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1 MOCK EXAM PAPER ANSWERS PageCAMBODIAN TAXATION 1 of 19

2 1) (a) Angkor Luxury Hotel (ALH) Tax on Profit (ToP) calculation For the year ended 31 December 2011 Notes USD USD Accounting profit after income tax Given 260,000 Add: Income tax expense Working 1 65,000 Accounting profit before income tax 325,000 Add: Tax assessment penalty Working 1 5,300 Accounting depreciation Given 145,360 Donation to the servicemen's family Working 2 1,000 Loss on disposal of fixed assets as per accounting book Working 3 4,240 Bonus unpaid within 60 days, as at 31 December 2011 Working 4 14,000 Interest expenses payable to a related party in 2011, not paid within 180 days, as at 31 Working 5 120,000 December 2011 Dividend income not recorded in the accounting book Given 36, ,900 Less: Tax depreciation Working 6 (164,454) Decrease in provision of doubtful debt Given (11,390) Loss on disposal of fixed asset as per tax Working 7 (24,380) Unrealised exchange gains at 31 December Given 2011 (680) (200,904) Adjusted taxable profit 449,996 Adjustment for charitable contribution Working 8 0 Adjusted profit before interest 449,996 Adjustment for interest expense Working 9 0 Adjusted taxable profit 449,996 Tax on Profit at rate 20% 89,999 Less: Tax credit for ATDD paid during the year 2011 Working 10 (4,200) Withholding Tax credit on interest income Working 11 (1,824) (6,024) ToP payable 83,975 ALH is required to pay additional ToP of USD 83,975 to the tax authority for the year ended 31 December Page 2 of 19

3 Working 1: Income tax expense = USD 65,000 [USD 70,300 (total charged as per the income statement) USD 5,300 (tax assessment penalty)] Working 2: Donation = USD 1,000 [USD 2,500 (total donations made during the year) USD 1,500 (charitable contribution -> please refer to Working 8)] Working 3: Accounting loss on disposal of canteen = USD 4,240 [USD 5,740 (net book value) USD 1,500 (sale proceeds)] Working 4: Accrued bonus not paid until April 2012 = USD 14,000 [USD 35,000 (total accrued bonus) USD 35,000 x 60% (accrued bonus paid in February 2012)]; or Working 5: = [USD 35,000 x 40% (amount to be paid in April 2012)] Accrued interest expense = USD 120,000 [USD 2,000,000 (loan principal) x 0.5% (interest per month) x 12] Working 6 Tax depreciation Class Historical cost/undepreciated value Addition Cost of disposal Depreciation base Depreciation rate Tax depreciation Class 1 1,375, ,350 1,343,250 5% 67,163 Class 2 96,300 1, ,900 50% 48,950 Class 3 84,960 26, ,460 25% 27,865 Class 4 102, ,380 20% 20, ,454 Working 7: Loss on disposal of a fixed asset (class 1) Accumulated depreciation for tax purposes of the asset (as at 31 December 2010) = USD 32,350 x 5% x 4 years (from 2007) = USD 6,470 Written down value for tax purposes = USD 32,350 (cost) USD 6,470 = USD 25,880 Loss on disposal = USD 1,500 USD 25,880 = USD 24,380 Page 3 of 19

4 Working 8: Further to Working 2, it was noted that there was a charitable contribution of USD 1,500 made to the Bayon Foundation. ALH has been provided with an acknowledgement certificate in respect of this donation. According to Prakas No. 656, dated 19 September 2011, donations made during the financial years 2010 and 2011, to support victims of the border dispute or the incident at Koh Pech, through the CTN or Bayon Foundations can be deducted from taxable profit in the 2010 and 2011 ToP returns. Hence, this contribution qualifies as a tax deduction. Working 9 Interest deduction calculation USD USD Interest income (USD 15,200 x 2) 30,400 Adjusted profit before interest 449,996 Add: Interest expense 2,000 Less: Interest income (30,400) 210,798 Maximum interest allowable for deduction (a) 241,198 Total interest expense (b) 2,000 Since (b) is less than (a), no interest expense adjustment is required. Working 10: Additional Tax on Profit from Dividend Distribution (ATDD) paid on the interim dividend: ATDD = USD 21,000 (interim dividend) x 20% (tax rate) = USD 4,200 Working 11: Interest income = USD 15,200 x 2 (semi-annual) = USD 30,400 Withholding Tax on term deposit = USD 30,400 x 6% = USD 1,824 Page 4 of 19

