Question 1 | Computation of Total Income of Mr Masako | Year of Income: | 2012 | Residential Status: | Resident | Sources of Income: | Employment/Business/Investment | | | Employment Income | TZS | Salary | 18,650,000 | Housing allowance | 1,200,000 | Sitting Allowance | EXEMPT | Employment Chargeable Income | 19,850,000 | | | Business Income | | Taxable profit | 12,581,000 | Less: Unshipped stocks (60% x 5mil) | 3,000,000 | Business Chargeable Income | 9,581,000 | | | Investment Income | | Dividends from Atlas Limited | FWP | Rent – Marinda house | 20,000,000 | Gain from sale of shares | EXEMPT | | 20,000,000 | Less: Investment allowable expenditures | | Maintenance | 3,500,000 | City rates | 2,250,000 | Kitchen construction | NIL | Investment Chargeable Income | 14,250,000 | Total Income | 43,681,000 | | | | | Tax Liability | TZS | Tax payable on total income | 11,803,500 | Tax payable on final withholding payment | 155,000 | Total tax payable | 11,958,500 | Less: Withholding Taxes Already Paid to TRA | | Final – Dividend | 155,000 | Employment income | 4,654,200 | Net tax payable | 7,149,300 |
Question 2 Repartriated Income | TZS | Additional Capital | 150,000,000 | Add: Opening Cost of Assets (Working 4) | 701,000,000 | Less: Net Incoming for Liabilities | (25,000,000) | A | 851,000,000 | | | Total Income (Working 1) | 28,250,000 | Add: Unrelieved Losses | 7,000,000 | Less: Tax Liability (Working 2) | (8,475,000) | B | 26,775,000 | | | Closing Cost of Assets (Working 4) | 628,750,000 | Less: Net Incomings for Liabilities