Withholding method TAXABLE TURNOVER FOR CIT (7/12) Example sales of USD100,000 for the quarter 2009, of which, sale of air tickets: USD85,000 sale 1st of airways bills: USD10,000 sales of MCO (Miscellaneous Airlines Charges Order): USD5,000 . The airlines also receives airport fees of USD1,000for the State, and accept tickets returned F from customers amounting to USD2,000 . Taxable turnover of is calculated as follows: airlines company F has a total Taxable turnover - (1,000 + 2,000)= 97,000 =100,000 for CIT Note: See FCT declaration for airlines in Cir. 134
Withholding method TAXABLE TURNOVER FOR CIT (7/12) Example Airlines F has a total sales of USD100,000 for the 1st quarter 2009, of which, sale of air tickets: USD85,000 sale of airways bills: USD10,000 sales of MCO (Miscellaneous Charges Order): USD5,000 . The airlines also receives airport fees of USD1,000for the State, and accept tickets returned from customers amounting to USD2,000 . Taxable turnover of airlines company F is calculated as follows: Taxable turnover =100,000 - (1,000 + 2,000)= 97,000 for CIT Note: See FCT declaration for airlines in Cir. 134
1012_VS-FCT%20Slides%20(Trainer).docx