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BACKGROUND
The company, North S.L., has the following information in the Balance Sheet and Profit and Loss Account for 2016, before calculating its Corporate Tax:
| BALANCE SHEET | ||
| ASSETS | LIABILITIES | |
| 69.360,00 A) NON CURRENT ASSET | A) NET EQUITY | 105.130,00 |
| 4.860,00 1. Intangible asset | A-1) Equity | 60.000,00 |
| 4.860,00 1. R+D | 1. Capital | 60.000,00 |
| 4.860,00 201 DEVELOPMENT | 1. Issued capital | 60.000,00 |
| 64.500,00 II. Tangible Fixed Assets | 100 SOCIAL CAPITAL | 19.500,00 |
| 64.500,00 2. Technical facilities and others. | III. Funds | 12.000,00 |
| 52.000,00 213 MACHINERY | 1. Legal y statuary | 12.000,00 |
| 8.000,00 216 FURNITURE | 112 LEGAL FUNDS | 7.500,00 |
| 3.500,00 217 INFORMATION PROCESSING EQUIP. | 2. Other funds | 7.500,00 |
| 25.000,00 218 TRANSPORT | 113 VOLUNTEER FUND | 25.630,00 |
| -24.000,00 281 CUMULATIVE DEPRECIATION | VII. Result of the fiscal year | 32.000,00 |
| 104.050,00 B) CURRENT ASSET | B) NON-CURRENT LIABILITY | 32.000,00 |
| 20.500,00 II. Stock | II. Long-term debts | 32.000,00 |
| 20.500,00 1. Commercial | 5. Other financial liabilities | 32.000,00 |
| 20.500,00 300 GOODS | 171 LONG-TERM DEBTS | 36.280,00 |
| 16.250,00 III. Debtors | C) CURRENT LIABILITY | 6.100,00 |
| 11.850,00 1. Clients (sales and services) | III. Short-term debts | 6.100,00 |
| 11.850,00 b) Clients (sales and services) short-term | 5. Other financial liabilities | 6.100,00 |
| 14.300,00 430 CLIENTS | 523 SUPPLIERS | 30.180,00 |
| 1.800,00 431 CLIENTS, COMMERCIAL PURPOSE | V. Creditors | 11.200,00 |
| -4.250,00 490 VALUE IMPAIRMENT | 1. Suppliers | 11.200,00 |
| 4.400,00 6. Other credits with Public Adminis. | b) Short-term suppliers | 11.200,00 |
| 4.400,00 473 PUBLIC FINANCES, WITHOLDINGS | 400 SUPPLIERS | 18.980,00 |
| 67.300,00 VII. Cash | 3. Different Creditors | 18.980,00 |
| 67.300,00 1. Treasury | 410 Creditors | 105.130,00 |
| 2.200,00 570 CASH FLOW, EUROS | ||
| 65.100,00 572 BANKS AND CREDIT INSTITUTIONS | ||
| 173.410,00 T OTAL ASSETS | TOTAL NET EQUITY AND LIABILITIES 173.410,00 |
| LOSS AND PROFIT ACCOUNT | |
| 1. Net revenue | 204.300,00 |
| 700 SALES OF GOODS | 200.000,00 |
| 705 PROVISION OF SERVICES | 5.500,00 |
| 708 SALES RETURNS | -1.200,00 |
| 4. Supplies | -69.800,00 |
| 600 PURCHASE OF GOODS | -72.450,00 |
| 610 CHANGE IN INVENTORY | 2.650,00 |
| 6. Staff costs | -75.170,00 |
| 640 WAGES AND SALARIES | -56.800,00 |
| 642 SOCIAL SECURITY | -16.470,00 |
| 649 OTHER SOCIAL EXPENSES | -1.900,00 |
| 7. Other operating costs | -19.850,00 |
| 626 BANK SERVICES | -700,00 |
| 627 ADVERTISING AND PR | -3.600,00 |
| 628 SUPPLIES | -3.800,00 |
| 629 OTHER SERVICES | -7.100,00 |
| 631 OTHER TAXES | -400,00 |
| 694 IMPAIRMENT LOSSES | -4.250,00 |
| 8. Depreciation | - 13.950,00 |
| 681 DEPRECIATION | - 13.950,00 |
| 12. Other outcomes | - 600,00 |
| 678 EXTRA COSTS | - 600,00 |
| A) ACTIVITY OUTCOME | 24.930,00 |
| 13. Financial income | 700,00 |
| b) Other financial income | 700,00 |
| 769 OTHER FINANCIAL INCOME | 700,00 |
| B) FINANCIAL OUTCOME | 700,00 |
| C) INCOME BEFORE TAXES | 25.630,00 |
| D) FISCAL YEAR OUTCOME | 25.630,00 |
- Make in each of the following points the adjustment needed to obtain the tax base of the Corporate Tax, basing the response and establishing the amount that corresponds. You must also indicate if you are facing a temporary or permanent difference. In points 8 and 9 you should not propose any adjustment, in these two cases you should describe how they affect the liquidation of the Corporate Tax.
- The machinery was acquired for € 52,000 in January 2014. An accounting depreciation expense of € 7,000 is provided. Fiscally a maximum amortisation coefficient of 12% and a maximum period of 18 years is established.
- The transport element or vehicle was acquired on January 1, 2013, with a price of € 25,000 and a useful life of 5 years. The accounting amortisation is carried out using the method of decreasing digit numbers.
- Provision of € 1,250 is provided for a debt that occurs on October 1, 2016. The liability has not been claimed judicially.
- A provision for insolvencies of € 3,000 is provided, an obligation that has already been judicially claimed.
- The administrators have been paid for the performance of senior management functions with € 10,000.
- An administrative penalty of € 600 has been imposed on the company.
- The company has paid the posters for a sports conference for its employees. This serves to advertise their products and services and has cost € 1,200. The company gave the customers who attended the event a batch of products worth € 2,200. Extraordinarily, he has given his employees an assortment of products worth € 400.
- The company is entitled to a deduction for having made investments affected to R & D of € 1,200.
- The company has made instalment payments of € 4,400
2.Calculate the liquidation of the Corporate Tax in a word document, using the following scheme.:
3. North S.L. is thinking of making an international expansion. However, you need to determine whether to start big in a new market or expand into a potentially large market, but at a slower and safer pace. The options that the company's management has are:
- Enter the North American market, where it is known that their services can work, but they do not know in depth. They can enter through Canada and expand across the United States or vice versa.
- Open slowly but firmly in the Portuguese-speaking market. Due to its proximity, they know the Portuguese market perfectly, and this would allow North S.L. access to the Brazilian market, a country with a thriving economy.
To find out which option is more beneficial for North S.L., compare the possibilities that arise and justify which of the two is better, considering which country offers better fiscal conditions and that North S.L. seek the most significant benefit.
- North S.L. is thinking of making an international expansion. However, you need to determine whether to start big in a new market or expand into a potentially large market, but at a slower and safer pace. The options that the company's management has are:
- Enter the North American market, where it is known that their services can work, but they do not know in depth. They can enter through Canada and expand across the United States or vice versa.
- Open slowly but firmly in the Portuguese-speaking market. Due to its proximity, they know the Portuguese market perfectly, and this would allow North S.L. access to the Brazilian market, a country with a thriving economy.
To find out which option is more beneficial for North S.L., compare the possibilities that arise and justify which of the two is better, considering which country offers better fiscal conditions and that North S.L. seek the most significant benefit.
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