CALCULATIONS NEED ONLY BE MADE TO THE NEAREST VND MILLION. CALCUL...

2. Calculations need only be made to the nearest VND million.(b) VCM JSC (‘VCM’), a Vietnamese joint stock company, has an investment project named ‘VP’ in a speciallyencouraged geographical area. VCM is entitled to a CIT exemption for income from this project in the year ended31 December 2010. Apart from this project, VCM also has other sources of income from other projects whichare not entitled to tax incentives, and from real property transfers. VCM has provided the following summary ofits income (in VND million) for the year ended 31 December 2010:VP project Other Transfers of Not attributable projects real property to any projectTaxable revenue (exclusive of the items specified below) 600,000 200,000 500,000Deductible expenses (exclusive of the items specified below) (400,000) (240,000) (350,000)Waste disposal gain/(loss) 20,000 (10,000)Unrealised foreign exchange gain from translation of payables 50,000Unrealised foreign exchange loss from translation of payables (30,000)translation of receivables 5,000translation of receivables (3,000)Gain from securities trading 25,000Interest income 3,000Interest expenses (2,000)VCM’s results for the year 2009 were as follows: VP project Other Transfers ofprojects real property2009 (40,000) (45,000) (10,000)Required:Calculate the corporate income tax (CIT) payable by VCM JSC for the year ended 31 December 2010.Notes: