House rent expenses paid in advance for 3 year: 210 - Donation to International School Ha Noi: 100 - Donation to a temple: 20 - Other expenditures are deductible, - All of the expenses have sufficient legitimate invoices or vouchers; Bank payments are applicable to all purchase transactions of the company
3. Other income: - Income from a joint venture in Vietnam: 200 - Turnover from selling of fixed asset:100,selling expense:3,booking value:7 - Overseas income: 340
4. CIT rate: 20%
Requirement 1: Which information need to be clearified in order to calculate the amount of CIT payable of the company and explain why?
Requirement 2: Give additional necessary information and calculate the minimum amount of CIT payable of the company?
Requirement 3: What is the deadline of CIT payment for the tax year 2020? Requirement 4: In case the company have both income from interest and interest expense in the tax year, how can we handle this situation in CIT calculation?
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