Prov Profit tax for 2008/09
2008-03-06 8:15 am
Should I book the '2008/09 provisional of profit tax at 16.5%' in the 2007/08 financial year. My profit tax assessment period is Jan - Dec. 2007. If yes, how to raise the entry.
回答 (2)
2008-03-06 5:50 pm
✔ 最佳答案
As the financial year of the company is from Jan - Dec 2008, profits tax will still be assessed in the year of assessment 2007/08. So, 17.5% on the estimated assessable profits be used in the accounts by Dr. Taxation and Cr. Provision for Taxation. In accounting principle, you don't have to provide the Provisional Tax 2008/09 in the accounts for the year ended 31 December, 2007 as this is not a liability of the company at the balance sheet date. 
2008-03-07 6:36 am
The profit tax basis period for your company from 01/01/2007-31/12/2007. The profit tax rate of 2007/2008 (17.5%) should be used No need to provide the provisional profit tax of 2008/2009.
Entry
Dr profit tax
Cr provision for profit tax
Entry
Dr profit tax
Cr provision for profit tax
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