TrieuChen is a Vietnamese joint stock company in the field of transportation. The company is seeking your assistance with regard to their corporate income tax (CIT) return for the year ended 31 December 2019.

TrieuChens financial statements for the year 2019

	Note		VND million
Sales revenue			2,200
Cost of sales	1		-950
Gross profit			1,250
Selling and distribution expenses			-625
General and administration expenses	2		-520
Operating profit			105
Financial expenses	3		-12
Financial income			23
Other non-operating income			8
Profit before tax			124

Note 1:Of the Selling and distribution expenses

• Depreciation expense of VND180 million for a 4 seats car which was purchased and used for business activities from Jan 1^st2019 at purchased price VND1,800 million (excluding VAT). Stipulated duration of use is 10 years.
• VND 50 mil Fuel costs for cards used for Marketing Director personal activities supported with VAT invoice
• VND 200 million for 2019 golf club membership card for General Director. Many contracts of the company have been concluded during the golf competition, so the company believes that this expense is used for business activities.

Note 2:Of the General and administration expenses

• VND50 Penalties million for traffic rule violations
• VND 25 million paid for the insurance policy with effective date 1/1/2015-31/12/2016

Note 3: Financial expense is interest expense for a loan that the company entered into on 1 Dec 2019 with the General Director. The loan amounting to VND 720 million is for a purchase of a 4 seat car for business activities.

The interest rate is 20% and the base rate of interest announced by the State Bank of Vietnam was 10% in Dec. The car was not used in 2019, therefore the company decided not to depreciate in the year 2019. Stipulated duration of use is 8 years.

Additional information:

• Proper supporting vouchers/invoices are available for all items unless otherwise stated.
• All amounts not described in notes are taxable/deductible in accordance with the current tax regulations.

Required:Clearly explain for each treatment

Compute Trieu Chens total income tax liabilities for the year ended 31.12.2019

You should start your computation with the profit before tax figure and refer to all of the items included in notes, indicating by the use of 0 any item for which no adjustment is required.

You should make all calculations to the nearest VND million.