5 1) (b) Tax implications of the Prepayment of ToP ALH is granted a Tax on Profit exemption for a period of five years starting from the year of its incorporation (2006). Thus, the tax exemption period for ALH ended on 31 December Therefore, for the year ended 31 December 2011, ALH is subject to ToP at the standard rate of 20%. Under Article 28 (new) of the LoT, the turnover attributable to a QIP (i.e., ALH) during the exemption period shall be exempt from the Prepayment of ToP. However, since ALH is not entitled to any tax exemptions for the year 2011, AHL is required make a Prepayment of ToP on its revenues on a monthly basis. It is possible that ALH may conclude that they were still exempt from the Prepayment of ToP obligation, despite the fact that the tax holiday finished in Another possible reason that ALH did not pay the Prepayment of ToP may be that ALH had paid the Prepayment of ToP in the previous years before the year 2011 (no further information is given in the Question). ALH may have the excess credit of the Prepayment of ToP brought forward from the year 2010 and utilised it against the 2011 Prepayment of ToP. Tax implications of the Minimum Tax Under Article 24 (new) of the LoT, taxpayers subject to the real regime system of taxation are liable to pay the Minimum Tax excluding QIP. Hence, there is no requirement for ALH to calculate the Minimum Tax liability for the year 2011, as ALH has been granted QIP status. 1) (c) Article 23 (5) of the LoT stipulates that any distribution of retained earnings or all annual profit after tax is deemed to have been made in the following order: 1. From retained earnings, subject to the normal rate of 20% or 30% 2. From retained earnings, subject to a rate of 9% 3. From retained earnings, subject to 0% Particularly for ALH, the dividend is required to first of all be distributed from the 2011 profit after tax (subject to ToP at 20%) and subsequently from profit after tax for the years 2006 to Page 5 of 19

6 1) (d) The tax and investment incentives available to a QIP are summarised below: An exemption from Minimum Tax, calculated at 1% of the annual turnover. ToP holiday (i.e., ToP rate of 0%) for a maximum of up to six years. The tax exemption period consists of a trigger period, plus three years tax holiday, plus the priority period (maximum of an additional three years). All QIPs are entitled to a minimum three-year ToP holiday after the trigger period. Special depreciation rate accelerated depreciation: Under the Law on Investment (LoI), a QIP is entitled to claim a 40% special tax depreciation rate for the first year. The remaining costs (after deducting the special depreciation) will be depreciated in accordance with the tax regulations and claimed over the life of the asset, starting from the year of purchase/acquisition. The special depreciation rate applies to used and new assets used in Manufacturing and Processing. However, if a QIP elects to use the special depreciation rate, the QIP is not entitled to the ToP holiday as mentioned above. It is permitted to choose one of the two incentives. Import duty exemption for construction equipment, construction materials etc. Page 6 of 19

7 2) (a) Withholding Tax Nature: WHT is a mechanism for collecting tax on income of the payee, but the responsibility for withholding and remitting the tax is placed on the payer. Tax rate: Payments to resident taxpayers Based on Article 25 of the Law on Taxation (LoT), a resident taxpayer is required to withhold WHT on payments to resident taxpayers as follows: Payment WHT rate Rent 10% Services (except payment to tax registered company) 15% Interest (except payment to local bank or financial institutions) 15% Royalties 15% Payments to non-residents Based on Article 26 of the LoT, a resident taxpayer who makes the following payments to non-residents is required to withhold 14% WHT: o o o o Interest Royalties, rent, and other income connected with the use of property Compensation for management or technical services Dividends Due date: WHT is a monthly tax and is due for payment no later than the 15th day of the succeeding month for real regime taxpayers. Tax on Salary Nature: ToS is a monthly tax imposed on salary received as compensation for employment. ToS is tax paid on behalf of the employee, and the employer is required to withhold the tax from the employee. Tax rate: o Resident employees are subject to ToS on their worldwide income (i.e. home and host salary) at progressive rates from 0% to 20%, as shown below : Monthly Salary Monthly Salary Rate of Tax Riel USD* 0 500, % 500,001 1,250, % 1,250,001 8,500, ,023 10% 8,500,001 12,500,000 2,024 2,976 15% Over 12,500,000 Over 2,977 20% Page 7 of 19

