2012.
Required:
Assuming there is no change in the personal income tax (PIT) regulations and exchange rate in 2013 from those
in 2012:
(a) Calculate the total PIT liabilities to be withheld by PMG from Mr Panucci in the period July 2012 to
December 2013 if Mr Panucci spends MORE than 183 days in Vietnam in the year 2012, based on the
ruling stated above. (19 marks)
(b) Calculate the total PIT liabilities to be withheld by PMG from Mr Panucci in the period July 2012 to
December 2013 if Mr Panucci spends LESS than 183 days in Vietnam in the year 2012, and briefly
comment on whether PMG’s view that it would be more tax efficient for Mr Panucci to be present in Vietnam
for less than 183 days in 2012 is correct. (6 marks)
(25 marks)
This is a blank page.
Question 3 begins on page 8.
3 ITLC, a company incorporated in Hong Kong, specialises in cross-border selling and leasing specialised health care
equipment in Asia. ITLC is negotiating a contract to supply special health care equipment to Hong Ngoc, a private
Vietnamese hospital. The equipment is normally expected to be used for ten years, but Hong Ngoc only needs the
equipment for five years.
Following the latest negotiations, Hong Ngoc has requested ITLC to provide them with the best quotation for two
alternative cases:
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