ACCA F6 一日一练

  (a)   Mr Zhang, a Chinese citizen, is a University professor. He had the following income for the month of January
           2009:


           (1)  Monthly employment income of RMB 18,000 and a bonus for the year 2008 of RMB 12,000.


           (2)  Income of RMB 18,000 for publishing a book on 6 January 2009. One of the chapters of the book was
                published   in   a   magazine   as   a   four-day   series   commencing   on   19   January   2009   for   which   Mr   Zhang
                received income of RMB 1,000 per day.


           (3)  A net gain of RMB 12,000 from trading in the A-shares market.


           (4)  Income of RMB 4,800 for giving four separate seminars for Enterprise X.


           (5)  A translation fee of RMB 5,200 from a media publisher.


           (6)  Received RMB 300,000 from the sale of the property (50 square metres) that he had lived in for six years.
                Mr Zhang had acquired the property for RMB 180,000.


           (7)  Gross interest income of RMB 6,000 from a bank deposit.


           (8)  Received RMB 11,000 as insurance compensation.


           Required:


          Calculate the individual income tax (IIT) payable (if any) by Mr Zhang on each of his items of income for the
           month of January 2009, clearly identifying any item which is tax exempt.                                       (10 marks)


     (b)   Mr Smith, who is a UK national, is employed by a UK construction company to work in Shanghai on a project
          that will last for a period of 18 consecutive months.


           Required:


           (i)  State, giving reasons, whether Mr Smith will be a resident taxpayer or a non-resident taxpayer in the
                PRC and the scope of his individual income tax (IIT) assessment;                                            (2 marks)


           (ii) List any THREE fringe benefits that can be provided to Mr Smith that will not be subject to individual
                income tax (IIT) in China;                                                                                  (3 marks)


           (iii)  Briefly explain the requirements for the reporting and payment of the individual income tax (IIT) due for
                Mr Smith if he is paid RMB 30,000 per month.                                                                (5 marks)

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