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1 All Rights Reserved THE ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA FINAL EXAMINATION JULY 2013 Time: 03 hours (58) TAXATION Morning [ ] Instructions to candidates: (1) All questions should be answered. (2) Answers should be in one language, in the medium applied for, in the booklets provided. (3) Use of calculators is permitted. (4) Attach all workings and computations. State clearly assumptions made by you, if any. (5) 100 Marks. No. of Pages : 05 No. of Questions : Hiru Fashions (Pvt) Ltd., which is a subsidiary of Fashionworld PLC is a resident company incorporated in April The company is in the business of importing and selling of cosmetics and fashion items to the local market. The net profit before income tax of Hiru Fashions (Pvt) Ltd. for the year ended 31 st March 2012 after charging all expenses and crediting all income was 14,250,000/-. Total turnover of the company was 132,500,000/- for the year. Notes to the accounts: Note 1 Property, Plant and Equipment Cost Additions Disposals Particulars Land - 1,000,000-1,000,000 Building - 1,625,000-1,625,000 Furniture 875, ,000 Office Equipment 720, , ,000 Computer Hardware 500, , ,000 Motor Vehicles 1,800,000 2,200,000 1,800,000 2,200,000 Computer Software - 100, ,000 Total 3,895,000 5,349,000 1,800,000 7,444,000 Depreciation Charge for Disposals Particulars the year Building - 81,250-81,250 Furniture 393, , ,000 Office Equipment 432, , ,400 Computer Hardware 300, , ,000 Motor Vehicles 900, ,000 1,012, ,500 Computer Software - 12,500-12,500 Total 2,025,750 1,036,400 1,012,500 2,049,650

2 (1) All items of Property, Plant and Equipment as at 01 st April 2011 have been acquired in the year of assessment 2008/09. (2) The company has constructed a building for a store on the land acquired during the year. The constructed store has been used from March (3) During the year, the company has purchased an accounting software package, which had been developed in Sri Lanka. (4) A computer hardware was obtained under a finance lease agreement for a period of 30 months on 01 st May Monthly installment of the lease is 11,000/-. (5) Opening balance of Motor vehicles represents a lorry purchased for 1,800,000/- in June This has been sold on 01 st August 2011 and a new lorry was purchased on 01 st September Note 2 Details of some of the expenses charged to income statement in arriving at the net profit for the year ended 31 st March 2012 were as follows: (1) The company has paid 150,000/- as entertainment allowances to the marketing managers. Further, the company has incurred 85,000/- for the Christmas party of employees. (2) An amount of 95,000/- has been provided as a provision for doubtful debts and in addition to that, the company has provided 25,000/- for the amount receivable from ABC company, a bankrupt distributor. (3) The company has made a provision for gratuity of 835,000/- for the year and 75,000/- was paid during the year as gratuity. (4) The company has paid 1,500,000/- to the parent company as management fees for the year. (5) The company has donated 10 beds to the Children's Ward of Colombo National Hospital during the year. The cost of these beds was 100,000/-. A donation of 10,000/- was made to non approved charities. (6) Advertisement cost: Advertisement cost to recruit new distributors 35,000 Advertisement cost on promotion of products 175,000 (7) A legal expense of 50,000/- has been incurred on recovery of bad debts. (8) The company has paid 100,000/- for a surgery of an employee. 2

3 (9) Finance expenses are as follows: Finance lease interest 43,500 Interest paid on loan obtained to purchase the land 190,000 Note 3 Summary of other income: Profit on sale of lorry 237,500 Interest from fixed deposits (gross) 120,000 Dividend Received (net of WHT) 90,000 Note 4 The company has distributed 1,500,000/- from the profits of the company as dividends on 15 th August From the foregoing information, You are required to compute: (a) (b) (d) (e) Statutory Income from each source of income, Total Statutory Income, Assessable Income, Taxable Income, Gross Tax Payable, of Hiru Fashions (Pvt) Ltd. for the year of assessment 2011/12. (Ignore implications of VAT, NBT and tax on under-distributed profit) (35 marks) 02. Satharasinghe, who is the Chief Information Officer of ICT (Pvt) Ltd. is a resident individual. The following information relating to Satharasinghe is provided in respect of the year of assessment 2011/12 (hereinafter referred to as the year ). (1) Gross salary received from ICT (Pvt) Ltd. was 175,000/- per month. EPF deduction was 8% of the salary. (2) A bonus of 262,500/- was paid to him in December 2011, based on the previous year s profit of the company. (3) He was provided a motor car (2,000 CC) with a driver and fuel for his official and private use and he did not pay the employer for his private use. (4) The company has a medical scheme and he has been reimbursed an amount of 72,000/- as medical checkup bills. (5) PAYE deducted for the year was 173,520/-. (6) He is living in a house inherited from his parents. Net Annual Value of this house is 90,000/-. 3