8 o Non-resident employees are subject to ToS on their Cambodian sourced income at a flat rate of 20%. Due date: ToS is a monthly tax and is due for payment no later than the 15th day of the succeeding month. Tax on Fringe Benefits (ToFB) Nature: ToFB is a monthly tax imposed on fringe benefits, including any goods, services or other benefits, in cash or in kind, provided directly or indirectly by an employer to a physical person for employment activities that the physical person has performed for the benefit of the employer. Tax rate: The employee is liable for tax on fringe benefits (either in cash or in kind) at a flat rate of 20%. Due date: ToFB is a monthly tax and is due for payment no later than the 15th day of the succeeding month. Page 8 of 19

9 2) (b) Mr. Kuma Jaha Income that is subject to Tax on Salary (ToS) For the month of March 2012 Basic salary (USD30,000/12 month) USD 2,500 Explanation Basic salary falls within the definition of salary that is taxable salary (under Article 42-8 of the Law on Taxation LoT ). Khmer New Year bonus 675 Overtime compensation 0 Total taxable salary before rebate adjustment 3,175 Bonus falls within the definition of salary that is taxable salary (under Article 42-8 of the LoT). The bonus was paid on 27 March; hence, it is subject to tax in March. Overtime falls within the definition of salary that is taxable salary (under Article 42-8 of the LoT); however, the overtime is not taxable in March 2012, as it was paid in April VPC is required to withhold the ToS at the time of the salary payment (Section of the ToS Prakas). Page 9 of 19

10 Mr. Kuma Jaha Income that is subject to Tax on Fringe Benefits (ToFB) For the month of March 2012 USD Medical reimbursement 250 Apartment rental 700 Utilities expenses 215 Explanation Medical costs reimbursed by VPC to staff may be considered to be fringe benefits (under Section of the ToS Prakas). The taxable amount is only the USD250 that was claimed. Apartment rental provided by VPC to staff is considered to be a fringe benefit (under Section c of the ToS Prakas) Utilities expenses paid by VPC for staff are considered to be fringe benefits (under Section d of the ToS Prakas). Hence, USD215 paid in March is taxable. Sale of laptop at less than market value (at a discount) Market price = USD270/40% = 675 Discount = USD675x60% = 405, or Discount = USD675 USD270= 405 VAT absorbed by VPC = 405 x 10% = 40.5, or = A discount on the sale of goods (laptop computer) by VPC to an employee is considered to be a fringe benefit (Section g of the ToS Prakas). Total fringe benefits = = 446 School fees for Kuma's children 250 Benefit of school fees = 500x50% = 250 Total taxable fringe benefits 1,861 Educational assistance for the employee s children is considered to be a fringe benefit (Section i of the ToS Prakas). Page 10 of 19

11 2) (c) Mr. Kuma Jaha ToS calculation For the month of March 2012 USD Riel Taxable salaries before rebate adjustment 3,175 Exchange rate, Riel per USD 4,000 In Riel 12,700,000 Less: rebate for two children (75,000 each) (150,000) Taxable amount in Riel 12,550,000 ToS liability: Range: Rate ToS (Riel) From 0 to 500,000 0% 0 From 500,001 to 1,250,000 5% 37,500 From 1,250,001 to 8,500,000 10% 725,000 From 8,500,001 to 12,500,000 15% 600,000 From 12,500,001 to 12,550,000 20% 10,000 ToS for March ,372,500 Mr. Kuma Jaha ToFB calculation For the month of March 2012 USD Riel Fringe benefit amount 1,861 Exchange rate, Riel per USD 4,000 In Riel 7,444,000 ToFB rate 20% ToFB liability: (7,444,000 x 20%) 1,488,800 Page 11 of 19

