$(1)$ Provide an overview of taxation in Jamaica, include:

a$.$ A brief history of the system of tax in Jamaica

b$.$ A distinction between direct and indirect tax

ANSWER:

$(2)$ Describe at least four $(4)$ basic features of the General Consumption Tax $($GCT$)$

$(8$ marks$)$

ANSWER:

$(3)$ Describe at least two $(2)$ features of Statutory Deductions. $(4$ marks$)$

ANSWER:

$(4)$ You visited Port's Auto Parts and purchased the following items:

a$.2$ control arm bushings @ $$1000$ each

b$.2$ park lamps RH Toy$/$Camry LHD @ $$3750$ each

ANSWER:

$(5)$ Compute the GCT that you would pay on these items. Include three $(3)$ invoices that you have obtained for purchase of items that attract GCT$.$

Show the calculation of the GCT on these invoices. $(9$ marks$)$

ANSWER:

$(6)$ Prepare the pay slip for a monthly paid employee.

This should include:

a$.$ Employee information

b$.$ Basic Pay of $$200000$

c$.$ Threshold

d$.$ Relevant statutory Deductions $($PAYE$,$ NIS, NHT & ED$.$ Tax$),($I$5$ marks$)$

ANSWER:

$(7)$ Describe the requirements for HEART deductions. $(5$ marks$)$

ANSWER:

$(8)$ Obtain samples of tax forms related to the Income Tax Returns for Self Employed persons. Explain how each form is used. Introduction to provide an overview of different types of organisations and the growth of the international business environment