Specific tax (SPT) | VAT | PIT for Mix goods and entertainment services– Example 3 ABC is entertainment company, the following sales included any taxes for KTV and SKY BAR are as follows. Room fee = $33 Drinking water = $1.1 Food and meal = $55 Required Calculate any taxes if any Solution 1.Valued Added Tax (VAT) VAT base = (33+1.1+55)/1.1=$81
Continue reading VAT : Difference Between Zero Rated Supply and Exempt Supply VAT Zero Rated Supply There is no output tax is chargeable on a zero rated supply ( since the tax rate chargeable is 0%) .However, input tax attributable the making of a zero-rated supply is recoverable from the General Department of Taxation (GDT) as an input tax credit. Example Supplies
Continue reading Time of Supply for Value Added Tax (VAT ) Value Added Tax (VAT) become due and payable at the time of supply. That is when the supplier must issue an invoice or when the supplier issues an invoice , whichever happens first. A company is required to issue an invoice within seven days after the goods are shipped or services
Continue reading Value Added Tax (VAT) for Mixed supply of Taxable and Non-Taxable Supplies When company is making Mixed supply of Taxable and Non-Taxable Supplies and there is no separate records to trace the input VAT of Taxable and Non-Taxable Supplies, so company can claim VAT input using formula A x B/C. Formula: A x B /C The calculation of input tax credit,
Continue reading Withholding Tax on Resident: Payment of Rental on behalf employee Mr.A is employee of ABC Company. He signed the personal apartment rental agreement directly with the landlord, but ABC Company will make the rental payments to the landlord on his behalf. Landlord’s invoice issued to ABC Company name. Apartment rental fee is $1,000 per month, but 90% of this rental
Continue reading Tax on salary and Fringe Benefit-Example 1 Mr.A is resident employee of ABC Company, below is information of Mr. A for August 2018. Information in employment contract: Basic salary is $4,000 per month. Cash allowance of $200 per month. Health insurance for his family of $1,400 per annum, but this amount included his health insurance premium of $300 per annum
Continue reading Withholding Tax on Resident: Example of Royalty for License ABC Company purchased one computer from XYZ Company, a local VAT-registered supplier in Cambodia. Invoiced amount is $2,893 included VAT, and the cost breakdown including 10%VAT is as follows: Computer: $2,750 Windows licence fee: $66 Anti-virus licence fee: $44 Installation charge: $33 Based on company’s accounting policy,these expenses ( excluded computer)
Continue reading Withholding Tax on Non-Resident: Example for Consulting Service ABC Company hired a consultant from foreign country to assist with a new special project in Cambodia for four months starting from 1 August 2018. According to the consulting agreement, ABC Company is required to pay a total consultant fee of $ 20,000 for the four-month period in advance.The consultant had never
Continue reading Example 1-Tax on Salary ( ToS) Mr. B is Khmer and he has the basic salary of $2,000 per month. For June 2018, he worked extra hours (OT) and got $200. He has two children under 14 year old and wife is housewife. Residents are taxed at progressive rates as follows: Salary Tax Calculation Base Range Tax Rate Tax on
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