- Investment income received from a the Joint-Venture- Company that the Joint-Venture-Company had been paid CIT, but XTX accountant still recorded as revenue: 100 million VND?. - A fixe[r]
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Exercise 1: A Petrol & Oil Trading Enterprise (applying VAT deduction method) has the following data
in current tax year:
- Importing 1,000 tons of oil with CIF price of 10,000 million VND Import tax rate of 20%; excise tax rate of 10%; VAT rate of 14%
- The enterprise, then, sold 800 tons of oil (without VAT of 14%) of VND18 million/ton - Other expenses (excepted for cost of goods sold) are deducted according to tax regulations of VND2,000 million
Requirement: Determine CIT payable in the tax year? Assuming that CIT rate of 20%
Exercise 2: KFN Company in 2017 has the following information (in million):
- Sales & services’ revenues: 10,000 - Cost of goods sold: 7,000;
- Selling & Administrative expenses: 1,400; - Revenues from selling of an fixed assets: 200 - Revenue from violating economic contracts: 20 - Loss carry from previous year: 500
Requirement:
1 Determine CIT payable in 2017? Record CIT payable in 2017?
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Exercise 3: Income before tax of XTX Corporation in 2017 is 2,000 million VND There are some
differences between tax accounting and financial accounting during the year as follows: - Advertising expenses with invalid invoices: 40 million
- Investment income received from a the Joint-Venture- Company that the Joint-Venture-Company had been paid CIT, but XTX accountant still recorded as revenue: 100 million VND
- A fixed asset (applying straight-line-depreciation method) purchased on Jan 1, 2017 with the original price of 800 million, depreciation in years But according to tax regulation, the minimum depreciaion frame is years
- Taxable administrative fine: 10 million VND
Requirement:
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Exercise 4: KPF Company in 2017 has the following information (in million):
- Sales & services’ revenues: 20,000;
- Revenue from violating economic contracts: 200; - Cost of goods sold: 16,000;
- Selling & Administrative expenses: 2,000, in which there is an expenditure without invalid invoice of 40;
- Investment income received from a the Joint-Venture- Company that the Joint-Venture-Company had been paid CIT, but KPF accountant still recorded as revenue: 100
- 10% of taxable income is deducted to establish a science & technology development fund Requirement:
1 Determine the amount of science & technology development fund in 2017? Determine CIT payable in 2017?
Additional information: - CIT rate = 20%;
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Exercise 5: BMT Company in 2017 has the following information (in million):
Revenues in 2017:
- Sales & services’ revenues: 70,000;
- Investment revenue: 20,000 in which joint-venture revenue is: 2,000 Expenses in 2017:
- Cost of goods sold: 30,000; - Selling expenses: 10,000; - Managerial expenses: 10,000; - Interest expense: 5,000
However, the above expenses include some expenses which are non-deductible expenses according to tax law, as follows:
- Interest payment to local bank with interest rate of 18%/year: 18,000; - Expenditures on employees' uniform: 6,000;
- Salaries payment to owners who not directly manage the business: 3,000 Other incomes/expenses include:
- Fine for violating economic contracts (with reasonable circumstances due to natural disaster): 5,000; - Selling of an fixed assets: 10,000
Requirement: Determine CIT payable in 2017? Additional information:
- CIT rate = 20%;
- All expenses have sufficient invoices and documents; - All expenses not mentioned above shall be deductible; - All Shareholders have contributed enough charter capital; - The Company has 1,000 employees;
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Exercise 6: KFT Corporation in 2017 has the following information (in thousand):
- Sales & services’ revenues: 5,800,000; - Cost of goods sold: 1,700,000;
- Selling expenses: 1,800,000;
- Administrative expenses: 1,500,000
There are some expenses which are difference between tax accounting and financial accounting during the year as follows:
- Depreciation of fixed assets in management department of 5,000 VND, but not yet accepted by tax authority is 1,500 VND;
- Salary expense for seasonal sales staff is 1,200 (but not exist any bills or labor contracts); - Prepaid expense of fixed assets repairment in the year is 4,000;
- Expenditure with invalid invoice is 200