2015 EXAMINATIONS - KNOWLEDGE LEVEL PAPER P6 : PRINCIPLES OF TAXATION
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1 EXAMINATION NO EXAMINATIONS - NOWLEDGE LEVEL PAPER P6 : PRINCIPLES OF TAXATION THURSDAY 4 JUNE 2015 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 1 SECTION A ANSWER BOTH QUESTIONS IN THIS SECTION 1. Mbobo Resources Limited is a Malawian company and is involved in the mining of Niobium in Mulanje. The company makes up its accounts to 30 June annually. The company s latest income statement for the year ended 30 June 2014 is as follows: Turnover Less Mining and processing costs Exports costs Gross profit Less Administration expenses Finance costs Marketing costs Other income Exchange gain Interest receivable Net profit before tax 16,300,000 7,450,000 7,900,600 13,175,900 13,809,000 1,642,900 1,760, ,000 56,500,800 23,750,000 32,750,800 34,885,500 (2,134,700) 3,678,365 1,543,665 The following additional information is available in connection with these financial results: (1) Mining and processing costs include: Depreciation Amortisation of purchase of mining rights Salaries and wages Provision for production losses Other allowable costs 1,265,100 1,138,900 8,600, ,900 4,619,700 16,300,000 Salaries and wages include a provision for severance pay of 1,890,000 for the current year and an additional amount of 265,200 which relates to excess paid over the provision made in the prior year.
3 2 (2) Export costs include: Salaries and wages VAT on packaging materials Packaging materials Other allowable costs (3) Administration expenditure includes the following: Legal fees: - Debt collection - Renewal of lease - Stamp duty on increase in share capital Subscription and donations: - Mining International magazine - Donation to Red Cross - Donation to old people s home - Donation to the University of Malawi Appeal fund - Other allowable costs (4) Finance costs include the following: Professional fees: - Audit fees - Property revaluation Interest payable: - Bank overdraft - Late payment of tax - On loan to finance feasibility study on new processing methods - Other allowable costs (5) Marketing costs include the following: - Depreciation - Fringe benefits tax - Provision for doubtful debts (1% of debtors) - Bad debts written off - Entertainment of customers - Other allowable costs 2,600,700 75, ,500 4,002,900 7,450, , ,700 84,200 1,124,900 11, , ,000 7,204,150 7,900,600 4,315,000 1,165, , , ,500 6,146,700 13,173,900 1,265, , , , ,100 10,634,900 13,809,000
4 3 (6) Other income consists of the following: Commissions Sale of waste Sale of motor vehicle (7) Exchange gain is from the conversion of year-end debtors to Malawi wacha 588, , ,400 1,642,900 (8) Interest receivable consists of the following: Staff Loans Bank interest Interest received from the bank is stated gross. 115, , ,000 (9) During the year, the company paid 4,600,400 for the access to mineral deposits. This expenditure has been capitalized and is amortized in the mining and processing costs. (10) The company purchased the following assets during the year: Processing machinery Motor vehicles Computers Extension to the factory Motor lorry All the assets bought were brought into use during the year 12,765,800 29,710,000 3,290,800 32,494,000 11,700,000 These processing machinery would have no value to the company after the mine has ceased to be worked. However, the buildings would have alternative use (11) A motor vehicle which was bought in 2011 for 3,750,000 and has a nil book value and a tax written down value of 689,100 as at 1 July 2013 was sold for 775,400 which was included in other income. (12) The tax written down value of the company s fixed asset as at 1 July 2013 were: Industrial buildings Plant and equipment Motor vehicles Motor lorries Furniture & fittings Computers 12,865,700 3,980,600 4,845,500 7,800, , ,300
5 4 (a) Calculate capital allowances to be claimed by Mbobo Resources Limited for the year ended 30 June Marks Compute the taxable income of Mbobo Resources Limited for the year ended 30 June Marks (TOTAL : 20 MARS)
6 5 2. (a) Explain the circumstances or rules of determining when a taxable supply of goods or services, including supply on a continuous basis or hire purchase arrangement, is deemed to occur for purposes of charging value added tax (VAT). 8 Marks atoni Limited is involved in wholesale business. The company is registered for value added tax (VAT).In the month of October 2014, the company entered into the following transactions (where applicable, all income is shown exclusive of VAT and all expenses are shown inclusive of VAT): (1) Sold laundry soap worth 4,500,000 to Zonse ndi Moyo shop. (2) Sold tyres to a customer worth 656,000. (3) Sold clothing worth 425,000 to Zonse ndi Moyo shop. (4) The managing director travelled to Lilongwe on business where he stayed at alikuti Hotel for three days. He paid 257,962 for accommodation and meals. (5) The amount paid for electricity used in his business was 104,850. (6) Paid salaries for the month totaling 1,725,000. (7) Bought motor vehicle spares worth 64,075. (8) Paid for fuel worth 155,000 for use in company motor vehicles for the month. (i) State how each of these transactions will be dealt with for the purpose of submitting atoni Limited s VAT return for the month of October Marks Calculate the VAT payable or VAT credit for the month of October, (iii) (iv) State, in general terms, the rules regarding the deductibility of input tax from output tax charged on taxable supplies and services. 4 Marks State the penalties, if any, that are due for the late submission of a VAT return. 1 Mark (TOTAL : 20 MARS)
