12. The following are the results of Trustlam Holdings (Pty) Ltd for the year ended 30 September 2015: Note P Income Sales to customers within Botswana Sales to customers outside Botswana Profit on sale of non-current asset Interest received Dividends received Fair value adjustment 1 22,092,888 2,480,736 43,052 160,110 267,000 300,000 25,343,786 Expenses Administrative expenses Depreciation Purchases Salaries and wages Impairment of investment Interest paid to non-resident Motor vehicle expenses - repairs Motor vehicle expenses - fuel Provision for loss Rent of warehouse 3,261,279 793,442 11,248,188 4,355,313 262,500 694,083 597,842 417,953 525,000 1,008,684 2 23,164,284 Net profit for the year 2,179,502 Notes 1. Profit on sale of non-current asset: Cost Depreciation P 1,009,353 (632,970) Fair value adjustment 376,383 (119,435) Sales price 256,948 300,000 Profit on sale of non-current asset 43,052 Done 6 PIUTTL UIT Sale UT TION-Cuitenlasser 45,00L Capital allowances amounting to P550, 923 had been claimed on this asset as at the date of sale. 2. Withholding tax deducted from payments: Interest paid to a non-resident 51,750 Other information 0 The total capital allowances claim for the year amounted to P1,072, 209. (ii) The company declared a dividend of P1, 800,000 on 10 May 2014 and paid the dividend on 23 July 2014. Trustlam Holdings (Pty) Ltd has both resident and non- resident shareholders. Required: In respect of Trustlam Holdings (Pty) Ltd for the year ended 30 September 2015: (a) Calculate the taxable income. (10 marks) (b) (i) Calculate the withholding tax payable in respect of the dividend (note (ii)); (2 marks) (ii) State the date by which payment of the withholding tax on the dividend must be made; (1 mark (iii) State the penalty if the company underpays the withholding tax due on the dividend (2) (1 marks) *** End of Question Paper *** 12. The following are the results of Trustlam Holdings (Pty) Ltd for the year ended 30 September 2015: Note P Income Sales to customers within Botswana Sales to customers outside Botswana Profit on sale of non-current asset Interest received Dividends received Fair value adjustment 1 22,092,888 2,480,736 43,052 160,110 267,000 300,000 25,343,786 Expenses Administrative expenses Depreciation Purchases Salaries and wages Impairment of investment Interest paid to non-resident Motor vehicle expenses - repairs Motor vehicle expenses - fuel Provision for loss Rent of warehouse 3,261,279 793,442 11,248,188 4,355,313 262,500 694,083 597,842 417,953 525,000 1,008,684 2 23,164,284 Net profit for the year 2,179,502 Notes 1. Profit on sale of non-current asset: Cost Depreciation P 1,009,353 (632,970) Fair value adjustment 376,383 (119,435) Sales price 256,948 300,000 Profit on sale of non-current asset 43,052 Done 6 PIUTTL UIT Sale UT TION-Cuitenlasser 45,00L Capital allowances amounting to P550, 923 had been claimed on this asset as at the date of sale. 2. Withholding tax deducted from payments: Interest paid to a non-resident 51,750 Other information 0 The total capital allowances claim for the year amounted to P1,072, 209. (ii) The company declared a dividend of P1, 800,000 on 10 May 2014 and paid the dividend on 23 July 2014. Trustlam Holdings (Pty) Ltd has both resident and non- resident shareholders. Required: In respect of Trustlam Holdings (Pty) Ltd for the year ended 30 September 2015: (a) Calculate the taxable income. (10 marks) (b) (i) Calculate the withholding tax payable in respect of the dividend (note (ii)); (2 marks) (ii) State the date by which payment of the withholding tax on the dividend must be made; (1 mark (iii) State the penalty if the company underpays the withholding tax due on the dividend (2) (1 marks) *** End of Question Paper ***