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Section A
3 C VND303 million [((96*14 months/12 months – 9) – (26*(8% + 1·5% + 1%))*35%) – 9·85]*12 months
5 D
According to Article 18.3.b of the Circular 219/2013 (as amended in Article 1.3 of Circular 130/2016),
the input value added tax (VAT) from investment projects where the project is located in the same province
or different provinces of the headquarter must be offset with the net output VAT of the headquarter (before
claiming any refund). The company can only claim a refund for the input VAT if the residual input VAT after
all the offset is more than or equal to VND300 million.
19
Marks
11 D VND108 million [(9 million self-relief*12 months)
Ms Allanda Beath is 50 years old and would not qualify for the dependant deduction. The cash support is
taxable income in this case, but not a deduction.
Tutorial note: Cash support for fatal diseases is non-taxable; however, in this case cash support is taxable
because it is not for a fatal disease.
14 D VND65·54 million [(10,000*22,800) = (228 million – 9 (personal relief) – 3·6 (son relief))*35% – 9·85]
According to Article 2.2.g.7 of Circular 111/2013 as amended by Circular 92/2015, overseas tuition fees for
children of Vietnamese assignees working abroad would be exempt from personal income tax (PIT).
15 C
According to Article 10.3 of Circular 156/2013 (revised by Circular 26/2015), the deadline for:
– Monthly tax payment – value added tax (VAT): 20th of the next month,
– Quarterly tax payment – provisional corporate income tax (CIT): 30th of the next quarter
– Yearly tax payment, except CIT finalisation (business registration): 30th of the next year
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2 marks each 30
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20
Section B Marks
1 LMK Co
2 Mr Dung Tien
21
Marks
(b) Personal income tax (PIT) liability on employment income for 2017
Taxable income
VND million VND million
Salary (45*12) 540 0·5
Performance incentive (45*3) 135 0·5
Allowances (15*3) 45 0·5
Sign-on payment 2,400 1·5
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Total taxable employment income 3,120
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Monthly taxable income (3,120/12 months) 260·0 0·5
Self-deduction (VND9 million) (9·0 ) 0·5
Dependent deduction (VND3·6 million*2 parents) (7·2 ) 0·5
Compulsory insurance [VND26 million*(8% + 1·5% + 1%)] (2·7 ) (18·9 ) 0·5
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Monthly assessable income 241·1
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Monthly tax liability (241·1*35% – 9·85) 74·5 0·5
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Annual employment tax liability [74·5*12 months] 894 0·5
Prize from car (800 million – 10 million)*10% 79 1
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Total tax liabilities from all sources 973·0
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7
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10
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Tutorial note: Sign-on payment: since the tax authorities instructed this payment should be treated as
employment income, the income would be taxed at the time of payment from employer to employee
according to Article 8.2 of Circular 111/2013 as amended by Circular 92/2015 (and as confirmed in Official
Letter 2151/TCT-TNCN issued by the General Department of Taxation on 10 June 2014 – candidates are not
required to know this ruling). Accordingly, despite the fact that the payment is for two years’ term, it would
be taxed in the year of payment by employer.
3 Agado
22
Marks
4 FNF JSC
(b) Adjustments
(i) According to Example 61 of Circular 219/2013 as amended by Circular 26/2015 and 130/2016 (in
Article 14.4):
During the construction period (from January 2013 to August 2014), as the company has both exempt
and taxable activities, the company can claim creditable/refundable input value added tax (VAT) incurred
from non-current assets during the construction period based on the provisional revenue allocation (i.e.
under the feasibility study). 1
The provisional creditable/refundable input VAT shall be adjusted based on the actual revenue ratio
between taxable revenue and total revenue over three years from the year of first revenue. 1
Adjustments to creditable/refundable input VAT from purchase of non-current assets after three years
(as at 31 August 2017)
VND million
Total revenue from taxable activities, i.e. other transportation activities (32 + 41 + 77) 150,000 0·5
Total revenue (150 + (80 + 120 + 150)) 500,000 0·5
Actual ratio of taxable revenue/total revenue (150/500) 30% 0·5
Creditable/refundable input VAT based on actual revenue ratio (60,000*30%) 18,000 0·5
Provisional creditable/refundable input VAT claimed in 2014 (21,000 ) 0·5
Adjustments: to reduce creditable/refundable input VAT as at 31 August 2017 (3,000 ) 0·5
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5
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(ii) Penalty
The current rate of annual late tax payment interest is 0·03% per day. 1
According to Example 61 of Circular 219/2013 as amended by Circular 26/2015 and 130/2016 (in
Article 14.4), the company is not required to pay any late payment interest on the reduction adjustment
of input VAT from non-current assets. 1
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2
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10
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23
Marks
5 HTM Co
24
Marks
6 Mr Nobi Nobita
(b) Personal income tax (PIT) liability for the year 2017
VND million VND million
Monthly taxable income (7,848·6/12 months) A 654·1 0·5
– 15% of gross income (654·1*15%) B 98·1 0·5
– Actual housing cost (USD2,800*22·8) C 63·8 0·5
Monthly taxable housing D = min(B,C) 63·8
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Total taxable income E = A + D 717·9
Deductions
– Self deduction F (9 ) 0·5
– Family deduction (3·6*2 persons) G (7·2 ) 1
– SHUI (26*10·5%) H (2·7 ) (18·9 ) 0·5
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Monthly assessable income I 699·0
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Monthly tax liability K= (I*0·35 – 9·85) 234·8 1
Annual tax liability L = K*12 2,817·6 0·5
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5
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15
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25