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KT Enterprises, an Australian import-export trading company, is considering its international tax situation. KT's Australian tax rate is 30%. KT has significant operations in both Japan and Ireland. In Japan, the current exchange rate is ¥118.4/$ and earnings in Japan are taxed at 41%. In Ireland the current exchange rate is $1.27/€ and earnings in Ireland are taxed at 12.5%. KT's profits are fully and immediately repatriated, and foreign taxes paid for the current year are shown here (in millions):

-The amount of the taxes paid in dollars for the Japanese operations is closest to:

Question

Use the information for the question(s)below.
KT Enterprises, an Australian import-export trading company, is considering its international tax situation. KT's Australian tax rate is 30%. KT has significant operations in both Japan and Ireland. In Japan, the current exchange rate is ¥118.4/$ and earnings in Japan are taxed at 41%. In Ireland the current exchange rate is $1.27/€ and earnings in Ireland are taxed at 12.5%. KT's profits are fully and immediately repatriated, and foreign taxes paid for the current year are shown here (in millions):
 
-The amount of the taxes paid in dollars for the Japanese operations is closest to:

Quizplus · Accepted Answer

The amount of taxes paid in dollars for the Japanese operations is closest to $20.5 million. This is because the Japanese operations had a pretax income of $100 million and a tax rate of 20.5%.

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