Comments to June 2013 Exam
Question 1
Notes 5 and 6 contains typo error
There should be 90/100 instead of 100/90. The results of calculations are correct and based on 90/100 ratio.
NB! ½ mark was given for “0” in VAT on interest and forex on loan (never before any marks were given for this).
Question 2.
Part (a)
No housing incentive can be granted for simple land acquisition. The residential property must be constructed on this land and the construction must be completed. Putting this unrealistic condition in the question is misleading for students.
Number of days for interest calculation on the bank loan should be increased by 1 as the 1-st December is also counted. The question says “interest is paid on monthly basis” which means each month. If the Examiner meant that interest for preceding month is paid on the 1-st day of the current month she should had made this clear (as it was done before).
Part (b)
The educational deduction for brothers/sisters is limited by 50,000 RR per each brother/sister, NOT by the common limit of 120,000 RR.
Part (c)
There is no certainty in the question that Andrey claimed full amount of his expenses on his son education.
Total mark for charity deduction should be 1 (½ + ½)
Question 3
The solution on the website (parts a and b) contains numerous mistakes.
The right solution is below:
In Quarter 4 (last year) we had:
Input VAT (401,760) as the goods were not intended for export
In Quarter 1 after the export shipment in VAT declaration we have
Input VAT claw-back on exported goods 401,760
This claw-back must be done immediately after the export shipment as the recovery of this VAT in Q4 is no longer justifiable.
Export is unconfirmed on 8/09 (181st day starting export shipment day)
The Q 1 VAT declaration must be amended as follows:
Output VAT on the unconfirmed export
120,000 * 38.5 * 18% 831,600
Input VAT recoverable (401,760)
Additional liability 429,840
This liability should had been paid in 3 equal installements of 143,280:
1-st by April 20, 2-nd by May 20, 3-d by June 20
Late interest penalty is calculated till 20 October 2013.
On the first installement
April 21 - April 30 (CB rate 15%)
143,200 * 15% * 1/300 * (30 - 20 days)= 716
May 1 - May 20 (CB rate 8%)
143,200 * 8% * 1/300 * 20 days = 764
On the 1-st and 2-nd installement (combined)
May 21 - June 20
286,400 * 8% * 1/300 * 31 = 2,368
On all 3 installements (combined)
June 21 - September 30
429,840 * 8% * 1/300 * 102 days = 11,691
October 1 - October 20
429,840 * 20% * 1/300 *20 = 5,731
Q 4 - export confirmed on 31/12 - last day of reporting period
Q4 VAT declaration
Output VAT: 120,000 * rate as at 31/12 (not provided) * 0% 0
Input VAT: (429,840)
Refund (429,840)
Late interest is not refunded
(b) Export is confirmed on 30 June - last day of Q 2
Q2 VAT declaration
Output VAT
120,000 * 37.2 * 0% 0
Input VAT (401,760)
Refund (401,760)
VAT declarations for Q4 last year and Q1 of the current year are identical as in Part (a)
Question 4
Part (b)
There is a mistake in calculation of taxable dividends for residents.
The steps should had been the following:
Step 1. Gross dividends to ALL shareholders must be decreased by the dividends payable to non-residents = gross dividends payable to RESIDENT shareholders.
Step 2. Gross dividends payable to RESIDENT shareholders must be further decreased by the dividends received by the company itself = TAXABLE dividends for resident shareholders
The correct answer is
…
25% for distribution 50,000,000
Less: dividends payable to non-residents (10,000,000)
Gross dividends to all resident shareholders 40,000,000
Less dividends received from Gulliver (35,000,000)
Taxable dividends for resident shareholders 5,000,000
Taxable dividends per share 5,000,000/170,000 = 29.41
Dmitry’s taxable income = 5,000 * 29.41 = 147,050
(Alternative calculation: 5,000,000 * 5,000/170,000 = 147,058)
Tax at 9% = 13,235
Net amount received by Dmitry 50,000,000 * 5,000/170,000 – 13,235 = 1,457,353
Question 5
Part (a)
NB! Property tax is back! Students must study its calculation (module 7)
Part (b)
To my opinion this is too advanced for F6 (RUS) and must be beyond the Syllabus scope.
Part (c)
Strange way of presentation at the end of model answer (before note 1).
Should be:
Controlled debt/Net assets = 26,185,273/95,200,000 = 0.27 less than 3, thus no thin capitalization rules apply
Сергей Молчанов
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