IN ADDITION TO THE CORPORATE INCOME TAX RECOLLECTION AND PENALTY MA...

4. In addition to the corporate income tax recollection and penalty made during the tax check in June 2014 (as in(1) above), the tax authorities collected the following tax amounts in 2014, both of which WALC recorded inother expenses:– Non-creditable input value added tax (VAT) for 2013 of VND350 million due to invoices being declared inthe VAT return after the six months time limit (the purchase was incurred for business purposes).– A tax penalty for foreign contractor withholding tax (FCWT) of VND430 million.All the amounts are stated exclusive of VAT.Required:Compute WALC JSC’s corporate income tax (CIT) liability for the year ended 31 December 2014.Notes: