Discuss any five tax planning measures that can be undertaken by individuals. 2a. On 15th July 2012,
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Question:
Discuss any five tax planning measures that can be undertaken by individuals.
2a. On 15th July 2012, Eldoret merchants imported goods valued at Kshs. 1,200,000. The customs duty chargeable on these goods was at 35%, clearing charges paid amounted to Kshs. 20,000 and transport from Mombasa to Eldoret amounted to Kshs. 70,000. A commission on the dutable value of the goods was paid at 5%.
Required:
i. Determine the amount of VAT payable on the goods.
ii. If the goods were sold on arrival in Eldoret at a mark up of 20%, determine the selling price.
b. Write short notes on the following:
i. Taxation of members clubs
ii. Import declaration form
iii.Tax avoidance
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078025822
17th edition
Authors: Jacqueline Reck, Suzanne Lowensohn, Earl Wilson
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