Muscat Cement Company is an Omani establishment earned net profit of RO 127250 in the tax year 2017. In the year 2010 and 2014 company has incurred the loss of RO 10500 and RO 6350 which is so far not carried forward and set-off form the succeeding year’s incomes. Requirement: Calculate the tax liability to Muscat Cement Company for the tax year 2017 by assuming that it has registered capital more than RO 50000.
Muscat Cement Company is an Omani establishment earned net profit of RO 127250 in the tax year 2017. In the year 2010 and 2014 company has incurred the loss of RO 10500 and RO 6350 which is so far not carried forward and set-off form the succeeding year’s incomes. Requirement: Calculate the tax liability to Muscat Cement Company for the tax year 2017 by assuming that it has registered capital more than RO 50000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Muscat Cement Company is an Omani establishment earned net profit of RO 127250 in the tax year 2017. In the year 2010 and 2014 company has incurred the loss of RO 10500 and RO 6350 which is so far not carried forward and set-off form the succeeding year’s incomes.
Requirement: Calculate the tax liability to Muscat Cement Company for the tax year 2017 by assuming that it has registered capital more than RO 50000.
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