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Revision for Final Exam

1. XYZ is VAT deduction method trading company with total sales of the month from Sep 1st2015 to 30th Sep
2015 amounting to VND 440 million. The total sale figure includes VAT charged to the purchasers where
applicable.
Included in the sales was VND200 million of export sales. The company satisfies all required documents/
procedures for the export.

Proceeds from disposal of a fixed asset is VND44 million, inclusive of VAT, and was not included in the total sale
figure. The fixed asset was subject to 10% VAT on purchase.

In the same period the company had the following purchases (inclusive of VAT and purchasedfrom VAT deduction
method tax payers unless otherwise mentioned).

VND mil

Purchase of goods for trading 200

Computers from VAT direct method tax payer 22

Office stationery 10

Electricity 27.5

Salary 70

4 seats car under the General Directors name 550

Companys goods are subject to 10% VAT rate.

Required:
Calculate the VAT payable to or receivable from the tax authority for Sep 2015. You are required to show items for
which input VAT cannot be claimed stating clearly the reason.

Round off your calculation to the nearest VND

2 Hong Thai Limited is a limited liability company established in Vietnam in 2009. The company specializes
in manufacturing and selling of electrical products and provides installation services. The following is an extract
from the companys audited income statement for the year ended 31.12.2015.

Note VND million

Sales revenue 1 900,000

Sales reduction (15,000)

Net sales 885,000

Cost of sales 2 (640,000)

Gross profit 245,000

Selling and distribution expenses 3 (25,000)

General and administration expenses 4 (18,000)

Operating profit 202,000

Financial expenses 5 (22,000)

Financial income 6 13,000

Other non-operating income 7 3,500

Profit before tax 196,500


Note 1: Sales revenue includes an invoice issued in 2014 for VND3,000 million for goods which were delivered in
January 2015. The company declared this invoice as taxable revenue in its 2014 tax return.

Note 2: Cost of sales includes the following items:

- The cost of sale for the invoice referred to in Note 1 of VND2,500 million. The cost of sale was declared as
deductible expense in the companys 2014 tax return.
- Depreciation expense of VND600 million for a four seat car which was purchased on 1 January 2015 for
VND4,200 million.
- Expenses of VND1,200 million for materials without any supporting invoices/vouchers.
- The 13th month salary of VND2,000 million and performance bonus of VND1,700 million for employees.
The 13th month salary is mentioned in the labour contract signed between the company and its employees,
while the performance bonus is not stated in the labour contract or the companys financial policy. The
performance bonus is dependent on the companys overall performance in the year 2015 and the
performance bonus decision is signed by the General Director. The 13 th month salary and performance
bonus were all paid in January 2015.

Note 3: Selling and distribution expenses include the following items:

- Advertising, marketing and promotion expenses of VND1,800 million, supported by proper invoices.

Note 4: General and administration expenses include the following items:

- Golf membership cards for key executives of the company for business development, amounting to
VND700 million.
- Audit fee for the year 2016 of VND350 million. The invoice for this fee was dated 31 December 2015 but
received by the company by 3 January 2016.
- A fine of VND70 million for late payment of import duty.
- A penalty of VND200 million paid to customers for late delivery of products.

Note 5: Financial expenses include an accrual for six month interest expense for a loan that the company had
entered into on 1 July 2015 with one of its supplier in Vietnam. The loan amounting to VND220,000 million is
for production purpose. The interest rate is 20% and payable in an annual basis. The base rate of interest
announced by the State Bank of Vietnam was 10% in July.

Note 6: Financial income includes an realized gain on foreign exchange amounting to VND1,500 million, an
unrealized gain on revaluation of receivables amounting to VND400 million and an unrealized gain on
revaluation of short-term payable amounting to VND240 million.

Note 7: Other non-operating income includes the following items:

- Net proceeds of VND400 million from the recovery of a bad debt, which was written off in 2010. The total
debt written off in 2010 was VND500 million. The debt written off was properly declared in the companys
2010 tax return. The amount collected of VND400 million is the net cash proceeds received by the
company after paying a fee to an individual debt collector of VND70 million. The debt collection fee was
not supported by proper document, but the cash proceeds were supported by proper documents between the
company and the debtor.

Additional information:Proper supporting vouchers/invoices are available for all items unless otherwise stated.

- All amounts not described in notes 1 to 7 are taxable/deductible in accordance with the current tax
regulations.
- CCI pays corporate income tax at the standard rate of 20%.

Required:

1. Compute Hong Thai Limiteds total income tax liabilities for the year ended 31.12.2015.

You should start your computation with the profit before tax figure of VND196,500 million and refer to all of the
items included in notes 1 to 7, indicating by the use of 0 any item for which no adjustment is required.

You should make all calculations to the nearest VND million.

You should reference to relevant prevailing tax regulations.

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