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Mr Pang is a director and shareholder of the Hong Kong companies, AA Company and Company, BB Company is a wholly w ay of AA Company During the year ended 31 March 2014. you have been supplied with the following information in respect of MP AA Company 600.000 13 (1) Salaries (2) Bonus c) Dividend 75.000 10.000 150.000 100 (4) Mr Pang rented a flat for his residence at a monthly rent of $30.000 BB Company refunded $28,000 (5) On 15 August 2013 Mr Pang received a notice of salaries tax assessment from the land Revenue Department with salaries tax of SK.000 and $13,000 du on January 2014 and Aqil 2014 respectively AA Company paid the tax for Mr Pung on the due dates. (6) Mr Pangared a pain on share options of $375,000. (7) Mr Pang paid the following expenses: Allowable outgoings and expenses Salary to domestic helper $8.000 $16.000 REOLIRED (a) Compute Me w aris taxity for the year of assessment 2011/2014 salaries tax and tax rates of reduction, if any. ore provisional b) What are the last implications on rent refund and housing allowance! Question s Happy carries many manufacturing business in Hong Kong The acting your of the company ends I March every year The red a piece of land in Hong Kong for $20 million il 2012 then engaged to build a three-soy building on the construction Smiline 2012. The big was completed on 20 y 2013 and immediately wed for production REQUIRED ) Identity and briefly explain the type of depreciation allowance valable to Happy Limited (1) Compute the relevant depreciation allowances for the year of wement 2012/13. marker mars) -End of Paper

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