Reference no: EM132976873
Question - The accountant of haha Company presented the following information in line with your audit of haha Company's income tax related balances:
Pre-tax financial income 12,000,000
Non-taxable income 1,200,000
Non-deductible expenses 400,000
Provision for warranties which are tax deductible upon settlement in the future 600,000
Prepaid advertising expenses which are tax deductible upon payment in the current period 500,000
Excess tax depreciation over financial depreciation 400,000
The current tax rate is at 32% but is expected to increase in the following year to 33%
Required - What is the total tax expense for the year?