Draft - Work in Progress

Tax Movement Schedule FlyByU AG

Opening Balance Required Tax

Tax Provision as Corrections for Taxes current Payments (-) / Provision as per
Tax Period / Tax per 1.1.2021 prior years year Refunds (+) 31.12.2021
2019
Direct federal tax - - - -
Cantonal and communal income tax - - - -
Cantonal and communal capital tax - - - -
2020
Direct federal tax 1,400,000.00 6,000.00 (800,000.00) 606,000.00
Cantonal and communal income tax 250,000.00 12,000.00 (270,000.00) (8,000.00)
Cantonal and communal capital tax 200,000.00 2,000.00 (200,000.00) 2,000.00
2021
Direct federal tax - 1,333,159.59 - 1,333,159.59
Cantonal and communal income tax - 2,515,280.03 (2,200,000.00) 315,280.03
Cantonal and communal capital tax - 224,329.96 (180,000.00) 44,329.96
Total 1,850,000.00 20,000.00 4,072,769.58 (3,650,000.00) 2,292,769.58

Tax Expense as per calculation 4,092,769.58

Tax Provision as per books 1,800,000.00

Tax Expense as per calculation (4,092,769.58)
Tax Provision as per calculation (2,292,769.58)

Based on our calculation FlyByU AG should increase its tax provision (i.e. the liability on the balance sheet) from currently CHF -1'800'000.00 to
CHF 2'292'769.58 by booking a tax expense in the amount of CHF 4'092'769.58. As the client booked all tax invoices paid during the period
against the tax provision as per 31 December 2020 (simplified accounting entry Tax Provision / Cash) the provision became negative during 2021
and was therefore actually a receivable in the amount of CHF -1'800'000.00 prior to booking the additional tax expense as per our calculation.

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 Draft - Work in Progress

Income Tax Calculation FlyByU AG

Profit calculation
Profit before tax as per books 19,777,000.00
./. Total tax expense as per calculation (4,092,769.58)
Profit after tax as per calculation 15,684,230.42

Statutory tax rate direct federal tax 8.50%

Statutory tax rate cantonal and communal income tax 16.04%

Direct federal tax 2021 1,333,159.59

Cantonal and communal income tax 2021 2,515,280.03

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 Draft - Work in Progress

Income Tax Calculation FlyByU AG

Calculation Taxable Capital

Equity as per books 134,650,000.00
./. Total tax expense as per calculation (4,092,769.58)
Taxable equity after tax expense as per calculation 130,557,230.42
./. Planned dividend distribution -
Taxable equity 130,557,230.42

Statutory tax rate cantonal and communal capital tax 0.17%

Cantonal and communal capital tax 2021 224,329.96

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 Draft - Work in Progress

FlyByU AG - Trial balance financial year 2021

ASSETS

CURRENT ASSETS
Cash and cash equivalents 550,000
Accounts Receivable 12,500,000
Inventory 54,000,000
./. Provision -18,000,000
Other current assets 6,500,000
55,550,000

LONG TERM ASSETS

Land and Building 50,000,000
Machinery and Equipment 150,000,000
Furniture and Fixtures 5,000,000
Other Assets 100,000,000
305,000,000

Total Assets 360,550,000

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts Payable -12,500,000
Tax Provision 1,800,000
Other current liabilities -15,200,000
Long term liabilities -200,000,000
-225,900,000

SHAREHOLDER' EQUITY:
Nominal share capital -100,000
Legal reserves -50,000
Legal reserves from capital contribution -50,000,000
Retained Earnings (prior years) -64,723,000
Earnings (current year) -19,777,000
-134,650,000

Total Liabilities and shareholders' equity -360,550,000

PROFIT AND LOSS STATEMENT

Revenue -120,000,000
Material Costs & Deductions 65,000,000
Service Fees 5,050,000
Salaries and social charges 16,800,000
Rent and Leasing 700,000
Energy and Water 500,000
Repair and Maintenance 1,000,000
Freight Outbound 8,700,000
Insurance, postage, telephone 18,000
Legal and Consulting 45,000
Other operating expenses 60,000
Other non-operating income / expenses 640,000
Interest expenses 1,710,000
Tax Expense -

Earnings (current year) -19,777,000

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 Draft - Work in Progress

Tax Rate Overview FlyByU AG

Income tax
Base income tax rate Zurich 7.00%
Cantonal multiplier (2021) 100.00%
Communal multiplier (2021) 119.00%
Church tax multiplier (2021) 10.10%
Total cantonal and communal multipliers 229.10%

Base income tax rate direct federal tax 8.50%

Total statutory income tax rate 24.54%

Income before tax 100.00

Income tax (19.70)
Income after tax 80.30

Total effective tax rate 19.70%

Total effective tax rate (alternative) 19.70%

Capital tax
Base income tax rate Zurich 0.075%
Cantonal multiplier (2021) 100.00%
Communal multiplier (2021) 119.00%
Church tax multiplier (2021) 10.10%
Total cantonal and communal multipliers 229.10%

Total statutory capital tax rate 0.1718%

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Topic Source Link
Tax rate direct federal tax Art. 68 DBG Link
Income tax rate Zurich cantonal and communal taxes § 71 StG ZH Link
Capital tax rate Zurich cantonal and communal taxes § 82 I StG ZH Link
Cantonal multiplier Zurich cantonal tax authorities Link
Communal mulitplier Zurich cantonal tax authorities Link
Church multiplier Zurich cantonal tax authorities Link