Bimax ltd has provided the following information with respect to its incomes in the year 2022:

1. Dividend from Limuru Tea ltd amounting to ksh 45,000 (gross)

2. Interest from a fixed deposit account with Equity Bank amounting to ksh 102,000 (net)

3. Rental income from property in Kisumu amounting to ksh 340,000 during the year.

4. Profit from a cargo handling business in Mombasa amounting to ksh 180,000 during the year.

5. Loss from Matatu business during the year 2022 was ksh 125,000.

6. Insurance compensation for his matatu that was written off after an accident ksh 2,250,000.

7. Profit from its trading business of ksh 1,440,000.

Required:

Compute the tax payable by Bimax ltd for the year 2022.

Answer rating: 100% (QA)

To compute the tax payable by Bimax Ltd for the year 2022 we need to consider the various types of i... View the full answer