0220 B415F Profits tax - shipowning answers

0220 B415F Profits tax - shipowning answers - B415F Profits...

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B415F Profits tax: Shipping and aircraft owning businesses 11
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Exercise 1 Oriental Shipping Ltd, a company incorporated in Hong Kong, owns and operates a fleet of containers. The company's containers are all registered in Hong Kong under the Merchant Shipping (Registration) Ordinance. Oriental Shipping Ltd also has shipping agencies in Hong Kong, Shenzhen and Singapore. The Shenzhen agency has no autonomy to negotiate and conclude contracts. 22
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Exercise 1 The account of Oriental Shipping Ltd for the year 2009/10 is as follows: Receipts for the carriage of goods: Goods shipped in HK $7,800,000 Goods shipped outside HK $4,600,000 Goods shipped aboard in HK but proceeding to sea waters outside the river trade limit $2,300,000 Charter hire income for ships Operating in Hong Kong waters: $800,000 Operating outside Hong Kong waters: $650,000 Charter hire income for ships operating between HK waters and the Pearl River $700,000 Deductible expenses $6,700,000 Required: Calculate the assessable profits for Oriental Shipping Ltd 33
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0220 B415F Profits tax - shipowning answers - B415F Profits...

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