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ACCA F4-F9模拟题及解析(3)

ACCA F4-F9模拟题及解析(3)

1.(a) Mr Chang, a Chinese citizen, is a university professor. He had the following income for the month of January

2012:

(1) Monthly employment income of RMB 16,000 and a bonus for the year 2011 of RMB 36,000.

(2) A dividend of RMB 10,000 received from an unlisted company.

(3) A translation fee of RMB 5,000 from a book publisher.

(4) Interest income of RMB 5,200 derived from Government bonds.

(5) Provided a patent to an overseas enterprise and received RMB 80,000. He paid RMB 7,000 individual income tax in the source country according to the tax rules of that country.

(6) Published a book and a series in a newspaper, and received income of RMB 60,000 and RMB 4,000 from the book publisher and newspaper respectively.

(7) Income of RMB 4,800 (net) received from selling certain listed shares on hand.

(8) Income of RMB 30,000 (gross) earned from proof reading the English translation version of a literary work.

(9) Sold a real property for RMB 700,000, which he had acquired two years earlier for RMB 400,000. He paid the relevant business tax on the sale, plus RMB 8,000 to the real estate agency which had handled the sales transaction. (Ignore any land appreciation tax (LAT) implications of this transaction)

Required:

Calculate the individual income tax (IIT) payable by Mr Chang for the year 2012, clearly identifying any amounts which are tax exempt.

Note: The monthly personal allowance for a Chinese local is RMB 3,500. (14 marks)

(b) Briefly explain the individual income tax (IIT) treatment of each of the following transactions and calculate the tax payable (if any) by Mr A, Mr B and Mr C:

(i) Mr A is one of the investors in a limited company, Company J. During the year, Company J bought a car for RMB 300,000 for Mr A’s personal use. Mr A is the registered owner of the car; (2 marks) (ii) Mr B is one of the investors in a limited company, Company K. During the year, Company K lent RMB 300,000 to Mr B so he could buy a car for his personal use; (2 marks)

(iii) Mr C is the sole owner of private enterprise L. During the year, enterprise L bought a car for RMB 300,000 for Mr C’s personal use. Mr C is the registered owner of the car. (2 marks) (20 marks)

3 (a) Company P manufactures fans. The standard selling price per fan, net of value added tax

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