- Failure to register for VAT.
- Failure to maintain proper records.
- Failure to display the VAT registration certificate.
- Failure to issue a VAT invoices.
- Failure to use the ETR machine to issue invoices.
- Failure to pay VAT due by the following month.
- Failure to avail books and records whenever required to do so by the tax inspectors
- Failure to provide information and access to one‘s business premises whenever asked.
Wilfykil answered the question on February 15, 2019 at 07:27
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The VAT Act requires a registered person to notify the commissioner' within 14 days of changes in certain particulars of a business.
Suggest six such changes...
(Solved)
The VAT Act requires a registered person to notify the commissioner' within 14 days of changes in certain particulars of a business.
Suggest six such changes whose details need to be notified to the commissioner
Date posted:
February 15, 2019
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Answers (1)
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Evaluate four measures under Customs and Excise Act that are designed to prevent dumping in your country
(Solved)
Evaluate four measures under Customs and Excise Act that are designed to prevent dumping in your country
Date posted:
February 15, 2019
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Answers (1)
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Explain three benefits that could be derived from changing zero rated supplies to exempt supplies in your country
(Solved)
Explain three benefits that could be derived from changing zero rated supplies to exempt supplies in your country
Date posted:
February 15, 2019
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Answers (1)
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Outline four ways through which a government could prevent loss of revenue from imports
(Solved)
Outline four ways through which a government could prevent loss of revenue from imports
Date posted:
February 15, 2019
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Answers (1)
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The revenue authority of your country has recently launched an online based integrated tax management system whose aim is to make it more convenient for...
(Solved)
The revenue authority of your country has recently launched an online based integrated tax management system whose aim is to make it more convenient for firms and individuals to pay tax.
In light of this statement:
(i) Briefly explain how an online based integrated tax management system works.
(ii) List three types of tax returns that are filed under the system.
(iii) Evaluate five benefits that are derived from use of the system over the traditional model of filing tax returns
Date posted:
February 15, 2019
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Answers (1)
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Highlight four circumstances under which the government might revoke the licence of a manufacturer of excisable goods.
(Solved)
Highlight four circumstances under which the government might revoke the licence of a manufacturer of excisable goods.
Date posted:
February 15, 2019
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Answers (1)
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Argue four cases in favor of introduction of capital gains tax (CGT) in most countries
(Solved)
Argue four cases in favor of introduction of capital gains tax (CGT) in most countries
Date posted:
February 15, 2019
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Answers (1)
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Outline four requirements for a valid memorandum of appeal
(Solved)
Outline four requirements for a valid memorandum of appeal
Date posted:
February 15, 2019
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Answers (1)
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Summarize four details that are required to accompany the list submitted to the revenue authority on employees who have received lump sum payment from the...
(Solved)
Summarize four details that are required to accompany the list submitted to the revenue authority on employees who have received lump sum payment from the employer.
Date posted:
February 15, 2019
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Answers (1)
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Explain the following terms in the 'context of customs and excise duty:
(i) Prohibited goods.
(ii) Restricted goods
(Solved)
Explain the following terms in the 'context of customs and excise duty:
(i) Prohibited goods.
(ii) Restricted goods
Date posted:
February 15, 2019
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Answers (1)
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Ujenzi Limited maintained the following assets in its fixed registers as at 31 December 2007
Determine Capital allowances due to Ujenzi limited for the year ended...
(Solved)
Ujenzi Limited maintained the following assets in its fixed registers as at 31 December 2007
Determine Capital allowances due to Ujenzi limited for the year ended 31 December 2007
Date posted:
February 14, 2019
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Answers (1)
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Limo Limited prepares its accounts to 31 December each year. The company‘s trading profit and loss account for the year ended 31 December 2007 is...
(Solved)
Limo Limited prepares its accounts to 31 December each year. The company‘s trading profit and loss account for the year ended 31 December 2007 is presented below
Determine:
i) Capital allowances due to Limo Limited for the year ended 31 December 2007
ii) Taxable profit (or loss) of Limo Limited for the year ended 31 December 2007
iii) Tax liability (if any) from the profit (or loss) computed in (ii) above
Date posted:
February 14, 2019
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Answers (1)
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Citing two reasons, argue the case against capital allowances in an economy
(Solved)
Citing two reasons, argue the case against capital allowances in an economy
Date posted:
February 14, 2019
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Answers (1)
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Faza Ltd. a large scale manufacturing company, has provided you with the following information for the year ended 31December 2010
Compute for Faza Ltd. for the...
(Solved)
Faza Ltd. a large scale manufacturing company, has provided you with the following information for the year ended 31December 2010
Compute for Faza Ltd. for the year ended 31 December 2010:
(i) Capital allowances.
(ii) Taxable profit
Date posted:
February 14, 2019
.
