The apartment in Almaty was inherited in May 01, 2021 and in March 10, 2022 it was
Question:
The apartment in Almaty was inherited in May 01, 2021 and in March 10, 2022 it was sold by the owner, Ms. Laura, a citizen of the Republic of Kazakhstan, for 17,200,000 tenge. Before the sale, the owner ordered a retrospective evaluation of the object in the appraisal company. The cots pf the object at the time of acquisition of ownership by the seller was estimated at 16,500,000 tenge.
Ms. Laura also received income from leasing out this apartment before sale (rental income) from July 01, 2021 till February 28,2022 in the total amount of 1,600,000 (or 200,000 tenge per month).
Laura received a mortgage loan from “Otbasy bank” for purchase of a new apartment in the amount of 15,000,000 tenge on March 01, 2022. The mortgage loan was provided at an interest rate of 3,5% per annum for a period of 7 years. Interest is payable on the 1st day following the preceding month (e.g. interest for March is payable on April 01).
In 2022 Laura worked under a labor agreement with company ABC with gross monthly salary of 400,000 tenge. She managed to submit documents confirming her entitlement to housing allowance to her employer.
Required
1. Calculate the personal income tax (PIT) withheld at source of payment and Social Tax to be paid for 2022.
2. Calculate PIT amount on income subject to self-assessment the owner shall declare and pay to the budget for the calendar year 2022.
Business Law Text and Cases
ISBN: 978-1285185248
13th edition
Authors: Kenneth Clarkson, Roger LeRoy Miller, Frank Cross