We have data of a company engaged in trading in a tax month as follows: 1. Export
Question:
We have data of a company engaged in trading in a tax month as follows:
1. Export 500 units of clothes to the USA. The selling price at the company gates is 20 USD per unit. The freight for that batch of goods to the export gate is VND 10 million.
2. Importation of 5-seat car: 10 unit with CIF price of 10,000 USD per unit. CIF price was accepted as import duty base price.
3.Company sells in the domestic market 8 unit of 5-seat car with before VAT price VND 1,500,000,000/unit
Task:
Calculate export duty, import duty, excise duty and VAT amount payable by that company.
Given that: export duty is 2%;
import duty rate applicable to car is 70%;
the excise duty rate applicable to car is 50%,
VAT rate: 10%.
Exchange rate applicable 1 USD = VND23,000.
Company had paid the excise duty and VAT at the importation stage.
Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant