题目内容
通行证上的“E”标识符号是指()。
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通行证上的“J”标识符号是指()。
通行证上的“A”标识符号是指()。
Sware Ltd is a software company set up in the Xinjiang Autonomous Region. Sware Ltd’s enterprise income tax (EIT) rate is 25%. The company’s accountant has prepared the following statement of profit or loss for the year end 31 December 2014.
Notes:
(1) Customers who settle their bills within 30 days receive an early payment discount of 2%. Discounts totalling RMB55,000 were deducted directly from sales.
(2) Staff welfare is calculated and provided for in the accounts at 14% of the wages and salaries paid of RMB8,240,000. The actual amount of staff welfare expenses incurred was RMB1,026,350.
(3) Entertainment expenses incurred in the year 2014 were as charged in the profit or loss account, i.e. RMB967,000. Entertainment expenses incurred in 2013 in excess of the deduction threshold were RMB68,000.
(4) The bad debt related to a debtor who went bankrupt in 2013. The accountant has submitted a report to the tax bureau in relation to this bad debt.
(5) The specific provision for doubtful debts relates to an amount which was difficult to recover. The accountant has submitted a report to the tax bureau in relation to this specific provision.
(6) These research and development costs qualified for an additional deduction.
(7) The compensation was due to the late delivery of software to the customers.
(8) Sware Ltd was penalised by the State Administration for Industry and Commerce because of misstatements on its website.
(9) Project Pibeta relates to the piloting of software encouraged by the government. The project was started in 2013 and is expected to be completed in 2016. The project is subsidised by the government (see (18) below).
(10) A fire destroyed a warehouse with a net book value of RMB2,500,000. Sware Ltd received insurance compensation of RMB2,284,000. The accountant has submitted a report to the tax bureau in relation to this loss.
(11) Sware Ltd declared an interim dividend of RMB5,000,000 in 2014. Individual income tax was withheld from this interim dividend before distribution to the company’s shareholders.
(12) A donation receipt was obtained for the donation to China Red-Cross.
(13) A donation receipt was obtained for the donation to the school.
(14) Sware Ltd acquired a new subsidiary in 2014 and wrote off the goodwill incurred on this acquisition.
(15) Sware Ltd lent some of its surplus funds to its Shanghai subsidiary at an interest rate of 36% per annum. The market interest rate was 8% per annum.
(16) Sware Ltd has invested some of its surplus funds in the capital market. The profit on the sale of government bonds included interest of RMB15,000.
(17) The A-shares were acquired in 2012.
(18) The government granted Sware Ltd a specific financial subsidy to cover all of the expenditure on Project Pibeta.
Required:
(a) Calculate the enterprise income tax (EIT) payable by Sware Ltd for the year 2014.
Note: You should start your computation with the net loss figure of RMB3,385,150 and list all of the items referred to in notes (1) to (18) identifying any items which do not require adjustment by the use of zero (0). (11 marks)
(b) Identify and briefly describe ANY TWO enterprise income tax (EIT) preferential policies which Sware Ltd could consider applying, in addition to the qualified research and development additional deduction. (4 marks)
(a) Mr Xu, a domestic Chinese, is a designer. He is considering the following four options:
Option A: Joining Delta Ltd as a manager with a monthly salary of RMB40,000 and an annual bonus of RMB100,000 payable in December each year.
Option B: Providing services to Delta Ltd as a consultant for a consultancy fee of RMB50,000 per month.
Option C: Setting up his own sole proprietorship. He will pay himself a monthly salary of RMB20,000 from this sole proprietorship. For 2014 the net profit of the sole proprietorship after charging Mr Xu’s salary is expected to be RMB420,000.
Option D: Setting up a limited company, Xupa Ltd. He will pay himself a monthly salary of RMB20,000 from Xupa Ltd. For 2014 the net profit of the company after charging Mr Xu’s salary is expected to be RMB420,000. Xupa Ltd will pay enterprise income tax at the rate of 25% and distribute all of its profit after tax to its shareholder, Mr Xu, as a dividend.
Required:
Calculate the individual income tax (IIT) payable by Mr Xu for 2014 under each of the four options.
Note: Ignore value added tax and business tax. (10 marks)
(b) State, giving reasons, whether the following persons will be subject to individual income tax in China on their worldwide income in 2014:
(1) Ms Wang has her household in Xiamen and holds a China identity card. She has been studying in Australia since 2010 and has not returned to China for the last six years, including in 2014.
(2) Mr Beth is a US citizen, who has lived in China working for a non-government organisation since 2010. He has not travelled outside China for the last six years, including in 2014.
(3) Ms Ruth is an Australian citizen. She travelled to China and stayed in China for a total of 250 days in 2014. (5 marks)
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