ACCA F6一日一练

    (a)  Company   A   is   a   manufacturing   joint   venture   enterprise,   which   was   established   and   started   operations   on
           1 January 2009.
          The   company’s   statement   of   enterprise   income   tax   (EIT)   payable   for   the   year   2009,   as   prepared   by   the
          accountant of Company A is summarised below:
                                                                              Note                  RMB
          Turnover                                                                             200,000,000
          Cost of goods sold                                                                  (120,000,000)
                                                                                             –––––––––––––
          Gross profit                                                                          80,000,000
           Management and finance expenses                                     (1)              (35,000,000)
           Investment income                                                   (2)                  330,000
          Other loss: fixed assets written off                                 (3)                  (200,000)
                                                                                             –––––––––––––
          Taxable profits                                                                       45,130,000
                                                                                             –––––––––––––
          Tax rate                                                                                       25%
          Tax payable                                                                            11,282,500
           Notes:
          (1)   The management and finance expenses included the following:
                                                                                                     RMB
                Salaries and bonuses paid to staff (including RMB 100,000 as a
                long service award for the general manager)                                      10,000,000
                Entertaining expenses                                                             1,500,000
                Distribution of samples for promotion purposes                                      600,000
                Donation to a qualified charity                                                     200,000
                Staff and workers benefits                                                          200,000
               Amortisation of approved intangible assets from self-developed research                60,000
                Penalty for late filing of Company A’s tax statement                                 100,000
                Stock loss provision                                                                400,000
          (2)   The investment income comprises:
                                                                                                       RMB
                Gain on disposal of listed B-shares                                                 200,000
                Interest income on national debenture (gross)                                         30,000
                Gain on disposal of national debenture (net)                                         100,000
          (3)   The original cost of the fixed assets written off was RMB 1,000,000, the accumulated depreciation was
                RMB 800,000 and the accumulated tax allowances claimed RMB 850,000.
          Additional information:
           In January 2009 Company A received the donation of a machine. The value added tax (VAT) invoice for the
          machine showed that it had cost RMB 150,000 plus VAT of RMB 20,000. No entry in respect of the donation
          of this machine has been recorded in the accounting system of Company A.
          Required:
          (i)   Briefly explain the enterprise income tax (EIT) treatment of:
               –     the donated machine; and
               –     each of the items listed in Notes 1 to 3.                                                          (15 marks)
          (ii)  Calculate the correct amount of taxable profits and the enterprise income tax (EIT) payable by Company
               A for the year 2009.                                                                                      (7 marks)

(b)  Company B is a resident enterprise, which was incorporated in the year 1990. The table below shows the taxable
     profits of Company B, as agreed by the tax bureau, for the years 2002 to 2009 inclusive.
     Year             2002         2003         2004         2005          2006         2007         2008         2009
     Taxable
     profits
     (in RMB)      (900,000)     100,000     (300,000)     100,000       100,000      200,000     (100,000)     850,000
     Required:
     (i)   Briefly explain the tax treatment of losses, including the period for the offset of losses;                 (2 marks)
     (ii)  State, giving reasons, how much enterprise income tax (EIT) will be payable by Company B for each of
          the years 2008 and 2009.                                                                                     (4 marks)
(c)  Define the term ‘resident enterprise’ for the purposes of enterprise income tax (EIT) and state the differences
     in the scope of the assessment of EIT for resident and non-resident enterprises.                                  (7 marks)

 

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