ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
228
229
Other incomes and expenses
CIT expense
VND Previous year (as restated - Note 34)
VND Previous year (as restated - Note 34)
VND Current year
VND Current year
105,108,514,501
124,172,866,463
15,055,004,561 413,535,982 3,686,321,591 10,955,146,988 15,463,345,932 868,476,987 11,668,820,871 2,926,048,074
Other incomes Gains from disposal of assets Compensation Others Other expenses Tax late payment expense Non-deductible VAT Others
4,859,229,913 504,559,653 162,576,143 4,192,094,117 55,821,160,176 42,658,832,561 11,579,044,872 1,583,282,743
Current CIT expense before adjustment Adjustment for under accrual of CIT in prior years Current CIT expense Deferred tax expense
13,863,792,525
8,971,253,573
118,972,307,026 (1,680,449,017)
133,144,120,036 (29,401,328,988)
103,742,791,048
117,291,858,009
TOTAL
Reconciliation between CIT expense and the accounting profit before tax multiplied by CIT rate is presented below:
(50,961,930,263)
(408,341,371)
OTHER (LOSS) PROFIT
VND Previous year (as restated - Note 34)
VND Current year
523,714,776,928 104,742,955,386
528,476,045,195 105,695,209,039
Accounting profit before tax At CIT rate of 20% Adjustments: Non-deductible expenses Tax losses have not been yet recognized deferred tax Adjustment for under accrual of CIT in prior years Tax deduction
Corporate income tax
The statutory corporate income tax (“CIT”) rate applicable to the Company and subsidiaries are as follows:
25,346,477,765
19,850,799,921
1,485,083,309
294,000
Entities
Applicable CIT tax
CIT tax incentive
8,971,253,573
13,863,792,525
An Cuong Wood-Working Joint Stock Company
20% of taxable profits
(36,802,978,985)
(22,118,237,476)
Exempt from CIT for two (2) years from the first year of making taxable profit (2019-2020) and is entitled to a 50% reduction in the
20% of taxable profits
An Cuong Wood-Working Manufacturing Company Limited
103,742,791,048
117,291,858,009
CIT expense
CIT rate for four (4) years thereafter (2021-2024)
Current CIT
Other subsidiaries
20% of taxable profits
The current tax payable is based on taxable income for the current year. The tax income of the Company and its subsidiaries for the year differs from the profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are not taxable or deductible. The Company and its subsidiaries’ liability for current tax is calculated using tax rates that have been enacted by the balance sheet date.
The tax returns filed by the Company and its subsidiaries are subject to examination by the tax authorities. As the application of tax laws and regulations is susceptible to varying interpretations, the amounts reported in the consolidated financial statements could change at a later date upon final determination by the tax authorities.
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