DURING THE YEAR, AV CO HAD RECEIVED AND PAID AN INVOICE FOR THE IN...

12. During the year, AV Co had received and paid an invoice for the international school fees of the son of its generaldirector, totalling VND350 million. The general director’s labour contract clearly states that AV Co will only covera maximum VND250 million of school fees, so AV Co deducted the excess VND100 million from the salary ofthe general director. The general director is a Vietnamese citizen.Required:(a) Review the corporate income tax (CIT) declaration prepared for AV JSC Co by its accountant (as above), andredraft it making all necessary adjustments.Note: You are required to use the same format of the tax declaration as provided in the question and shouldmake all calculations to the nearest VND million. (26 marks)(b) AV JSC Co is considering changing its financial year from the current year ending 31 March to the calendar year(ending 31 December), and thus also wishes to change the tax assessment period to the calendar year.Advise AV JSC Co of the requirement for assessment periods in the conversion year (as stipulated in Circular 18/2011), and state the assessment periods for corporate income tax (CIT) purposes in 2012 and