Explain conditions that must be fulfilled in order for a building to qualify for industrial building...
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Explain conditions that must be fulfilled in order for a building to qualify for industrial building deductions. (8 marks) (b) John Makora had an outstanding loan balance of sh. 1,000,000 from the employer; Hustler Ltd. As at 31st December 2019. The interest on loan was fixed at 4% per annum. Assume the prescribed interest rate is 6% per annum. Required: (i)Determine the fringe benefit tax payable for the month of December 2019. (5 marks) (ii) State who is responsible for remitting the tax so determined in (i) above. (2 Marks) Explain conditions that must be fulfilled in order for a building to qualify for industrial building deductions. (8 marks) (b) John Makora had an outstanding loan balance of sh. 1,000,000 from the employer; Hustler Ltd. As at 31st December 2019. The interest on loan was fixed at 4% per annum. Assume the prescribed interest rate is 6% per annum. Required: (i)Determine the fringe benefit tax payable for the month of December 2019. (5 marks) (ii) State who is responsible for remitting the tax so determined in (i) above. (2 Marks)
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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