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Biashara Limited is registered for VAT
In August 2008, the company imported goods costing sh. 2,400,000 excluding freight charges of sh. 60,000
The company then incurred sh....
(Solved)
Biashara Limited is registered for VAT
In August 2008, the company imported goods costing sh. 2,400,000 excluding freight charges of sh. 60,000
The company then incurred sh. 400,000 to transport the goods from the port to its warehouse
The processing costs were 20% of the relevant costs incurred up to the point of processing The goods were subsequently at a profit margin of 33 1/3%
Determine The VAT payable on the above transaction (Use a VAT rate of 16% and customers duty rate of 25%)
Date posted:
February 15, 2019
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Answers (1)
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The following transactions represent the sales and purchases of Thurugen Traders for the six months period ended 30 June 2008
Determine The total VAT payable by...
(Solved)
The following transactions represent the sales and purchases of Thurugen Traders for the six months period ended 30 June 2008
Determine The total VAT payable by (or refundable to) Thurgem Traders for six month period ended 30 June 2008
Date posted:
February 15, 2019
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Answers (1)
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State four conditions under which import duty may be offset against income tax
(Solved)
State four conditions under which import duty may be offset against income tax
Date posted:
February 15, 2019
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Answers (1)
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With reference to the operations of the customs and Excise Act, write brief notes on the following
i) Duty free shop
ii) Excusable goods
iii) Bonded warehouse
(Solved)
With reference to the operations of the customs and Excise Act, write brief notes on the following
i) Duty free shop
ii) Excusable goods
iii) Bonded warehouse
Date posted:
February 15, 2019
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Answers (1)
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Sabina and Associates, a consultancy firm, provided vatable services to the following clients over the eight month period ended 31 August 2009. The terms of...
(Solved)
Sabina and Associates, a consultancy firm, provided vatable services to the following clients over the eight month period ended 31 August 2009. The terms of contract allowed clients to pay for the services either before or after the provision of service
Determine VAT payable by (or refundable to) Sabina and Associates for each of the months shown above. Although VAT contributes significantly to government revenue, it has limitations which impact on the government, taxpayers and the economy at large.
Explain six of these limitations.
Date posted:
February 15, 2019
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Answers (1)
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Explain the tax treatment of income received by life assurance companies
(Solved)
Explain the tax treatment of income received by life assurance companies
Date posted:
February 15, 2019
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Answers (1)
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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)