12 2) (d) Under the Prakas on ToS, and for the purpose of ToS calculation for an individual, residency and the source of income are defined as follows: A resident: The tax law defines the term resident as a physical person who has his/her residence or principal place of abode in Cambodia, or who is present in Cambodia for more than 182 days in any 12-month period ending in the current tax year. Where a person is a resident in Cambodia, his/her salaries received, from within Cambodia and from outside Cambodia, are subject to ToS in Cambodia. A non-resident: Any physical person who does not meet the above criteria will be considered to be a non-resident. For a person who is not a tax resident in Cambodia, his/her salary received for employment services rendered in the Cambodia is subject to ToS in Cambodia, unless it meets the exemption conditions. 2) (e) Mr. John Employment status John has never been to Cambodia before. He signed a five-month contract with VPC working as an independent service provider. John was present less than 182 days during the last twelve month period ending in the current tax year. Under Article 42 of the LoT, John is considered to be a non-resident assuming that he does not meet the other two criteria (information regarding these additional criteria has not been given). Under Article 26 of the LoT, when making management or technical service payments (i.e. technology consultation) to a non-resident, VPC, being the resident taxpayer, is required to withhold 14% WHT before making the payment and remit the WHT to the tax authority before the stipulated deadline. Mr. John - WHT calculation for March 2012 on service payment made to a nonresident (John) WHT = USD2,300 x 14% = USD322 Page 12 of 19

13 3) (a) Credit note: A credit note can be issued to the customer (recipient) when a VAT taxable person has issued a tax invoice and then one of the circumstances listed below occurs and the amount shown as tax charged on the original tax invoice exceeds the adjusted value. The circumstances in which a credit note may be issued are: o The supply is cancelled; o The nature of the supply has been fundamentally varied or altered; o The previously agreed consideration for the supply has been altered by agreement with the recipient of the supply, whether due to an offer of a discount or for any other reason; or, o The goods, or part thereof, or any packaging have been returned to the supplier or the services have not been completed. The difference between a VAT invoice and a commercial invoice is as follows: A tax invoice is issued to a person that is subject to tax (VAT registered taxpayer), who can claim input VAT. A commercial invoice is issued to a person that is not subject to tax (non-vat registered taxpayer), who cannot claim VAT. Page 13 of 19

14 3) (b) Honey Breweries Co., Ltd (HBL) WHT calculation For the month of March 2012 No. Descriptions Amounts given in question Base amount Rate WHT USD USD USD 1 Office and warehouse rental 15,000 13,636 10% 1,364 2 Consulting fees from a consulting firm based in Hong Kong 7,890 7,890 14% 1,105 3 Local transportation expenses from individuals 3,770 3,770 15% Interest expenses paid to a local individual 5,980 5,980 15% Interest expenses paid to an overseas bank 6,000 6,000 14% 840 Total WHT payable 4,772 3) (c) Honey Breweries Co., Ltd (HBL) VAT calculation For the month of March 2012 No. Descriptions Amounts given in question Base amount Rate Output VAT Output VAT USD USD USD 1 Sales to distributors based in Malaysia (export sales) 37,750 37,750 0% - 2 Sales to local wholesalers 25,800 23,455 10% 2,346 3 Sales to various retail customers 19,980 19,980 10% 1,998 4 Issuance of credit note to distributor (1,500) (1,500) 10% (150) 5 Issuance of additional invoices to wholesalers 1,150 1,150 10% 115 Total output VAT 4,309 Page 14 of 19

15 No. Descriptions Amounts given in question Base amount Rate Mock Exam Input VAT Input VAT USD USD USD 1 Office and warehouse rental 15,000 13,636 10% 1,364 2 Importation of cans from Vietnam 2,350 2,136 10% Purchase of gas for power generation 27,000 27,000 10% 2,700 4 Local audit fee, inclusive of VAT 4,000 3,636 10% Fixed phone bills % 80 Total input VAT 4,722 Since the output VAT of USD 4,309 is less than the input VAT of USD 4,722, HBL has an excess input VAT of USD 413 (USD 4,309 USD 4,722) to be carried forward to offset against the output VAT for the following months. 3) (d) Conditions: Under Article 73 of the LoT, if a taxable person (e.g. HBL) has excess input VAT credits for three months or more, they may apply for a refund of the tax at the end of the third month or in any month thereafter. The taxable person (e.g. HBL) must have a taxable supply to declare (Article 41 of the VAT Sub-decree). Timing: To request a refund in any month, the request must be filed within 20 days from the close of the month. HBL has excess VAT credit in the month of March 2012; therefore, HBL can apply for a refund of the excess VAT credit within 20 days after May 2012 (or within the first 20 days in June 2012) if HBL continues to have excess input VAT. Page 15 of 19

