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SuperCorp, Ltd, has been carrying on a trading business in Hong Kong. The company's P&L for the year ended 31 Dec 2021 is as follows: Gross Revenue: Cost of Goods Sold: Gross Profit: Interest Income from deposit in overseas bank: Salaries Expense Hong Kong Profits Tax Expense 10,000,000 3,000,000 Net Profit 2,000,000 1,500,000 7,000,000 1,000,000 8,000,000 3,500,000 4,500,000 Calculate profits tax liability for the 2020/21 year of assessment.

SuperCorp, Ltd, has been carrying on a trading business in Hong Kong. The company's P&L for the year ended 31 Dec 2021 is as follows: Gross Revenue: Cost of Goods Sold: Gross Profit: Interest Income from deposit in overseas bank: Salaries Expense Hong Kong Profits Tax Expense 10,000,000 3,000,000 Net Profit 2,000,000 1,500,000 7,000,000 1,000,000 8,000,000 3,500,000 4,500,000 Calculate profits tax liability for the 2020/21 year of assessment.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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SuperCorp, Ltd, has been carrying on a trading business in Hong Kong. The company's P&L for the year ended 31 Dec 2021 is as follows: Gross Revenue: Cost of Goods Sold: Gross Profit: Interest Income from deposit in overseas bank: Salaries Expense Hong Kong Profits Tax Expense 10,000,000 3,000,000 Net Profit 2,000,000 1,500,000 7,000,000 1,000,000 8,000,000 3,500,000 4,500,000 Calculate profits tax liability for the 2020/21 year of assessment.
Transcribed Image Text:SuperCorp, Ltd, has been carrying on a trading business in Hong Kong. The company's P&L for the year ended 31 Dec 2021 is as follows: Gross Revenue: Cost of Goods Sold: Gross Profit: Interest Income from deposit in overseas bank: Salaries Expense Hong Kong Profits Tax Expense 10,000,000 3,000,000 Net Profit 2,000,000 1,500,000 7,000,000 1,000,000 8,000,000 3,500,000 4,500,000 Calculate profits tax liability for the 2020/21 year of assessment.
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