GVC HAS PROVIDED THE FOLLOWING SUMMARY OF THE COMPANY’S SALARY EXPE...

5. GVC has provided the following summary of the company’s salary expenses for the years 2012 and 2013:For 2013 For 2012Total salary expenses of the year (as included in cost of sales) 500,000 368,000Total actual payments from 1 January 2012 to 31 March 2013 320,000Total actual payments from 1 April 2013 to 31 December 2013 40,000Total actual payments from 1 January 2013 to 31 March 2014 420,000From 2012, GVC decided to utilise the provision for salary payment for tax purposes under the CIT regulations.The company, however, only used a rate of provision of 15% (instead of the maximum 17%) of the total salaryactually paid up to 31 March of the next year.