4 (7) He has constructed a house having a floor area of 3,250 square feet and the construction of the house was completed in July This house was rented for 80,000/- per month from January Rating assessment of this house is 150,000/- and rates paid for the year were 45,000/-. He had incurred 65,000/- on repairs to the house during the year. (8) Interest received during the year was as follows: National Savings Bank - on Fixed Deposit (net of WHT) 180,000 Commercial Bank - on RFC Account USD($) 215 (9) He has a daughter Sumudu 20 years old who is unmarried, and looked after by Satharasinghe after the demise of his wife. She has received an interest income of 14,000/- and no tax has been deducted. (10) Satharasinghe has invested in shares of some listed companies and he has earned a profit of 240,000/- from trading shares during the year. Share Transaction Levy has been charged on disposal value of shares. (11) Summary of Dividends Received during the year was as follows: Dividend out of profits liable for tax (net) 27,000 Dividend out of dividend received from other companies, which have been subject to 10% withholding tax 54,000 (12) He has obtained a housing loan for the purpose of construction of the house from the National Savings Bank, and interest of 144,000/- and capital repayment of 232,000/- have been paid during the year on the loan obtained. (13) He has made the following donations during the year: Cash donation - a Children's Home (an approved charity) 85,000 Maintenance of Ward 36 of the Cancer Hospital, Maharagama 50,000 Cash Donation - Old Boys Association of his school 25,000 From the foregoing information, You are required to compute Satharasinghe's: (a) (b) (d) (e) (f) (g) Statutory Income from each source of income, Total Statutory Income, Assessable Income, Taxable Income, Gross Income Tax payable, Balance Income Tax Payable / Refund Due, and, Exempt income, if any for the Year of Assessment 2011/12. (30 marks) Note: If any expense is allowed as a deduction, state clearly reasons for allowing that deduction. 4

5 03. (a) Builders (Pvt) Ltd. is a resident company engaged in construction contracts. The following financial information of the company is given for the quarter ending 31 st December 2012: The company has obtained approval from the Commissioner General of Inland Revenue to pay VAT on cash basis. Revenue Cash received for the invoices raised Invoices issued but cash not received by 31 st December 2012 Sale proceeds on sale of Lorry Expenses Payments to local material suppliers registered for VAT Purchase of air conditioner for the office (not yet paid) Payment for purchase of a concrete mixing machine Payment for repair of vehicle used for travelling Payment of VAT for October 2012 to Inland Revenue Department Payment of VAT for November 2012 to Inland Revenue Department 252,000,000 Inclusive of VAT 37,000,000 Inclusive of VAT 11,200,000 Inclusive of VAT 84,000,000 Inclusive of VAT 134,400 Inclusive of VAT 672,000 Inclusive of VAT 56,000 Inclusive of VAT 12,250,000 1,552,000 You are required to, compute the balance Value Added Tax (VAT) payable for the quarter ended 31 st December (10 marks) (b) According to the provisions of Value Added Tax Act, what is the meaning of Time of Supply in respect of goods? (05 marks) (Total 15 marks) 04. Sekara, a Director of a company, saw an advertisement regarding a sale of a rubber estate of 500 acres for 500 million. Since he did not have sufficient money, he collected 350 million from 3 purchasers, with an agreement to sell a part of that property for the amount collected. He paid a forfeitable deposit agreeing to complete the sale within 3 months. He purchased the estate and transferred 3 parts of the estate to the purchasers from money that was collected in advance and sold the balance to others, keeping 15 acres for himself. He made a profit of 60 million on the transaction. He considered this profit to be a capital gain not liable to tax. However, the assessor issued an assessment on him including the profit as income from a trade. Explain to Sekera as your client, why the assessor has come to this conclusion, based on the facts and decision in the case of Mahawitharana Vs Commissioner of Inland Revenue. (10 Marks) 05. Silverline (Pvt) Ltd. is engaged in the business of wholesale and retail sale of footwear and bags. (a) Turnover of the company for the quarter ended 30 th September 2012 was 6,875,000/-. Compute the Nation Building Tax payable for the quarter ended 30 th September (03 marks) (b) What is the due date for Nation Building Tax return for the quarter ended 30 th September 2012? (02 marks) The company plans to manufacture footwear from next year. The management wishes to know the provisions applicable as per the act to claim input credits of Nation Building Tax (NBT). Advise them. (05 marks) (Total 10 marks) o0o 5

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