Question
Tax audit was completed in a Company and following differences were revealed for the month of June between declared and payable amounts: Tax Declared by
Tax audit was completed in a Company and following differences were revealed for the month of June between declared and payable amounts:
Tax | Declared by Company | Payable by Law |
VAT | 5,300 | 3,500 |
CIT | 3,800 | 5,250 |
PIT | 8,000 | 8,380 |
Import Tax | 2,500 | 3,130 |
Additionally following results were revealed from Stocktaking conducted by Tax Authority:
Title | Factual (Real) Amount | Accounted Amount | Market price for 1 unit (GEL) |
Table | 18 | 25 | 200 |
Chair | 33 | 27 | 100 |
Drawer | 5 | 12 | 800 |
Tasks:
1. Determine additionally assessed taxes and fines for each tax (For tax audit).
2. Determine total additional amount assessed (tax principals+fine) from tax audit.
3. Determine total results of tax stocktaking (total shortage and total surplus in GEL).
4. Determine fines from tax stocktaking (for surplus and for shortage).
5. Determine additionally assessed taxes and fines from tax stocktaking.
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