Assignment -
BNA Co.,Ltd is registered as a limited company in Thailand. It provides the following information for the calculation of Corporate Income Tax for the period 1 January 20x8 to 31 December 20x8:
Authorized share capital 8,000,000 Baht
Issued and Paid-up share capital 8,000,000
Revenue:
Sales revenue 5,500,000 Baht
Other income 300,000
Dividend income 200,000
Total revenue 6,000,000
Expenditure:
Costs of goods sold 2,400,000
Salary 1,250,000
Entertainment 355,000
Bad debt expense 230,000
Repair and maintenance 45,000
Office insurance 10,000
Allowance for Doubtful Acc. 30,000
Depreciation expenses 60,000
Criminal Fine (Late filing VAT) 1,000
Criminal Fine (traffic) 3,000
Specific Business Tax 1,000
Donation 275,000
Misc. expense 25,000 4,685,000
Profit before tax 1,315,000
Additional information
1. WHT receivable (WHT certificate) is 50,000 Baht and Half-year tax paid is 250,000 Baht
2. Depreciation expenses based on tax code is 55,000 Baht
3. Dividend is received from PTT (a listed company), condition on holding period is met total of 90,000 Baht. Dividend of 110,000 Baht is received from a Thai company on 30 April 20x8, sold all of the shares on 30 June 20x8.
4. Donation of 180,000 Baht is for charity, the rest is for education and sport.
5. Total profit and loss from previous years are as follows:
|
Year
|
Baht
|
|
20x0
|
Profit
|
130,000
|
|
20x1
|
Profit
|
100,000
|
|
20x2
|
Loss
|
200,000
|
|
20x3
|
Net profit
|
50,000
|
|
20x4
|
Net profit
|
20,000
|
|
20x5
|
Loss
|
80,000
|
|
20x6
|
Net profit
|
30,000
|
|
20x7
|
Net profit
|
50,000
|
Required: Calculate Corporate Income Tax for the fiscal year 20x8.