2016 EXAMINATIONS KNOWLEGE LEVEL PAPER P6 : PRINCIPLES OF TAXATION

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1 EXAMINATION NO EXAMINATIONS KNOWLEGE LEVEL PAPER P6 : PRINCIPLES OF TAXATION TUESDAY 6 DECEMBER 2016 TIME ALLOWED : 3 HOURS 9.00 AM NOON INSTRUCTIONS: 1. You are allowed 15 minutes reading time before the examination begins during which you should read the question paper and, if you wish, make annotations on the question paper. However, you are not allowed, under any circumstances, to open the answer book and start writing or use your calculator during this reading time. 2. Number of questions on paper The paper is divided into TWO Sections, A and B. BOTH questions to be answered in Section A and ANY THREE from Section B. 4. Each question carries 20 marks. 5. Use of non-programmable calculators is allowed. 6. You are provided with the following: (i) A set of tables containing rates of tax on taxable income (Table 1). Rates of capital allowances (Table 2). (iii) Penalty rates for underpaid provisional tax (Table 3). 7. Begin each answer on a fresh page. 8. DO NOT OPEN THIS PAPER UNTIL YOU ARE INSTRUCTED BY THE INVIGILATOR. This question paper contains 12 pages This question paper must not be removed from the examination hall.

2 SECTION A- ANSWER BOTH QUESTIONS 1. (a) Khombedza Investments is a sole trader who has been manufacturing shoes for a long time. The business s profit and loss account for the year ended 31 December, 2015 is summarised as follows: DETAILS NOTES MK 000 Sales 95, 200 Cost of sales 1 (73, 100) Gross profit 22, 100 Sundry income Production costs 3 (8, 630) Selling costs 4 (6, 420) Administration costs 5 (5, 585) Interest costs 6 (3, 840) Loss before tax (2, 225) Notes: (1) Included in the cost of sales is a provision for stock losses amounting to K32,000. (2) Sundry income includes net dividends of K12,000 which the business received during the year. (3) Production costs were made up of the following: K Electricity and water Depreciation Salaries and wages Rent for the factory Total 1,400,000 1,550,000 3,330,000 2,350,000 8,630,000 (4) Selling costs comprise: K Donation towards the construction of a government health centre at Salima Travel and subsistence Loss on sale of a van which was being used in the business Police fines for the sales van over-speeding Delivery van expenses Total 500,000 2,150,000 65, ,000 3,695,000 6,420,000 Page 2 of 13

3 Continued/ (5) The breakdown of administration costs is as follows: Salaries Auditor s fees Pension costs General provision for bad debts Donations - Talimbika Church of Christ - Malawi Against Physical Disabilities Specific provision for bad debts Amortization of premium Cost of two pairs of shoes given to the Managing Directors daughters who had just been selected to university Sundry expenses all allowable Total K 1,459, ,000 2,945, ,000 20, ,000 6,000 85, ,000 5,585,000 (6) Interest costs comprise: Interest on overdraft Penalty for late payment of income tax Total K 2,540,000 1,300,000 3,840,000 (7) During the year, the total annual salary of all staff who were on pension amounted to K3, 560, 000. (8) In 2014, Khombedza paid a premium of K240, 000 to acquire a right to produce Nike shoes for 40 years. This is being written off in the accounts over a period of 40 years. (9) Capital allowances for the year were agreed at K145, 500. (i) State the tax year in which the taxable income of Khombedza Investments will be assessed. 1 Mark Compute the taxable income for Khombedza Investments for the year ended 31 December, (Show clearly your calculations where necessary). 12½ Page 3 of 13

4 Continued/ (b) The Managing Director (MD) of Khombedza Investments has heard that according to the Malawi Taxation Act, sections 36A and 41B, any business that exports goods is entitled to claim allowances. The MD is curious and wants to start exporting shoes manufactured by her company to neighbouring countries and overseas. (i) (iii) Mention any one traditional good in Malawi in the context of the Export Incentive Act. 1 Mark Explain to the MD the conditions that must be met by an exporter in order to claim export allowances. 2 In line with the Export Incentive Act, explain how export allowances are calculated. 2 (c) State any three transactions that require a tax clearance certificate. 1½ Page 4 of 13

