Profit for 31 Dec 2016 187,200

Rent full amount 2,400 Accrued income

Depreciation 26,400 Not allowed
Intertainment 7,200 Not allowed
Dividends from subsiduaries in zimbabwe (15,120) Tax held at source
Gross Income - 208,080

Exempt income

Income 208,080

Deductions (2,400)
Interest on loan (2,400) shortfall

Taxable income 205,680

Corporate tax @25% 51,420

3% Aids levy 1,543
Dividends from Swaziland 10,800 *20% 2,160 s12(2) ITA
Tax payable 55,123

68.88
 68.75

154,000.00 8,600
1,100.00 1,500
428.75 1,200
750.00 4 000
4,000.00 2400
3,600.00 1 071.88
2,000.00 13,700
165,878.75

18771.88

165878.75
163328.75
144556.87
36139.2175
1084.176525
37223.39403
 Value of supply Output tax
Receipts
Standard rated sales (note 1) 192,000.00 23,578.95
Zero rated sales 72,000.00 -

Total Input tax 21,837.88

Expenses
Standard rated Purchases (note 2) 108,000.00 13,263.16
Plant and Machinery (note 3) 49,248.00 6,894.72
Bad debts (note 4) 12,000.00 1,680.00

Total Output tax 23,578.95

Tax payable 1,741.07

Notes
1. $192 00 x 14/114 = $ 23 578.95

2. $ 108 000 x14/100 = $ 13 263.16

3. $ 43 200 x 14/100 = $ 6 048

$ 6 048 + $ 43 200 = $ 49 248 49,248.00
6,048.00
4. $ 12 000 x 14/100 = $ 1 680 1,680.00
$ 12 000 + $ 1 680 = $ 13 680
Input tax can be claimed in any later tax period but not later than 12 months if it is not claimed in any earlier tax period. (1
in any earlier tax period. (15(4)(a))
Gross Income
Salary (note1) 103,000.00
Bonus ($ 16 000 -$ 1 000) 15,000.00 $ 1000 is exempted
Subsistence allowance 4,800.00
Share Option

Travelling Allownce 14,400.00

LESS: Exempt income

Income

LESS: Deductions
Subscription 600.00

Taxable income

Notes
1. Salary $
($ 7 000 x 5) + ( $ 8 000 x 7) 91,000.00
Arrear Salary 12,000.00
103,000.00

2. Taxable fringe benefit

Interest free loan: Interest ($ 80 000 x
Private Telephone 4,600.00