HP Company applies calendar tax year, has 30 employees, had the following information for the tax year 2020 (Unit: million VND):

1. Turnover: 300,000

2. Expenses: 250,000. In which:
- Uniform expenses: 170
- House rent expenses paid in advance for 3 years: 210
- Donation to International School Ha Noi: 100
- Donation to a temple: 20
- Other expenditures are deductible,
- All of the expenses have sufficient legitimate invoices or vouchers; Bank payments are applicable to all purchase transactions of the company

3. Other income:
- Income from a joint venture in Vietnam: 200
- Turnover from selling of fixed asset:100,selling expense:3,booking value:7
- Overseas income: 340

4. CIT rate: 20%
Requirement 1: Which information needs 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 for CIT payment for the tax year 2020?
Requirement 4: In case the company has both incomes from interest and interest expense in the tax year, how can we handle this situation in CIT calculation?

Answer rating: 100% (QA)

Answer SOLUTION Particulars Amount Amount Reference ATurnover income from sales 300000 BOther income 630 Income from JV 200 income from sale of fixed assets 90 overseas income 340 C total income AB 30... View the full answer