5 Continued/ 2. (a) Kadango & Sons Investments has the following capital allowances information on record for the year ended 31 March 2016: Summary of opening Tax Written Down Values (TWDV). 31 March 2015 ITEM TWDV [K 000] Buildings Factory Building- FB1 90,000 Plant and Machinery Mixing Machine MM1FB 45,000 Motor Vehicles Fleet of Delivery Vans 39,000 Computers 8,700 Office Furniture 20,600 During the year to 31 March 2016, the following transactions took place: (1) Construction of a new building which is now being used for packaging goods. The building cost the company K12,000,000. (2) Construction of a staff house for K1,300,000. The house is allocated to the Production Manager. (3) New mixing machine BLPP25S for K7,500,000 and a second hand sifting machine SM11LZ45RP were purchased for K12,500,000. (4) Kadango & Sons made a gain of K1,848,000 by selling one of the delivery vans from the fleet, Registration MGH788ER at K6,200,000 on 28 February 2016, which had been purchased on 16 June (5) A new Land Cruiser MJ566SER was purchased for K9,250,000. Page 5 of 13

6 (6) Some office chairs with a TWDV of K10, 700, 000 caught fire during the year and the insurance company settled a claim for K9,950,000. (7) Office chairs were bought for K1,842,000. Continued/ (i) (iii) Calculate the tax written down value of the van registration number MGH788ER that was sold. 1½ Calculate the gain or loss realised on the insurance claim settlement for the office chairs which had been destroyed by fire. 1½ Compute the total capital allowances claimable by Kadango & Sons Investments for the year ended 31 March (b) Fathers Pride Bakery entered into an agreement with Sisko Mills of South Africa. The terms of the agreement were that Fathers Pride Bakery would be the sole distributer of their flour in Malawi. Due to that arrangement, Fathers Pride Bakery was granted an agency discount of 2.5% on the cost of any consignment they order. In November 2015, Fathers Pride ordered a large consignment of bread flour, under the agreement, for sale in readiness for the Christmas festive season. The gross cost of the bread flour, before any customs and other duties and other deductions, was an equivalent of K235, 580, 000. Due to the size of the consignment, Sisko Mills offered a quantity [bulk] discount of 5% on the cost of the bread flour. (i) (iii) Describe two types of discounts that are recognized in the valuation of goods for customs purposes in Malawi. 2 Calculate, separately, the values of the agency discount and the quantity (bulk) discount. 2 Compute the value of the bread flour which Fathers Pride Bakery ordered in November 2015, for customs valuation purposes. 2 Page 6 of 13

7 Continued.,,,,,, SECTION B ANSWER ANY THREE QUESTIONS 3. (a) (i) State the circumstances under which initial expenditures of a new business can be allowed as a deduction from a taxpayer s assessable income, according to Section 41 of the Malawi Taxation Act. 3 (iii) Why does Section 54 of the Malawi Taxation Act require every person doing business to keep sufficient records of his income and expenditure, and for how long should such records be kept? 2 Mention any five types of income that are exempt from tax under the first schedule of the Taxation Act. 5 (b) Ms Fulo Chimbiya is in the business of importing second hand cars from Japan and selling them in Malawi. In March 2016, she imported a second hand Toyota Corolla, for sale with the following further transactions: Value of the vehicle for duty purposes Import duty Import excise Import VAT Expenses incurred in collecting the vehicle from Tanzania The car was eventually sold at K 2,000, , , , ,560 4,430,000 (i) Describe the three value added tax special schemes which are operated to deal with different categories of business and transactions and are recognized by the VAT legislation. 3 Calculate the output value added tax for Ms Fulo Chimbiya on the second hand Toyota Corolla she procured in March Page 7 of 13

8 Continued/ 4. (a) (i) State two classifications of insurance business and explain how each classification is treated for tax purposes. 4½ Kambewa Trading sells assorted hardware in Ntandile Market. During the tax year ended 30 June 2016, total sales were K9,960,000. (1) Describe any four rules that govern the operations of Turnover tax. 4 (2) Give examples of any three categories of income on which Turnover tax is not applicable. 3 (3) Calculate the Turnover tax that Kambewa Trading should have paid in the month of April 2016 (assume income was accruing evenly). 2 (b) (i) When is rental income assessable? 1 Mark A taxpayer received rental income from her tenant amounting to K191,250 (net). How much is she supposed to include in her income tax return? 2½ (c) State the penalties that tax officers who break the oath of secrecy are liable to. 3 Page 8 of 13

