Public Lighting Tax (PLT) | SPT, VAT, PIT-Example 1
Local beer producer, KK L Company, sold beer $100,000 (included any taxes) to real regime KOL Company that purchases and sells beer in Phnom Penh.
KOL Company sold all beers bought from KKL Company to customers $120,000 ( included any taxes).
Required:
1. Calculate any taxes that KKL will pay to tax admin.
2. Calculate any taxes that KOL Company will pay to tax admin.
Solution
1.Any taxes for KKL
- VAT Payable = Tax base x 10%=(100,000/1.1) x 10%=$9,091
- PIT ( Prepayment of Income Tax)=Tax base x 1%=(100,000/1.1) x 1%=$909
- PLT = Tax base x 3%= (100,000/1.1 /1.03 x 100 %) x 3%= $2,648* ( please see lesson )
- Specific Tax ( SPT)=Tax base x 30%=(100,000/1.1/1.30 x 90%) x 30%=$18,881** (please see lesson )
* PLT: Local producer and importation is tax base rate at 100%
**SPT: Specific tax base rate for local producer at 90% and specific tax rate for beer is 30%.
2. Any taxes for KOL
- VAT Payable = VAT output – VAT input – VAT credit =120,000/11-9,091-0=$1,818
- PIT ( Prepayment of Income Tax)=Tax base x 1%=(120,000/1.1) x 1%=$1,091
- PLT = Tax base x 3%= (120,000/1.1 /1.03 x 20 %) x 3%= $635*** ( please see lesson )
- Specific Tax ( SPT) : it has no specific tax for KOL **** (please see lesson )
* ** PLT: Tax base rate for other sellers except Local producer and importation is at 20%
**** SPT: specific tax charged only once from importer and local producer , so there is no specific tax for KOL