000,000 < G < 80,000,000 30 T = 0·3G – 5,850,000G > 80,000...

52,000,000 < G < 80,000,000 30 T = 0·3G – 5,850,000G > 80,000,000 35 T = 0·35G – 9,850,000Notes:G: Gross income N: Net income T: Income taxNon-resident tax rate on employment income: 20% on Vietnam sourced incomePIT rates on other incomeResident Non-residentInvestment income 5% 5%Capital transfers 0·1% of selling price, or 0·1% of selling price20% on taxable gainTransfers of property 2% of selling price, or 2% of selling price25% on taxable gainPersonal deductions (per month):Self VND4,000,000Dependant VND1,600,000Social insurance, health insurance and unemployment insuranceRatesSocial insurance (SI) 7%Health insurance (HI) 1·5%Unemployment insurance (UI) 1%Base salary (per month)The base salary for social insurance, health insurance and unemployment insurance isVND21,000,000 per monthRates of exchangeThe following rate of exchange is to be used in answering all questions in this paper (unless otherwisestated):USD1 = VND21,000ALL FIVE questions are compulsory and MUST be attempted1 Minh Tam JSC (Minh Tam) is a large Vietnamese joint stock company, which was established in January 2010. Minh Tam trades in industry-specific equipment and also leases this equipment (under operating lease agreements)and provides services in relation to this equipment. In addition to these main activities, the company also has someinvestments in securities and real estate. The unaudited income statement of Minh Tam for the year ended 31 December 2012 is as extracted below: Items Notes Amount (VND million)Sales revenue 1/2 290,000 Sales reduction 3 (4,000)––––––––Net sales 286,000 Cost of sales 4 (168,000)Administration expenses 5 (28,000)Selling expenses 6 (47,000)Operating profits 43,000 Other income 7 20,000 Other expenses 8 (8,000)Profit before tax 55,000 NOTES: