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Mr. Felix Madzeke is a citizen of Malawi but has been residing and conducting business in your country since 2005. However, he was not aware...

      

Mr. Felix Madzeke is a citizen of Malawi but has been residing and conducting business in your country since 2005. However, he was not aware of the requirements to maintain proper records and submitting regular assessment to the revenue authority.
An inspection conducted by the revenue authority on his business and personal transactions over past four years revealed the following:
Assets and liabilities (business and personal) as at:
fel12522019541.png

  

Answers


Wilfred
fel22522019542.png

Importance of filing tax returns
i. It's the requirement of the income tax Act to file the tax returns
ii. It's a criminal offense not to file the returns which will lead to penalties, interest on accrued tax and may lead to imprisonment
Wilfykil answered the question on February 25, 2019 at 13:44


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