A textile company located in Long Bien District and applies calendar tax year, has 40 employees, had
Question:
A textile company located in Long Bien District and applies calendar tax year, has 40 employees, had following information for the tax year 2020 (Unit: million VND):
1. Turnover: 300.000
2. Expenses: 250.000. In which:
- Depreciation: 300
- Materials expenses:10.000, in which, the cost of damaged materials caused
by natural disasters 200
- Uniform expenses: 220
- Remuneration paid to the founding members of companies: 60
- Donation to Youth union of Long Bien district: 70
- Donation for housing to the poor: 100
- Expenses without legitimate invoices: 30
- Expenses of golf fees for the Director of the company: 100
- PIT paid: 90
- Other expenditures are deductible
3. Other income:
- Income from a joint venture in Vietnam: 100
- Net income from an asset liquidation: 40
- Overseas income: 800
Requirement 1: Which information need to be clarified 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?
Basic Business Statistics Concepts and Applications
ISBN: 978-0132168380
12th edition
Authors: Mark L. Berenson, David M. Levine, Timothy C. Krehbiel