The taxable income of life assurance companies constitute of the following:
- The actuarial surplus of life funds recommended by actuary to be transferred to the shareholders
- Any other amount transferred from the life fund to shareholders
- 30% of management expenses and commissions that are in excess of the amount recommended under insurance Acts
Wilfykil answered the question on February 15, 2019 at 09:04
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Outline the grounds upon which a taxpayer may appeal to the Court of Appeal in a tax dispute
(Solved)
Outline the grounds upon which a taxpayer may appeal to the Court of Appeal in a tax dispute
Date posted:
February 15, 2019
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Answers (1)
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Explain Goods liable to forfeiture under the Customs and Excise Act
(Solved)
Explain Goods liable to forfeiture under the Customs and Excise Act
Date posted:
February 15, 2019
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Answers (1)
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The following transactions were reported by Abdi Wholesalers for the three months period ended 31 December 2008
Determine Total VAT payable (or refundable) for the three...
(Solved)
The following transactions were reported by Abdi Wholesalers for the three months period ended 31 December 2008
Determine Total VAT payable (or refundable) for the three months period (ignore restrictions on input tax deduct-able)
Date posted:
February 15, 2019
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Answers (1)
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With reference to the Income Tax Act (Cap.470), explain the term "incorrect returns".
(Solved)
With reference to the Income Tax Act (Cap.470), explain the term "incorrect returns".
Date posted:
February 15, 2019
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Answers (1)
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The following transactions were extracted from the books of IB Trader; for till: month of September 2009:
Determine:
i) Value added tax payable by (or refundable to)...
(Solved)
The following transactions were extracted from the books of IB Trader; for till: month of September 2009:
Determine:
i) Value added tax payable by (or refundable to) JB Traders tor the month of September 2009.
ii) Comment on any information that you have oat used in your computations under (i) above.
Date posted:
February 15, 2019
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Answers (1)
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Section 24 (a) of the Value Added Tax (VAT) Act (Cap.476) requires certain documents to be attached to a claim for refund of VAT.
Briefly explain...
(Solved)
Section 24 (a) of the Value Added Tax (VAT) Act (Cap.476) requires certain documents to be attached to a claim for refund of VAT.
Briefly explain four of these documents.
Date posted:
February 15, 2019
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Answers (1)
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Describe three types of tax assessments that may originate from the Commissioner for Domestic Taxes.
(Solved)
Describe three types of tax assessments that may originate from the Commissioner for Domestic Taxes.
Date posted:
February 15, 2019
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Answers (1)
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Explain four positive roles of excise duties in an economy.
(Solved)
Explain four positive roles of excise duties in an economy.
Date posted:
February 15, 2019
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Answers (1)
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List three ways through which the revenue authority may enforce the collection of overdue tax.
(Solved)
List three ways through which the revenue authority may enforce the collection of overdue tax.
Date posted:
February 15, 2019
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Answers (1)
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Outline four categories of goods which could be forfeited to the customs authority of your country upon their importation.
(Solved)
Outline four categories of goods which could be forfeited to the customs authority of your country upon their importation.
Date posted:
February 15, 2019
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Answers (1)
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Section 185(1) of the East Africa Customs Management Act (2004) provides that "Goods that are re-imported shall be entitled to re-entry free of import duties...
(Solved)
Section 185(1) of the East Africa Customs Management Act (2004) provides that "Goods that are re-imported shall be entitled to re-entry free of import duties and to a refund of duties paid on exportation
Outline three conditions to be fulfilled before the refund of duties can be provided under the East Africa Customs Management Act (2004).
Date posted:
February 15, 2019
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Answers (1)
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The following transactions relate to Jakayo Traders for the month of December 2010:
Determine:
(i) VAT payable by (or refundable to) Jakayo Traders for the month of...
(Solved)
The following transactions relate to Jakayo Traders for the month of December 2010:
Determine:
(i) VAT payable by (or refundable to) Jakayo Traders for the month of December 2010.
(ii) Comment on any information not used in your computation under (i) above.
Date posted:
February 15, 2019
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Answers (1)
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Discuss three challenges associated with the harmonization of taxation policies across regions and trading blocks
(Solved)
Discuss three challenges associated with the harmonization of taxation policies across regions and trading blocks
Date posted:
February 15, 2019
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Answers (1)
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Were and Otieno are in partnership trading as Woti Enterprises. They share profits and losses in the ratio of 2:3 respectively. The partnership's statement of...
(Solved)
Were and Otieno are in partnership trading as Woti Enterprises. They share profits and losses in the ratio of 2:3 respectively. The partnership's statement of comprehensive income for the year ended 31 December 2010 is as shown below
Prepare:
(i) A statement of adjusted taxable profit or loss for the partnership business for the year ended 31 December 2010
(ii) A schedule showing total taxable income for each partner for the year ended 31 December 2010
Date posted:
February 15, 2019
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Answers (1)
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With reference to the East African Community Customs Management Act or other relevant legislation applicable in your country, highlight four functions of the directorate of...
(Solved)
With reference to the East African Community Customs Management Act or other relevant legislation applicable in your country, highlight four functions of the directorate of customs
Date posted:
February 15, 2019
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Answers (1)
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Briefly explain four circumstances under which a taxpayer might be exempted from paying installment tax.
(Solved)
Briefly explain four circumstances under which a taxpayer might be exempted from paying installment tax.
Date posted:
February 15, 2019
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Answers (1)
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Outline four categories of goods which are subject to customs control under the Customs and excise Act.
(Solved)
Outline four categories of goods which are subject to customs control under the Customs and excise Act.
Date posted:
February 15, 2019
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Answers (1)
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Identify four documents required in support of an application for refund of value added tax (VAT) paid in respect of bad debts
(Solved)
Identify four documents required in support of an application for refund of value added tax (VAT) paid in respect of bad debts
Date posted:
February 15, 2019
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Answers (1)
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Highlight five circumstances under which customs duty paid might be refunded
(Solved)
Highlight five circumstances under which customs duty paid might be refunded
Date posted:
February 15, 2019
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Answers (1)
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Outline six contents of a notice of assessment.
(Solved)
Outline six contents of a notice of assessment.
Date posted:
February 15, 2019
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Answers (1)