7 6 SECTION B ANSWER THREE QUESTIONS ONLY FROM THIS SECTION 3. Zokoma, Zili and Mtsogolo are in partnership trading as produce merchants. The partnership agreement provides for the sharing of profits after paying partners salaries in the ratio of 2:2:1 respectively. The annual partners salaries for the year ended 30 June 2014 were: Zokoma Zili Mtsogolo 2,280,000 1,750,000 1,270,000 The results of the partnership for the year ended 30 June 2014 showed a profit before taxation of 3,262,000, after charging (crediting) the following items: Depeciation Accounting fee Staff costs Executive management costs Repairs and maintenance Sundry business charges Exchange gains 1,386,100 1,115,000 3,465,000 6,905, , ,000 (325,600) The following additional information is available in connection with the affairs of the partnership: (1) All the partners work in the business. Mtsogolo is its general manager. The executive management costs are made up of the salaries for the partners and school fees of 1,605,000 paid for Mtsogolos s son. No fringe benefits tax has been paid on this amount. (2) The partnership rents a warehouse from Zokoma for the storage of produce. The annual rental for this property is 1,225,000. Withholding tax was duly deducted on this payment. The rental is included in sundry business charges. (3) Included in repairs and maintenance is the cost of repairing Zili s wife s personal car. The repair costs incurred were 200,600. (4) Exchange gains are made up of: Conversion of year end balances Realised on receipt of sales proceeds 254,050 71, ,600
8 7 (5) Capital allowances claimable on the packing machinery and motor vehicles have been agreed at 480,055. (6) As the partnership does not have a withholding tax exemption certificate, withholding tax was deducted from all of its sales proceeds. The total tax withheld during the year amounted to 658,200. (7) Provisional tax paid by the partnership during the year amounted to 325,980. (8) PAYE has been deducted on all salaries paid by the partnership, including those of the partners and remitted to the Malawi Revenue Authority (MRA) on the due dates. The other income of the partners and their wives for the year of assessment ended 30 June 2014, none of which is connected with the partnership in any way, was as follows: Director s fee Interest gross (no tax was deducted) Wive s income: Salary Rental, net of allowable expenses Zokoma 540, , ,000 - Zili - 225, ,000 Mtsogolo - 125, ,000 - Withholding tax of 10% had been deducted on payment of the director s fee. Zili s wife rental income was received without deduction of withholding tax. (a) Compute the partnership s taxable profits for the year ended 30 June 2014 and show how these profits will be distributed amongst the partners. 9 Marks Calculate the tax payable by or refundable to each of the partners and refundable, if any, to Zokoma for the year ended 30 June Marks (TOTAL : 20 MARS)
9 8 4. (a) Sections 58 to 64 of the Malawi Taxation Act set out the provisions for the taxation of special trades and cases. (i) (iii) List the types of expenditure incurred by taxpayers who are engaged in pastoral, agricultural or other farming operations which are specifically allowable in determining their taxable incomes. Explain how the taxable income of a consumer cooperative society, other than those covered under section 59 of the Taxation Act, is computed. Gawa Limited is a company that procures and sells produce locally in Malawi. Recently, the company has been exporting maize and groundnuts to Mozambique and has, in the process, generated foreign exchange for the country. For the year ended 31 March 2014, Gawa had the following results in respect of foreign currency transactions: Realized gains Realized losses Unrealized gains Unrealized losses ,200 12,945 2,670 1,450 Compute the amount of foreign exchange gains which are assessable, and amount of losses which are deducible for Gawa Limited for the year ended 31 March Marks The Taxation Act allows a taxpayer to deduct both foreign exchange losses and capital losses from assessable income in order to arrive at the taxable income. (i) (iii) Mention the situations where the deductions of each of the losses (foreign exchange losses and capital losses) are restricted. Name the limitations in each of the two losses mentioned in (i) above. State the circumstances under which the restrictions or limitations do not apply in each of the two losses (foreign exchange losses and capital loss). 4 Marks (TOTAL : 20 MARS)
