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QUESTION 16 NJW is a UK company with a subsidiary in Mexico. This year the subsidiary made a taxable profit of 1 million pesos and

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QUESTION 16 NJW is a UK company with a subsidiary in Mexico. This year the subsidiary made a taxable profit of 1 million pesos and remitted all of the after-tax profit to NJW in the UK. The profit tax rate in Mexico is 25% per year and in the UK it is 30% per year. The exchange rate is 18.5 pesos per pound sterling. What is the UK tax liability

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