Title MOCK TEST F6 ACCA - 001.docx ✅

MOCK TEST TX/F6 ACCA - 001 QUESTION Section A • 15 objective test (OT) questions, each worth 2 marks. • 30 marks in total. Section B • Six constructed response questions that may contain a scenario which relates to one or more requirements). • Each constructed response question is worth 10 or 15 marks in total. • 70 marks in total. All questions are compulsory
SECTION A 1. On 1 April 2023, LAT Co, a Vietnamese company, leased a machine for four years and paid the rent of VND 1,200 million for all four years in advance. The lease agreement states that during the lease period, repair costs of the machine would be bome by LAT Co On 1 December 2023, LAT Co paid a repair expense of VND72 million for the machine. LAT Co would like to amortize the repair expense over the longest allowable period as per the regulations What is the amount of deductible expense that LAT Co can claim for corporate income tax purposes regarding the machine in the year ended 31 December 2023? A. VND297 million B. VND324 million C. VND227 million D. VND318 million 2. In May 2023, EVC Co, a Vietnamese company applying the value added tax (VAT) deduction method, issued an invoice to a customer for VND330 million (net) and charged VAT at a rate of 5% on the invoice In July 2023, EVC Co discovered that the VAT rate on the invoice should have been 10%. The customer refused to pay the undercharged VAT What is the amount of additional output VAT (ignoring the late payment interest and rounded to VND million with one decimal) which EVC Co is required to pay to the tax authorities? A. VND16.5 million B. VND15.0 million C. VND31.5 million D. VND O 3. In the year 2023, Mr Du, a 40-year-old Vietnamese citizen with three dependants, received a gross monthly salary of VND60 million from his employer, plus a bonus worth two months salary
In December 2023, he also received a long-service award of VND 100 million in cash for his ten year anniversary with the company Mr Du is responsible for his own social, health and unemployment insurance What is Mr Du's annual personal income tax (PIT) liability from his employment income (rounded to two decimals in the monthly PIT calculation ONLY) in the year 2023? A. VND112.05 million B. VND87.06 million C. VND158.58 million D. VND128.59 million 4. DKN Co (DKN), a Chinese construction company, using the hybrid method for foreign contractor tax (FCT), entered into a contract with a Vietnamese company for a construction project valued at USD30 million (gross of FCT) DKN subcontracted works to two companies in Thailand. Company B and Company Y, worth the values of USD 12 million and USD8 million respectively Company Y adopts the deemed method, whilst Company B adopts the actual method (direct filing as a company in Vietnam) for FCT DKN also purchased goods equivalent to USD3 million from Vietnamese suppliers for the project What is the taxable revenue for FCT purposes (corporate income tax portion) that should be declared by DKN Co in relation to the project described (assuming all subcontracted works were properly registered)? A. USD7 million B. USD19 million C. USD30 million D. USD18 million 5. ICTV Co is a Vietnamese company headquartered in Hanoi and has two manufacturing dependant branches in Vinh Phuc and Dong Nai In the fiscal year ended 31 December 2023, the branch in Dong Nai is entitled to a tax exemption incentive. The headquarters and the branch in Vinh Phuc are not entitled to any tax incentives
Which one of the following options is correct in terms of ICTV Co filing its corporate income tax finalisation declaration for the fiscal year 2023 under Circular 80/2021? Option Hanoi Tax Authority Vinh Phuc Tax Authorit Dong Nai Tax Authority 1 Declaration for entire operations No declaration required Declaration for incentivised activities 2 Declaration for operations of headquaters and Vinh Phuc No declaration required Declaration for incentivised activities 3 Declaration for entire operations Declaration for the branch's activities Declaration for the branch's activities 4 Declaration for headquaters operations Declaration for the branch's activities Declaration for the branch's activities 6. In the year 2023, TFR JSC, a Vietnamese joint stock company sold all the shares it held in XJSC, another Vietnamese joint stock company, for VND200,000 million. The shares were purchased for VND 196.000 million in 2022 In the year 2023, TFR Co issued 1 million new shares at a price of VND 12,000 per share to a new investor to increase its capital. The nominal value of each share is VND 10,000 What is the corporate income tax liability incurred by TFR JSC from these transactions for the fiscal year ended 31 December 2023? A. VND1,000 million B. VND200 million C. VND1,400 million D. VND600 million 7. in the calendar year 2023, Mr Tony Stack, a non-resident individual working part time in Vietnam, earned a royalty of VND 1,000 million from selling his software to a Vietnamese company. In the month of July 2023, he purchased shares in Company A, a company listed on the Vietnamese stock exchange, for VND2,000 million and received a dividend of VND50 milion. He sold all the shares he owned in Company A in October 2023 at the same price as when he purchased them What is the total amount of personal income tax in VND million (rounded to one decimal place) payable by Mr Tony Stack on the transactions detailed in the year 2023?