1] Given an individual with a monthly turnover of TZS 1,000,000, calculate the annual amount of...
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1] Given an individual with a monthly turnover of TZS 1,000,000, calculate the annual amount of presumptive tax if the person: Complies with section 35 of Tax Administration Act (2015). i] ii] Does not comply with section 35 of Tax Administration Act (2015). 2] Comment on the difference [if any] on the tax amounts computed in [i] and [ii] above. 3] Assume that the individual in [1] above has computed her taxable profit and it is TZS 2,400,000 for the year [200,000 per month]. Calculate her income tax for year Discussion: Would you prefer to be taxed on presumptive basis or rather compute profits and apply the conventional rates? 1] Given an individual with a monthly turnover of TZS 1,000,000, calculate the annual amount of presumptive tax if the person: Complies with section 35 of Tax Administration Act (2015). i] ii] Does not comply with section 35 of Tax Administration Act (2015). 2] Comment on the difference [if any] on the tax amounts computed in [i] and [ii] above. 3] Assume that the individual in [1] above has computed her taxable profit and it is TZS 2,400,000 for the year [200,000 per month]. Calculate her income tax for year Discussion: Would you prefer to be taxed on presumptive basis or rather compute profits and apply the conventional rates?
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1 i To calculate the annual amount of presumptive tax if the individual complies with section 35 of the Tax Administration Act 2015 Annual turnover Mo... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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