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Question Answered step-by-step Please provide a new detailed explained solution for this question…. Please provide a new detailed explained solution for this question. Thank-you (sheikh chilly is just a person’s name) Image transcription text5. Sheikh Chilly isn’t yet convinced about the practical applications of the P versus NP problem. You mayconvince him by identifying from the literature any problem of your field of interest that has been been provento be NP-complete. You must submit a link to a valid resource that proves the problem to be NP-c… Show more… Show more Engineering & Technology Computer Science CS THEORY OF Share QuestionEmailCopy link Comments (0)

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Description 1 attachmentsSlide 1 of 1attachment_1attachment_1.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview AF5208 Taxation Management in China and HK Second Semester 2020/21 Individual Case Study (due on 24 April 2021) Guideline: This is a question from past exam paper, and it is for revision and preparation for the coming examination. Estimated working time is 1 hour Berry Case Berry Ltd (“BEL”) carried on trading business in Hong Kong. Its provisional income statement for the year ended 31 March 2019 shows a net profit before taxation of $3,000,000, inter alia, after crediting the following income and charging the following expenses: Note Income Sales through Hong Kong shops Sales through overseas agents Investment income Profit on sale of product design 1 2 3 Expenditure Product research expense Depreciation Bank charges and interest Repairs expense Bad debts 4 5 6 7 $ 30,000,000 5,000,000 1,200,000 300,000 500,000 300,000 160,000 100,000 75,000 Explanatory Notes 1 BEL purchased goods from Hong Kong suppliers and sold to overseas customers. Over 100 overseas agents solicited customers for BEL. The agents would receive orders for BEL in overseas and forward the same to BEL for final confirmation. Guidelines: What is the broad guiding principle and specific test for trading profits? What is the IRD’s practice and case law principle, if either contract was effected outside HK? 2 $ Interest on AUD fixed deposits placed with the Head Office of Hang Seng Bank, Hong Kong. The deposit has been used to secure a bank loan (see note (5) below) (guidelines below) 300,000 Interest from 7-year qualifying debt instrument 900,000 Total per accounts 1,200,000 1 Guidelines: Will the interest be taxable under s.15? Will it be exempt under Interest Exemption order? Remember if the HK deposit has been used to secure a loan and the loan interest is deductible, there will be no exemption. 3 During the year 2009, BEL bought the proprietary interest of a registered product design for use by its suppliers to produce BEL’s products at a price of $1 million. During the year 2018/19, BEL sold the proprietary interest of the product design at a price of $1.3 million and hence made a profit of $300,000. Also BEL bought a registered trademark during the year 2019/20 at a price of $2 million, which was not reflected in the above income statement. The trademark has a protection period of 4 years starting from 2018/19. (guidelines below) Guidelines: You should treat and adjust the profit $300,000 and sales proceeds $1.3M separately. Is the profit taxable, capital or trading nature? Will the sale proceeds be deemed taxable? Note the sales proceeds is deemed taxable, but the taxable amount is limited to deduction allowed. Also, note the rule for deduction for product design is effective from the year 2011/12. Registered trademark cost is deductible over 5 years or remaining protection period, whichever is shorter. Also, note if any item which is not taxable but included in P&L, it should be less out in the tax computation; if any item which is taxable but not yet included in P&L, should be added back. Any item which it deductible, but not yet deducted from the P&L should be less out in the tax computation Please also note: the deduction for registered mark should start from the year of acquisition, over 5 years of remaining protection year (starting from the year of acquisition. Be careful for the year of acquisition in the case, and the remaining protection period starting from the year of acquisition. 4 The product research expense included $150,000 for new research equipment. Guidelines: Note the enhanced deduction for R&D, may it apply or NOT. 5 $ Bank charges on ordinary trading transactions 20,000 Interest on bank loan* secured by a deposit with Hang Seng Bank (see note 2 above) (guidelines below) 140,000 Total per accounts 160,000 *The bank loan was used to buy trading stock. 2 Guidelines: Was it for the purpose of trade? Any condition in s.16(2) being satisfied? Any restrictions? 6 The repairs expense of $100,000 was for initial repairs to a second-hand packing machine which was acquired during the year. The expense was for the purpose to put the machine back to operable condition for obtaining the relevant license from the government. (Guidelines: was the repairs expense capital nature?) 7 Write-off of a staff loan* (5% interest and 95% principal) Bad debts recovered (trade debts written off in the year 2018/19) Provision - 5 % on total trade debtors’ balance - on specified trade debtors $ 20,000 (8,000) 10,000 53,000 Total per accounts 75,000 The loan was provided to the staff’s bank account in Hong Kong. Guidelines: Was the staff loan, interest and principal, a trade debt taxed before? Was it lent in ordinary course of money lending business? 8 Depreciation allowance agreed by the Inland Revenue Department for the year was $200,000 Guidelines: Adjust the accounting depreciation and depreciation allowance separately Required (a) Calculate the profits tax payable by BEL for the year of assessment 2018/19, ignore provisional tax. Guidelines: MUST follow the format in the lecture notes. State the title, tax rates, tax reduction clearly. (11 marks) (b) Explain your profits tax treatments for the following items: (1) Sales through overseas agents $5,000,000 (3 marks) (2) Interest from fixed term bank deposit interest $300,000 (3 marks) (3) Sales proceeds of the registered product design $1,300,000 (2 marks) (4) Registered trademark acquisition cost $2,000,000 (2 marks) (5) Interest on bank loan $140,000 (3 marks) (6) Write-off of staff loan $20,000 (3 marks) (7) Initial repairs expense of the second-hand packing machine $100,000 (3 marks) Guidelines: Your explanation should include: 3 A. Rules: Relevant provision in the IRO, DIPN, case law (summarising in brief, don’t copy from notes, you don’t need to copy the whole story of a case, just state the principle and case name in sufficient B. Analysing the tax position with reference the case facts and the relevant rules you stated in (A) above. C. Don’ts: Remember, don’t just state it is taxable or deductible. It is also wrong to just mention, say under s.14 it is not taxable. YOU must explain by using A+B I mentioned above. (sub-total 19 marks) Total (30 marks) 4 Purchase answer to see full attachment Tags: product design Income Statement taxation Non Deductible Expenses depreciation allowance User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
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