Required: Calculate the company’s taxable income for the year after considering some adjustments which might be required due to the foregoing. NB: indicate by a zero (0) amounts where no adjustments are required. When is the withholding tax for expenses due to non-residents is payable, you should also distinguishing between the date when it is accrued and the date for payment.
- Thamaga (Pvt) Ltd settled some of the above expenses in full including settling the necessary withholding tax obligations. However the following expenses were still outstanding as at 30 June 2022.
Technical Advice fees P8,060
Management consultancy fees P13,780
Insurance fees P3,200
Advertising in South African Magazine P5,500
Importation of goods P250,000
Thamaga (Pty) Ltd’s taxable income for the year ended 30 June 2022 amounted to P840,000 before adjustments relating to the above outstanding amounts.
Required:
- Calculate the company’s taxable income for the year after considering some adjustments which might be required due to the foregoing.
NB: indicate by a zero (0) amounts where no adjustments are required.
When is the withholding tax for expenses due to non-residents is payable, you should also distinguishing between the date when it is accrued and the date for payment.
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