10 9 5. (a) The following transactions relate to Malembo Limited in the year ended 30 June (1) Received bank interest totalling 645,000 from which withholding tax had been deducted. (2) Paid 860,000 in audit fees from which withholding tax was deducted. (3) Made several payments to suppliers from which a total of 1,450, in withholding tax was deducted. (4) Paid fringe benefits tax on the benefits given to its employees totalling 454,000. (5) Paid total provisional tax of 865,400. (6) Paid value added tax totalling 385,985. The total tax adjusted profits of Malembo Limited, for the year ended 30 June 2013 were 4,524,000. (i) State by which date the various taxes relevant to transactions (1) to (5) above, would have been due and payable. Calculate the income tax payable by Malembo Limited for the year ended 30 June 2013, clearly indicating the effect of the various taxes referred to in transactions (1) to (6) above, on the amount of corporate tax payable. In the case of any amounts which you treat as having no effect, state the reason for treating them in the way you have done. 5 Marks ang oma Limited is a company involved in the provision of accounting consultancy services. The company has a Managing Director, a Finance Manager and a Market Development Manager and also employs five consultants and a messenger. The monthly salaries payable to its employees are as follows: Managing Director Finance manager Market Development Manager Chief Accountant Sales Manager Human Resources Officer 3,200,000 1,200,000 1,000, , , ,000
11 10 The company provided the following benefits to its senior staff in the year ended 31 December 2013: (1) A furnished house for the Managing Director for which the company paid a monthly rental of 355,000. Unfurnished houses for the Finance Manager, Human Resources Manager and the Market Development Manager. The company paid a monthly rental fee of 125,000 for each of these managers houses. (2) The company provided a motor vehicle for the use of its Managing Director, a Prado which cost the company 25 million when it was bought in the year (3) The company paid for utilities (water, electricity and telephone) of 75,000 per month in total for its Managing Director. The company also paid the Finance Manager, Human Resources Manager and Market Development Manager an allowance of 40,000 each per month towards their utility bills. (4) The company paid school fees for the children of the Managing Director and the Finance Manager. The fees paid during the year were: January 2013 July 2013 October ,435,000 2,465,000 2,635,000 The fees were paid to Takulandirani International Private School. (i) Prepare ang oma Limited s fringe benefits tax return for the quarter ended 31 December Marks State the administrative provisions with regard to the taxation of fringe benefits provided by an employer to its employees. (TOTAL : 20 MARS)
12 11 6. (a) Chikangawa Farms Limited grows timber for commercial purposes. The timber takes 20 years to reach maturity. The following information is available in respect of the timber grown on one of its farms: Area planted 600 hectares Year of planting 1992 Cost of planting 11,500,000 Annual maintenance costs from ,000 The timber from this farm has never been sold before. 300 hectares were harvested in August The yield was 200 cubic metres of timber per hectare and this was sold at a price of 650 per cubic metre. The area harvested was replanted in January 2014 at a cost of 15,345,000. (i) State the rules governing the alternative method of determining the taxable income derived from timber growing that Chikangawa Farms Limited can opt for, in accordance with s.58(4) of the Tax Act; 5 Marks In accordance with the provisions of the alternative method mentioned in (i) above, calculate the taxable income or loss for Chikangawa Farms Limited for the year to 30 June 2014 (assume the income is only from this farm). 7 Marks (c) How is the taxable income of an agricultural producer co-operative society, registered under Malawi law, which is not exempt from tax, determined? Define the terms reorganization and qualified reorganization as stipulated in the Taxation Act. 5 Marks (TOTAL : 20 MARS)
13 12 7. (a) (i) Mention the term used to describe the levying of income tax by more than one country on the same income of a taxpayer? 1 Mark How does the scenario in (i) above arise? 2 Marks Niyasu General Dealers are a firm operating in Malawi. In August 2013 the firm became indebted to a supplier based in enya to the tune of $12 million on account of merchandise supplied. Due to foreign exchange shortages the firm managed to pay $7 million in January 2014 and $2 million in June The balance of $3 million was included in the accounts for 30 June 2014 at 1, 350,000,000 using an exchange rate of $1 = 450. (i) Using the formula specified in the Taxation Act, calculate the foreign exchange gains or losses on the transactions given above to be claimed for the year of assessment to June Assume the following exchange rates were in use. August 2013 : $1 = M380 January 2014 : $1 = M400 June 2014 : $1 = M430 5 Marks State whether the foreign exchange loss on the outstanding $3 million which was converted to billion and included in the accounts to 30 June 2014 is an allowable deduction. Give reasons for your answer. 1 Mark (c) (i) What is the significance of correctly completing a certificate of origin under the Malawi Customs Tariffs? (iii) Under the Customs and Excise Act, what are the functions of customs officers? 2 Marks State the six methods of Customs Valuation under the new GATT valuation system. 6 Marks (TOTAL : 20 MARS) E N D
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