Answers (1)
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Heshima Ltd. commenced operations on 1 January 2011 after incurring the following expenditure
Compute for Heshima Ltd. for the year ended 31 ended 2011
i) Capital allowances
ii)...
(Solved)
Heshima Ltd. commenced operations on 1 January 2011 after incurring the following expenditure
Compute for Heshima Ltd. for the year ended 31 ended 2011
i) Capital allowances
ii) Adjusted taxable profit
Date posted:
February 14, 2019
.
Answers (1)
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Turbo Mining Company Ltd started prospecting for minerals in Turkana in year 2008. Expenditure relating to research, testing and winning access to minerals amounted...
(Solved)
Turbo Mining Company Ltd started prospecting for minerals in Turkana in year 2008. Expenditure relating to research, testing and winning access to minerals amounted to Sh.48 million.
The company paid Sh. 124 million to the government to acquire the rights over the minerals and shs.180 million for purchase of land.
The following assets were constructed or purchased during the year 2009:
1. Labour quarters were constructed at a cost of Sh. 15 million.
2. Senior manager's house was constructed on the site at a cost of Sh.6 million.
3. The director's house was acquired at a nearby trading centre at a cost of Sh.9 million.
4. Specialised processing machineries for mining were acquired at a cost of Sh.860 million.
5. Computers were purchased at a cost of Sh.0.72 million.
6. A forklift was acquired at a cost of Sh.4.5 million.
7. A saloon car for the general manager was purchased at a cost of Sh.3 million.
8. Office furniture was acquired at a cost of Sh. 1.5 million.
9. An aircraft was acquired for Sh. 144 million.
10. A store was constructed at a cost of Sh.21 million.
Determine The capital allowances due to the company for the years ended 31 December 2009, 2010 and 2011.
Date posted:
February 14, 2019
.
Answers (1)
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Mirichu Ltd. processes milk for sale in the local market.The company started its operations on 1 January 2012 after constructing two factory building at a...
(Solved)
Mirichu Ltd. processes milk for sale in the local market.The company started its operations on 1 January 2012 after constructing two factory building at a cost of Sh.9 million each. Other assets acquired by the company on commencement of its operations included
Determine:
a) The capital allowances due to Mirichu Ltd. for the year ended 31 December 2012.
b) The taxable profit or loss for Mirichu Ltd. for the year ended 31 December 2012.
c) The tax- payable, if any, for the year ended 31 December 2012.
Date posted:
February 14, 2019
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Answers (1)
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Jawabu Ltd. commenced its operations on 1 January 2011 after obtaining a licence to manufacture leather bags for export.
Determine Capital allowances due to Jawabu Ltd....
(Solved)
Jawabu Ltd. commenced its operations on 1 January 2011 after obtaining a licence to manufacture leather bags for export.
The following information relates to the company's operations for the financial years ended 31 December 2011 and 2012:
Determine Capital allowances due to Jawabu Ltd. for each of the two years ended 31 December 2011 and 2012.
Date posted:
February 14, 2019
.
Answers (1)
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Poland Mining Company Ltd. started prospecting for titanium in Mombasa in year 2011. Expenditure relating to research, testing and winning access to titanium amounted to...
(Solved)
Poland Mining Company Ltd. started prospecting for titanium in Mombasa in year 2011. Expenditure relating to research, testing and winning access to titanium amounted to Sh.240 million. The company paid Sh.720 million to the government to acquire rights over the titanium and Sh.210 million for the purchase of land.
The following assets were constructed or purchased during the year 2012:
1. Two graders were purchased at a total cost of Sh.16, 000,000.
2. A forklift was acquired at a cost of Sh.6, 000,000.
3. A store was constructed at a cost of Sh.36, 000,000
4. Office furniture was acquired at a cost of Sh.2, 400,000.
5. Labor quarters were constructed at a cost of Sh.42, 000,000.
6. Ten Lorries (5 tonnes each) were acquired at a total cost of Sh.30, 000,000.
7. Specialized processing machines for mining were acquired at a cost of Sh.960, 000,000.
8. A staff clinic was constructed at a cost of Sh.12, 000,000 .
9. Computers were purchased at a cost of Sh.480, 000.
10. A ship (600 tonnes) was acquired at a cost of Sh.450, 000,000.
11. Three saloon cars for official use were acquired at a total cost of Sh.9, 000,000.
Determine Capital allowances due to Poland Mining Company Ltd. for the two years ended 31 December 2012 and 31 December 2013
Date posted:
February 14, 2019
.
Answers (1)
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Dellite Ltd. is a manufacturing company which commenced business on 1st October 2013 after incurring the following capital expenditureDetermine Capital allowances due to Dellite Ltd. for...
(Solved)
Dellite Ltd. is a manufacturing company which commenced business on 1st October 2013 after incurring the following capital expenditure
Determine Capital allowances due to Dellite Ltd. for the year ended 30 September 2014
Date posted:
February 14, 2019
.
Answers (1)