16 4) (a) Preliminary and formation expenses are expenses incurred in bringing the enterprise into existence, including setting up its activities and development. The preliminary and formation expenses include expenses related mainly to the formation and initial development of the enterprise, expenses pertaining to the articles of association of the company, expenses for bond floating and expenses incurred in the purchase of immovable property. Under Section of the Prakas on ToP, for the purpose of ToP, there are two possible methods to claim a tax deduction in respect of preliminary and formation expenses: 1. They can be deducted in full from the results of the period in which the expenses arose. 2. If the enterprise chooses to deduct through amortisation, these expenses can be amortised up to a maximum period of two years. Speed Technology Co., Ltd (STC) ToP calculation For the year ended 31 December 2011 Method 1: Deduct the whole preliminary and formation (P&F) expenses in the year ended 31 December 2011: USD ToP liability before taking into account the P&F expenses 1,750 ToP deduction, amount saved by realising the P&F expenses (USD 2,300 x 20%) (460) ToP liability after taking into account the P&F expenses 1,290 Method 2: Capitalise the whole P&F expenses and claim tax allowances for a period of two years: USD ToP liability before taking account of the P&F expenses 1,750 ToP deduction, amount saved by realising the P&F expenses [USD (2,300 x 50%) x 20%] (230) ToP liability after taking into account the P&F expenses 1,520 Page 16 of 19

17 4) (b) Under Section 6.3 of the Prakas on ToP, for an asset to qualify for capitalisation, an asset is required to meet the following two criteria: 1. Purpose: an asset of any type that is bought or produced by the enterprise, not for transformation or to sell, but for a durable use. 2. Duration: an asset must be durable for a period of more than one year from the date the asset was placed in service for the first time. Page 17 of 19

18 5) (a) Based on Article 17 of the Law on Taxation (LoT) and Section 9.5 of the Tax on Profit (ToP) Prakas, tax losses can be carried forward for a maximum of five years, subject to the following conditions: i. Proof of tax loss: The tax loss must be recorded in the ToP return and the return submitted to the tax authority within the time specified in the tax provisions. The tax loss cannot be utilised for the years which are subject to unilateral tax assessment. The tax loss must be evidenced and recorded in proper accounting books. ii. Identification of the enterprise: The business activities of the company must not have changed. The ownership of the company must not have changed. 5) (b) iii. Period of utilisation The tax loss must be utilised against the first subsequent year of profit If for any reason the tax loss has not been utilised in the above order, it cannot be brought forward for deduction against future profits. Negligence and serious negligence Negligence: A taxpayer or withholding agent is considered negligent: o if the amount of tax paid is less than the amount of tax, as determined by tax provisions, by no more than ten percent. o if they fail to file a tax declaration or to pay tax by the date required by law. Serious Negligence: A taxpayer or withholding agent is considered seriously negligent if the amount of tax paid is less than the amount of tax, as determined by tax provisions, by more than ten percent. Page 18 of 19

19 5) (c) Accommodation Tax Nature: Accommodation Tax was established for the benefit of the state budget and is levied on customers who stay at hotels or guest-houses. Tax rate: Accommodation tax is calculated at 2% of the accommodation fee (including room service charges for hotels and resorts), inclusive of all taxes and other services, except Accommodation Tax and VAT. Due date: Accommodation tax is a monthly tax and is due for payment no later than the 15th day of the succeeding month for real regime taxpayers, and by the 10th day of the succeeding month for estimated regime taxpayers. 5) (d) Property tax Nature: Property tax is a direct tax, which is imposed on the immovable properties including land, and houses and other buildings which are built on the land. Effective from 2011, all property owners must pay the property tax by the due date. Tax rate: Property tax is levied at 0.1% per annum on immovable property with a value of more than the threshold of Riel 100,000,000. Due date: The owner of the immovable property is required to pay the tax by 30 September each year. Taxpayer: The person who is responsible for the tax, referred to as the taxpayer, is the individual or legal entity, that owns, occupies or is the last beneficiary of the property, as a whole or in part. Page 19 of 19

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