9 Continued/ 5. (a) Sections 63 82(d) of the Customs and Excise Act details the requirements for the administration, charging and collection of excise duty. (i) Define the word duty point in terms of the Customs and Excise Act. 2 (iii) Name any four examples of locally approved and manufactured goods on which excise duty is collected in Malawi. 4 Describe the type of records which a taxpayer, dealing in excisable goods, is supposed to maintain in line with the Customs and Excise Duty Act. 2 (b) (i) Tayamba Limited secured a foreign loan from the United States of America (USA) amounting to $12,000 (twelve thousand dollars) on 1 st November 2015 to be used as working capital in its business. The agreement was that the loan would be repaid in two equal installments. The repayment and other details were as follows: Date Description Amount Exchange Rate 01/11/15 Loan secured $12,000 K550/1$ 31/12/15 Repayment of loan $6,000 K650/1$ 31/01/16 Repayment of loan $6,000 K760/1$ Compute the foreign exchange gains or losses on the repayment of the foreign loan to be included in the assessable income of Tayamba Limited. 3 State two conditions that must be fulfilled by a taxpayer in order to enjoy tax roll over relief. 3 (c) Mr. James Phiri is employed by a bank in Lilongwe. The following were his annual income details for the tax year ended 30 June, 2016: (1) Salary K11,880,000 Page 9 of 13

10 (2) Net interest received from a locally registered bank K443,600 (3) Net dividends received from a Malawian registered company K65,600 Compute the tax liability for Mr James Phiri for the tax year ended 30 June, (a) There are two principles of taxation, namely: the source principle and the residence principle. (i) Define the term Tax. 2 Distinguish the source from the residence principle in taxation. 4 (b) (i) State any two reasons why withholding tax legislation was introduced. 2 Define a person resident in Malawi in terms of the Taxation Act. 3 (iii) Yobanduka Investments is a minibus operator who owns a fleet of minibuses in Zolozolo Township in Mzuzu. For the quarter ended December, 2015, he was supposed to pay provisional tax for his minibuses amounting to K170,000. However, due to cashflow problems, he only managed to pay K120,000. Mark (1) State the date by which Yobanduka Investments should have paid the provisional tax for his fleet of minibuses in line with the tax law. 1 (2) State the rate at which a penalty for late payment of provisional tax is charged. 2 (3) Compute the penalty that Yobanduka Investments was supposed to pay, assuming he did not pay the balance by the due date. 3 (c) State three circumstances under which the Commissioner General is empowered, under Section 89 [1] of the Taxation Act, to estimate a taxpayer s income. 3 Page 10 of 13

11 7. (a) State any two prerequisites for one to be appointed a public officer at the Malawi Revenue Authority (MRA). Continued/ 1 Mark (b) Shabs Limited is a company that operates from Lilongwe, but was incorporated in Kenya. The taxable income for the company for the year ended 30 June, 2016 was K29,546,500. Mark Compute the tax payable by Shabs Limited for the year ended 30 June, (c) State any two functions of customs duty in Malawi 1 Mark (d) Mention four options available to the Malawi Revenue Authority, which they can use to sufficiently and effectively serve a document or tax assessment on a person. 4 Page 11 of 13

12 Continued/ (e) Tawalezi Macademia Estate has three senior employees: Tamara Phiri, Chalo Kanama and Kwali Banda. The company provided housing fringe benefits to the employees during the tax year ended 30 June 2016, as follows: The estate provided housing to all the three employees. The nature of the housing and relevant details are given below: Annual Employee Nature of Building Rental value (K) Tamara Phiri Rented- furnished 3,000,000 Chalo Kanama Rented-unfurnished 1,200,000 Kwali Banda Estate owned- furnished 4,500,000 Annual Salaries The following were the annual salaries for the employees for purposes of fringe benefit tax calculations. Employee Salary K Tamara Phiri 12,000,000 Chalo Kanama 10,000,000 Kwali Banda 13,800,000 (i) State two occasions when the fringe benefits tax is not payable by an employer even if fringe benefits have been provided to an employee by the employer. 2 Compute the fringe benefits tax payable by Tawalezi Macademia Estate for the quarter ended 30 June Page 12 of 13

13 (iii) State the due date for payment of the fringe benefits tax that you have computed in above. 1 Mark E N D Page 13 of 13

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