As a newly appointed Tax Manager of ABC audit firm, advise a client, Mr. Baraza on the following issues: i) He has submitted a self-assessment return...

      

As a newly appointed Tax Manager of ABC audit firm, advise a client, Mr. Baraza on the following issues:
i) He has submitted a self-assessment return and wishes to know three possible responses he could receive from the commissioner.
ii) Three different types of income on which turnover tax is not applicable

  

Answers


Wilfred
i) The possible responses from the commissioner
- Amended self-assessment
- Additional assessment
- Sampled for in depth examination

ii) Three types of on which turnover tax is not applicable
- Income exempt from tax
- Where business income does not exceed sh.500,000
- Income of limited companies
- Rental income.
- Professional or management fee or training fees.
Wilfykil answered the question on February 15, 2019 at 07:15


Next: Mauzo Ltd., a company registered for value added tax (VAT) purposes, provided the following details in respect of the month of November 2012: Determine VAT account...
Previous: In the context of integrated reporting: i. Discuss any two components of an integrated report. ii. Explain four guiding principles that underpin the preparation of an integrated...

View More CPA Taxation Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions