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Exercise 1: Calculation of CIT Payable
Given Data:
1. Revenue: 50,000 million VND.
2. Declared Expenses: 45,500 million VND.
o Investment in canteen: 500 (not deductible).
o Interest on loans: 7,200 (interest to employees exceeding 6% is not deductible).
o Exchange rate loss: 400 (not deductible).
o Donation to Bach Mai hospital: 200 (not deductible).
o Telephone and stationery: 600 (deductible).
o Remaining expenses are deductible.
3. Other Income:
o Income from property sale: 250−145−5=100250 - 145 - 5 = 100 million VND.
o Domestic joint venture (already taxed): 200 million VND.
Solution:
1. Adjusted Deductible Expenses:
Total Expenses Adjusted=45,500−500−(7,200−6,000)−400−200=44,600 million VND
.\text{Total Expenses Adjusted} = 45,500 - 500 - (7,200 - 6,000) - 400 - 200 =
44,600 \text{ million VND}.
2. Taxable Income:
Taxable Income=50,000−44,600+100=5,500 million VND.\text{Taxable Income} =
50,000 - 44,600 + 100 = 5,500 \text{ million VND}.
3. CIT Payable:
CIT Payable=5,500×20%=1,100 million VND.\text{CIT Payable} = 5,500 \times
20\% = 1,100 \text{ million VND}.
Exercise 2: Calculation of CIT Payable
Given Data:
1. Revenue: 12,000 million VND.
2. Declared Expenses: 9,000 million VND.
o Garage depreciation: 50 (deductible).
o Salary payable: 2,000−1,800=2002,000 - 1,800 = 200 (not deductible).
o Clothes allowances (cash): 300 (deductible up to 5 million
VND/employee/year).
o University facility spending: 850 (not deductible).
oDirect welfare: 200 (deductible).
oRemaining expenses are deductible.
3. Other Income:
o Agricultural contract: 100 (taxable).
o Domestic joint venture (already taxed): 1,000.
o Property rental: 120−30=90120 - 30 = 90 million VND.
Solution:
1. Adjusted Deductible Expenses:
Total Expenses Adjusted=9,000−200−850=7,950 million VND.\text{Total Expenses
Adjusted} = 9,000 - 200 - 850 = 7,950 \text{ million VND}.
2. Taxable Income:
Taxable Income=12,000−7,950+100+90=4,240 million VND.\text{Taxable Income}
= 12,000 - 7,950 + 100 + 90 = 4,240 \text{ million VND}.
3. CIT Payable:
CIT Payable=4,240×20%=848 million VND.\text{CIT Payable} = 4,240 \times 20\%
= 848 \text{ million VND}.
Exercise 3: Calculation of CIT Payable
Given Data:
1. Revenue: 90,000 million VND.
2. Declared Expenses: 75,800 million VND.
o Fully depreciated asset depreciation: 40 (not deductible).
o Import tax (raw materials): 45,000×22,000×20%=19845,000 \times 22,000 \
times 20\% = 198 (deductible proportionally).
o Employee salary: 5,000.
o Compulsory insurance: 5,000×23.5%=1,1755,000 \times 23.5\% = 1,175.
o Tennis court: 120 (not deductible).
o Internal medical: 60 (deductible).
o Major repair costs: 100−50=50100 - 50 = 50 (deductible up to 50).
o Environmental protection fines: 50 (not deductible).
3. Other Income:
o Bank deposit: 60.
o Joint venture (not taxed): 120.
o Property sale: 70−30−5=3570 - 30 - 5 = 35.
Solution:
1. Adjusted Deductible Expenses:
Total Expenses Adjusted=75,800−40−120−50=75,590 million VND.\text{Total
Expenses Adjusted} = 75,800 - 40 - 120 - 50 = 75,590 \text{ million VND}.
2. Taxable Income:
Taxable Income=90,000−75,590+60+120+35=14,625 million VND.\text{Taxable
Income} = 90,000 - 75,590 + 60 + 120 + 35 = 14,625 \text{ million VND}.
3. CIT Payable:
CIT Payable=14,625×20%=2,925 million VND.\text{CIT Payable} = 14,625 \times
20\% = 2,925 \text{ million VND}.
Exercise 4: Calculation of CIT Payable
Given Data:
1. Revenue: 150,000 million VND.
2. Declared Expenses: 140,000 million VND.
o Red Cross donation: 100 (deductible limit is 10% of taxable income).
o Life insurance for employees: 400 (not deductible).
o Cash uniform: 350 (deductible within 5 million VND/employee/year).
o Depreciation excess: 300 (not deductible).
o Late tax payment penalty: 25 (not deductible).
3. Other Income:
o Joint venture (already taxed): 150.
4. Carried Loss: 200 million VND.
Solution:
1. Adjusted Deductible Expenses:
Total Expenses Adjusted=140,000−400−300−25=139,275 million VND.\text{Total
Expenses Adjusted} = 140,000 - 400 - 300 - 25 = 139,275 \text{ million VND}.
2. Taxable Income:
Taxable Income=150,000−139,275+150=10,875 million VND.\text{Taxable Income}
= 150,000 - 139,275 + 150 = 10,875 \text{ million VND}.
3. Adjusted Taxable Income:
Adjusted Taxable Income=10,875−200=10,675 million VND.\text{Adjusted Taxable
Income} = 10,875 - 200 = 10,675 \text{ million VND}.
4. CIT Payable:
CIT Payable=10,675×20%=2,135 million VND.\text{CIT Payable} = 10,675 \times
20\% = 2,135 \text{ million VND}.
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