This information relates to Mr. Krishna Ram for financial year 2020. Mr. Kumar for the past 44
Question:
This information relates to Mr. Krishna Ram for financial year 2020.
Mr. Kumar for the past 44 years has lived in Suva. He is employed as a Professor Local University and earns salary of $240,000. He is a member of Fiji National Provident Fund.
As part of his employment contract
•He gets gratuities of $15000 each year.
•He is an adjunct professor in one of the overseas university for which he has voluntary resigned and received Voluntary payments of $10000.
•receives interest Income from BSP bank for his fixed deposit $5000, interest withholding tax deducted (certificate shows) $500.
•receives royalties for his publication and scientific research published A* ranked Journals. Each month he receives $2500 for his contributions.
•received Lump-sum payment of $3000 from a local company who engaged in a scientific research.
•has also invested in Fijian Holding unit trust and receives Dividend income of $1000 per six month.
•has spent $20000 towards holiday in Laucala islands for relaxation & holiday.
Required:
Calculate the Income tax for Mr. Ram for the 2020 using the Fiji Income Tax Act 2015.