Dragon Company applies calendar tax year, has 20 employees, had following information for the tax year 2020 (Unit: million VND):

1. Turnover: 500,000

2. Expenses: 450,000. In which: - Interest expense is VND 8,000 million - Materials expenses:8,000, in which, the cost of damaged materials caused by natural disasters 100 - Uniform expenses: 110 - Donation to International School Ha Noi: 120

 - Expenses without legitimate invoices: 20

- PIT paid: 90 - Other expenditures are deductible

3. Other income:

- Income from a joint venture in Vietnam: 100

- Net income from an asset liquidation: 80

- Overseas income: 400 4. CIT rate: 20%

Requirement 1: Which information need to be clearified 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?

Answer rating: 100% (QA)

127 128 Solution to 1 129 The Following Information Needs to be clarified 130 1 Uniform e... View the full answer