SUPPLEMENTARY INSTRUCTIONS 1. Calculations and workings need only be made to the nearest RMB.
2. All apportionments should be made to the nearest month.
3. All workings should be shown.
TAX RATES AND ALLOWANCES.
The following tax rates and allowances are to be used in answering the questions.
Enterprise income tax |
| | Rate |
| Income tax for domestic and foreign enterprises | 25% |
Entrepreneurs who receive production or operation income derived from private industrial or commercial enterprises
| Level | Annual taxable income （RMB） | Rate | Quick deduction factor （RMB） |
| 1 | 5,000 or below | 5% | 0 |
| 2 | 5,001-10,000 | 10% | 250 |
| 3 | 10,001-30,000 | 20% | 1,250 |
| 4 | 30,001-50,000 | 30% | 4,250 |
| 5 | Over 50,000 | 35% | 6,750 |
Individual income tax
Employment income
| Grade | Taxable income on which employee bears the tax/employer bears the tax （RMB） | Rate(%) | Quick deduction factor （RMB） |
| 1 | 500/475 or below | 5 | 0 |
| 2 | 501 - 2,000/476 - 1,825 | 10 | 25 |
| 3 | 2,001 - 5,000/1,826 - 4,375 | 15 | 125 |
| 4 | 15,001 - 20,000/4,376 - 16,375 | 20 | 375 |
| 5 | 20,001 - 40,000/16,376 - 31,375 | 25 | 1,375 |
| 6 | 40,001 - 60,000/31,376 - 45,375 | 30 | 3,375 |
| 7 | 60,001 - 80,000/45,376 - 58,375 | 35 | 6，375 |
| 8 | 180,001 - 100,000/58,376 - 70,375 | 40 | 10,375 |
| 9 | Over 100,000/70,376 | 45 | 15,375 |
| For other income | Rate |
| each time below RMB 800 | 0% |
| each time from RMB 801 to RMB 4,000 | 20% |
| each time above RMB 4,000（with 20% allowance） | 20% |
Income from services provided |
| for the part RMB 20,000 to RMB 50,000 | 30% |
| for the part above RMB 50,000 | 40% |
Individual service income
| Net of tax income（RMB） | Before tax income（RMB） | Rate% | Quick deduction factor （RMB） |
| 1 - 16,000 | 1 - 20,000 | 20 | 0 |
| 16,001 - 37,000 | 20,001 - 50,000 | 30 | 2,000 |
| 37,001 and above | 50,001 or above | 40 | 7，000 |
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Business tax
| | | Rate |
| Group A | transportation,construction,communication,culture and sports | 3% |
| Group B | hotels,restaurants,tourism,warehousing,advertising,transfer of intangible property，sale of real estate | 5% |
| Group C | finance | 5% |
| Group D | recreation | 5~20% |
| | Land appreciation tax The ratio of increased value against the value of deductible items | Rate |
| for the part | 50% or below | 30% |
| for the part | above 50% to 100% | 40% |
| for the part | above 100% to 200% | 50% |
| for the part | above 200% | 60% |
| | | Rate |
| For small-scale taxpayers | | 3% |
| For ordinary taxpayers | for the sale or import of itemised goods,processing,and repairing | 17% |
| | for the sale or import of itemised goods | 13% |
| | for transportation charges | 17% |
Allowances
| Funds for enterprises |
| Trade union fund | 12% of total basic wages |
| Employee welfare fund | 14% of total basic wages |
| Employee training fund | 2·5% of total basic wages |
| Donations |
| Enterprises | up to 12% of the accounting profits |
| Individuals | up to 30% of the taxable income |
| | 100% if donation made to certain funds approved by the government |
| Entertainment expenses |
| For domestic and foreign enterprises | 60% of the amount subject to a maximum of 0·5% of the sales/business income of the year. |
ALL FIVE questions are compulsory and MUST be attempted
1 （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.
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