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CIT Exercise

1. The enterprise had sales of 12,000 but deductible expenses of 9,000, leaving taxable income of 3,000. 2. Other income included 100 from agricultural contracts, 1,000 from a joint venture after 10% tax, and 90 from asset leasing after costs. 3. With a 20% CIT rate on taxable income of 3,000 plus other income of 1,190, the enterprise's CIT payable is 638.

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Thu Phương Nguyễn
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322 views

CIT Exercise

1. The enterprise had sales of 12,000 but deductible expenses of 9,000, leaving taxable income of 3,000. 2. Other income included 100 from agricultural contracts, 1,000 from a joint venture after 10% tax, and 90 from asset leasing after costs. 3. With a 20% CIT rate on taxable income of 3,000 plus other income of 1,190, the enterprise's CIT payable is 638.

Uploaded by

Thu Phương Nguyễn
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Exercise 1

An enterprise in the year of CIT calculation, the following documents are


available (in monetary unit: million dong):
1. Sales of products: 50,000, of which sales of goods are 20,000 VND
2. Expenses declared by enterprises to determine taxable income: 45,500. In
which:
+ Expenditure on construction of cafeteria in the middle of shifts in the
enterprise: 500
+ Interest payment on loans for production and business: 7,200, of which
interest is paid on commercial bank loans: 6,000, the rest is paid to employees in the
enterprise, the interest rate is 10%/year.
+ Loss on exchange rate differences due to revaluation of receivables
denominated in foreign currencies at the end of the financial year: 400
+ Funding for equipment for Bach Mai hospital: 200
+ Cost of phone and stationery: 600
The remaining expenses are deductible when determining corporate income.
3. Other incomes:
+ Gains from sale of assets 250. Remaining value of assets 145. Expenses
related to sale 5.
+ Income from domestic joint venture activities (paid CIT at the place of capital
contribution): 200.
+ Interest on deposit in a current account at a bank: 140.
Requirements: Calculating CIT payable in the year. Know that:
- Enterprises apply the standard CIT rate.
- The enterprise has fully contributed its charter capital.
- The basic interest rate announced by the State Bank of Vietnam at the time of
borrowing is 6%/year.
- Expenditures of enterprises with legal invoices and documents and non-cash
payments.
Exercise 2
An enterprise in the year of CIT calculation, the following documents are
available (in monetary unit: million dong):
1. Sales of products: 10,000
2. Expenses declared by enterprises when determining corporate income:
8,000. In which:
+ Depreciation of fixed assets that have expired: 200 VND
+ Scientific research cost: 400
+ Internal medical expenses: 50
+ Expenses for security and defense as prescribed by law: 60
+ Fixed asset rental fee: 400 (paid 1 time in advance for 2 years)
+ Payment of interest on loans for production and business 600, loans from
commercial banks at an interest rate of 10%/year.
+ Expenses to build houses of gratitude for the poor in accordance with
regulations of the Ministry of Labor, War Invalids and Social Affairs: 150
+ Paying fines for tax violations: 20
+ Personal income tax (according to the salary contract including personal
income tax): 100
The remaining expenses are deductible when determining corporate income.
3. Other incomes:
+ Income on property rental: 100
+ Earning from interest on deposit in a current account at a bank: 20
+ Sponsored by the State budget for scientific research activities: 100
4. Income from offshore investment activities: 1,200. This is the income
received after paying tax abroad at the tax rate of 18%.
Requirements: Calculating CIT payable in the year. Know that:
- CIT rate of 20%.
- Lack of charter capital according to the capital contribution schedule: 500
- Expenditures of enterprises with legal invoices and documents and non-cash
payments in accordance with the provisions of law.
- Enterprises do not set up funds for science and technology development.
Exercise 3
An enterprise producing consumer products in the year of CIT calculation, the
following documents are available (in monetary unit: million dong):
1. Product sales: 12,000
2. Deductible expenses declared by enterprises: 9,000. In which:
+ Depreciation of fixed assets of the garage invested and built by the enterprise
is deducted according to the prescribed regime: 50
+ Salary to be spent: 2,000, by the end of the time limit for submission of tax
finalization dossiers, the actual expenditure is 1,800.
+ Paying for clothes allownace in cash: 200
+ Financing for the construction of facilities for the Academy of Finance: 850
yen
+ Expenses for advertising, marketing, meetings and receptions declared by
enterprises: 1,000
The remaining expenses are deductible when determining corporate income.
3. Other incomes:
+ Income from a contract for harvesting agricultural products 100. This is the
second year of income.
+ Income from domestic joint venture 1,000. This is the income received after
paying tax at the capital contribution unit with the tax rate of 10%.
+ Asset lease 120, depreciation, maintenance and asset maintenance costs 30.
Requirements: Calculating CIT payable in the year. Know that:
- CIT rate applicable to this enterprise: 20%.
- Expenditures of enterprises with legal invoices and documents and non-cash
payments.
- The enterprise has 150 employees.
- The enterprise does not set up a reserve fund to supplement the salary fund of
the following year.
- The company has been established and operating for 10 years.

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